2Q 2014 Results. Lakshmi N Mittal, Chairman and Chief Executive Officer Aditya Mittal, Chief Financial Officer. 1 August 2014

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1 2Q 2014 Results Lakshmi N Mittal, Chairman and Chief Executive Officer Aditya Mittal, Chief Financial Officer 1 August 2014

2 Disclaimer Forward-Looking Statements 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. Forwardlooking statements may be identified by the words believe, expect, anticipate, target or similar expressions. Although ArcelorMittal s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal 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 (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the SEC ) made or to be made by ArcelorMittal, including ArcelorMittal s Annual Report on Form 20-F for the year ended December 31, 2013 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. 1

3 Agenda Results overview and recent developments Market outlook Results analysis Outlook and guidance 2

4 Safety focus Health & Safety Lost time injury frequency (LTIF) rate* Mining & steel, employees and contractors Health and safety performance Safety: LTIF rate of 0.87x in 2Q 14 vs 0.85x in 1Q 14 and 0.90x in 2Q 13 The Company s effort to improve the Group s Health and Safety record will continue The Company is focused on further reducing the rate of severe injuries and fatality prevention In 2014, specific attention will be on contractor performance and on the main causes for fatal accidents Q 14 2Q 14 Our goal is to be the safest Metals & Mining company * LTIF = Lost time injury frequency defined as Lost Time Injuries per worked hours; based on own personnel and contractors 3

5 Improved YoY profitability 9% underlying improvement in EBITDA vs. 2Q 13* Steel shipments up 2.5% YoY Market-priced iron ore shipments up 28.8% YoY Net income of $0.1bn in 2Q 14 vs. net loss of $0.8bn in 2Q 13 Net debt of $17.4bn at end of June 30, 2014 (USDm) unless otherwise shown 2Q'14 1Q'14 2Q'13 1H'14 1H'13 Iron ore shipments at market price (Mt) Steel Shipments (Mt) Sales 20,704 19,788 20,197 40,492 39,949 EBITDA 1,763 1,754 1,700 3,517 3,265 Net income / (loss) 52 (205) (780) (153) (1,125) 2Q 14 EBITDA 9% improvement in underlying performance YoY * EBITDA in 2Q 14 of $1,763 million was negatively impacted by $90 million following the settlement of US antitrust litigation; EBITDA in 1H 13 of $3,265 million included the positive impact of a $47 million fair valuation gain relating to the acquisition of an additional ownership interest in DJ Galvanizing in Canada and $92 million of DDH income. 4

6 Recap Steel margin expansion Steel only EBITDA/t increased $7/t vs. 2Q 13 on underlying basis Europe $19/t improvement YoY benefiting from lower cost and higher volume NAFTA $11/t improvement on underlying basis - despite negative costs impact from severe weather and higher energy cost ACIS $6/t improvement in particular in CIS operations Brazil segment lower impacted by lower volumes and higher fixed costs Steel Segment EBITDA per tonne (US$) on underlying basis* NAFTA* Brazil** Europe ACIS +31% -16% +39% +15% Q 13 2Q 14 2Q 13 2Q 14 2Q 13 2Q 14 2Q 13 2Q 14 Profitability of the steel business in developed markets clearly improving * Underlying EBITDA in 2Q 14 excludes $90 million relating to settlement of US antitrust litigation ** Brazil includes Brazil and neighbouring countries 5

7 Improvement Record iron ore volumes Market priced iron ore shipment growth (million Mt) % % YoY improvement in market priced iron ore shipments; seasonal pickup in 2Q 14 following harsh weather in 1Q 14 AMMC: Shipping at full capacity 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 24Mt production rate achieved in Dec 2013 Unit costs benefiting from higher volumes Market priced iron ore shipment growth F (million Mt) % 6Mt shipped in 2Q 14 vs. 4.1Mt in 2Q 13 Liberia: Another strong quarter Phase 1: Shipments running at the ~5Mtpa run rate Phase 2: Project underway for 15Mtpa premium sinter feed to replace DSO by end of Mt shipped in 2Q 14 vs. 1.2Mt in 2Q F On track to achieve 15% market priced iron ore shipment growth in

8 Auto franchise developments AM/NS Calvert progress update Hot mill running at 83% utilization in June Integration of ArcelorMittal Tubarao and ArcelorMittal Mexico as slab suppliers to JV continues with initial slab shipments received in 2Q 14. Trials in process to qualify these slab sources with our customers Approved on 143 of 163 identified automotive qualification packages Calvert: Continuous hot-dip galvanising line VAMA China automotive steel JV State-of-the art facility to serve the fast-growing China automotive industry Inauguration of the cold mill complex during 2Q 14; first automotive coils expected in 2H 14 Initial capacity of 1.5 million tons expandable up to 2.3 million tons support ~10% share of the market Committed to producing innovative steel solutions for our automotive customers 7

9 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Contraction Expansion Improving demand indicators ArcelorMittal weighted global manufacturing PMI* 60 Global apparent steel consumption (ASC) growth forecast in 2014** (v 2013) 55 US % EU % China % (latest data point: Jun 14) Brazil -1.0 to 0% CIS -2.0 to 0% Global % Outlook for core markets in 2014 Source: * Markit. Purchasing managers indices for over 40 countries weighted by share of ArcelorMittal finished steel deliveries. ** ArcelorMittal estimates 8

10 Financial results

11 EBITDA bridge from 1Q 14 to 2Q 14 ($million) Steel impact Mining impact (70) 2,582 1,853 (8) 131 (70) 90 1,754 1,763 Q1'11 EBITDA Volume & Mix Sellin 1Q 14 EBITDA Volume & Mix - Steel Price / Cost - Steel Volume & Mix - Mining Price / Cost - Mining Non-steel EBITDA Others* 2Q 14 EBITDA US litigation* Underlying 2Q 14 EBITDA Excluding litigation costs EBITDA improved 6% 2Q 14 vs. 1Q 14 * Consists of $90 million charge following the settlement of antitrust litigation in the United States 10

12 1Q Q 2014 EBITDA to net results ($ million) Depreciation decreased following an increase in the useful lives of plant and equipment Weighted Avg No of shares: 1,791 EPS = $ 0.03/share (931) 1, (383) 832 (327) 240 (188) 52 EBITDA ($ million) D&A Operating Income Income from equity Net interest expense Forex and other Fin. Cost Pre-tax income/(loss) Taxes and non-controlling interest Net income/ (loss) 1,754 (1,080) (426) (380) (96) Weighted Avg No of shares: 1,790 EPS = $ (0.12)/share (109) (205) 2Q 14 net income of $0.1 billion 11

13 EBITDA to free cash flow 2Q 2014 free cash flow waterfall ($ million) 856 (1,071) 1,763 Change in working capital Net financial cost, tax expense, and others* 1,548 (774) Capex 774 EBITDA Cashflow from operations Free cashflow * Includes pension expense, non cash items etc. Positive free cash flow during 2Q 14 12

14 Net debt analysis 2Q 2014 net debt analysis ($ million) 18,501-1, ,430 Net debt at 1Q 14 Free cashflow M&A* Forex & others Net debt at 2Q 14 Net debt decreased due to working capital release and M&A proceeds Net debt refers to long-term debt, plus short term debt, less cash and cash equivalents, restricted cash and short-term investments. *M&A includes net proceeds from ATIC and Steel cord business divestments 13

15 Outlook and guidance framework Steel Mining Pricing Margins Capex - Steel shipments are expected to increase by approximately 3% in 2014 vs Marketable iron ore shipments are expected to increase by approximately 15% - FY Iron ore price assumption adjusted to an average of ~$105/t (for 62% Fe CFR China) down from previous ~$120/t assumption - An improvement in steel margins despite weather related impacts on the NAFTA segment s first half performance capex is expected to be approximately $ bn Debt - Medium term net debt target of $15 billion maintained Post revision of iron ore assumption, Company expects 2014 EBITDA in excess of $7 billion 14

16 Appendix

17 Selective steel projects: Monlevade (Brazil segment) Billet charging table Monlevade expansion project in Brazil restarted: Phase 1 (approved) focuses on downstream facilities and consists of: a new wire rod mill in Monlevade with additional capacity of 1,050ktpy of coils with capital expenditure of $280m; Juiz de Fora rebar capacity increase from 50 to 400ktpy (replacing some wire rod production capacity) and meltshop capacity increase by 200ktpy Expected completion in 2015 A decision whether to invest in Phase 2 of the project, focusing on the upstream facilities in Monlevade (sinter plant, blast furnace and meltshop), will be taken at a later date Intermediate mill Hangar of the rolling mill # 3 Vertical stands Wire rod mill /3 Expansion supported by strong market for long products in Brazil 16 16

18 Selective steel projects: Acindar (Brazil segment) New rolling mill at Acindar (Argentina) New rolling mill (Huatian) in Santa Fe province to increase rebar capacity by 0.4mt/year for civil construction market: New rolling mill will also enable Acindar to optimize production at its special bar quality (SBQ) rolling mill in Villa Constitución, which in future will only manufacture products for the automotive and mining industries Estimated capital expenditure of ~$100m and completion in 2016 Progress update Equipment import: Rolling mill Huatian received at Acindar Disassembly of the existing rolling mill (from March to July): electrical disassembly at 65%, mechanical disassembly at 35%. Expansion supported by strong construction market in Argentina and exports 17 17

19 Selective steel projects: Dofasco (NAFTA) Cost optimization, mix improvement and increase of shipments of galvanized products: Phase 1: New heavy gauge galvanize line (#6 Galvanize Line): Restart construction of heavy gauge galvanizing line #6 (cap. 660ktpy) and closure of line #2 (cap. 400ktpy) increased shipments of galvanized sheet by 260ktpy, along with improved mix and optimized cost Line #6 will incorporate AHSS capability part of program to improve Dofasco s ability to serve customers in the automotive, construction, and industrial markets Expected completion in 2015 Phase 2: Approved Galvanized line conversion: Restart conversion of #4 galvanize line to dual pot line (capacity 160ktpy of galvalume and 128ktpy of galvanize products) and closure of line #1 galvanize line (cap.170ktpy of galvalume) increased shipments of galvanized sheet by 128ktpy, along with improved mix and optimized cost. Expected completion in 2016 Expansion supported by strong market for galvanized products 18 18

20 Selective steel projects: VAMA-JV with Hunan Valin VAMA: JV between ArcelorMittal and Hunan Valin which will produce steel for high-end applications in the automobile industry, supplying international automakers and first-tier Chinese car manufacturers as well as their supplier networks for rapidly growing Chinese market Construction of automotive facility, the main components which are: State of the art pickling tandem CRM (1.5mt) Continuous annealing line (0.9mt), and Hot dip galvanizing line (0.5mt) Capital expenditure of ~$832 million (100% basis) First automotive coils targeted for 2H 2014 Robust Chinese automotive market: > 50% growth to 25 million vehicles by

21 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Continued growth in developed markets Global apparent steel consumption (ASC)* (million tonnes per month) US and European apparent steel consumption (ASC)** (million tonnes per month) Developing ex China China Developed EU28 USA (latest data point: May & June 14) 3 (latest data point: May 14) Global ASC +2.4% in 2Q 14 vs. 1Q 14 Global ASC +2.8% in 2Q 14 vs. 2Q 13 China ASC +1.6% in 2Q 14 vs. 1Q 14 China ASC +2.3% in 2Q 14 vs. 2Q 13 US ASC +5.4% in 2Q 14 vs. 1Q 14 US ASC +10.2% in 2Q 14 vs. 2Q 13 EU ASC -1.1% in 2Q 14 vs. 1Q 14 EU ASC +4.3% in 2Q 14 vs. 2Q 13 ArcelorMittal core market growth continued in 2Q 14 * ArcelorMittal estimates; ** AISI, Eurofer and ArcelorMittal estimates 20

22 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Contraction Expansion Global indicators remain positive Global manufacturing output has continued to expand in our key markets, but manufacturing PMIs suggest the pace of expansion has moderated. US manufacturing output surged 6.7% annualized in 2Q 14 and composite manufacturing PMI ** increased to Eurozone manufacturing growth softened in 2Q 14 and manufacturing PMI eased to 51.8 in June still indicate expansion In China, composite manufacturing PMI ** picked up to a seven-month high of 50.9 and auto production increased to 10% y-o-y in June. 40 Both Brazil and Russia face significant headwinds and manufacturing PMIs below 50 indicate contraction. 35 (latest data point: Jun 14) Global indicators signal continued growth in developed markets in 2Q 14 Source: *Markit. ArcelorMittal estimates ** Composite manufacturing PMIs is an average of the Markit and ISM for the US and Markit and China Federation of Logistics and Purchasing for China 21

23 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 US construction growth continues; Europe improving US residential and non-residential construction indicators (SAAR) $bn* Residential Non-residential (latest data point: May 14) USA non-residential picks up in Q2 14 Construction spending grew 0.7% in May (8.8% y-o-y) and growth is expected to accelerate since activity is still near historically low levels. The recovery in residential construction has eased back over 1H 14, but non-residential construction has now started to pick up, with a positive outlook as the Architecture Billings Index (ABI) was up substantially to 53.5 in June from 49.6 in April. Eurozone and US construction indicators** European construction easing back Eurozone construction PMI weakened to 43.3 in June, as the boost from good weather in 1Q 14 dissipates. Eurozone construction output fell 1.5% m-om in May, bringing the y-o-y growth rate down to 3.5%. (latest data point: Jun 14) Output in 2014 expected to be higher than 2013, led by growth in Germany, Poland and the UK. Construction in Southern Europe remains weak despite a pick up from low levels in Spain. Construction gradually improving * Source: US Census Bureau; ** Source: Markit and The American Institute of Architects 22

24 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Chinese industrial growth stable China infrastructure investment 3mma* (Y-o-Y) 75% 60% 45% 30% 15% -15% Crude steel finished production and inventory (mmt) % Steel inventory at warehouses (RHS) Finished steel production (LHS) Steel inventory at mills (RHS) (latest data point: Jun 14) (latest data point: Jun 14) Industrial output growth accelerated to 9.2% y-o-y in June, from 8.7% in 1Q 14 Infrastructure investment continues to grow, up 25% y-o-y in 2Q 14, supported by recent government measures and a rebound in rail. Property market is being helped by a loosening of purchase restrictions in many cities, with the decline in new housing sales improving. However, the real estate market remains oversupplied, with the ratio of vacant floor space to sales at record levels. New starts declined by -16.5% y-o-y in H1 14 and together with faster completions, the stock of real estate under construction is likely to remain weak into Flat products demand continues to be supported by strong demand from auto, a pick-up in manufacturing generally and stabilising shipbuilding after two years of decline. Steel production data indicates that output continued to grow in 2Q 14 (837mt annualized) supported by exports. Warehouse inventories to historical lows in days of supply, driven by lack of finance but partially offset by still high inventory at mills. Chinese economy growth picks-up, but steel demand impacted by weak real estate *Mma refer to months moving average Source: NBS, CISA, WSA, Mysteel, ArcelorMittal Strategy estimates 23

25 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Growth in developed market inventory slows 2,500 2,000 1,500 1, German inventories (000 MT) (latest data point: May 14) Germany Flat Stocks Months Supply (RHS) US service centre total steel Inventories (000 MT) ,000 (latest data point: Jun 14) USA (MSCI) ,000 Months Supply 10, , ,000 4, , Brazil service centre inventories (000 MT) 1,400 1,300 1,200 1,100 1, (latest data point: Jun 14) Flat stocks at service centres 5 Months of supply (RHS) China service centre inventories* (Mt/mth) with ASC% (latest data point: Jun 14) 22 Flat and Long 20 % of ASC (RHS) % 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Slow rebound in inventory is supporting demand growth in developed market Source: WSA, Mysteel, ArcelorMittal Strategy estimates 24

26 Global apparent steel consumption China % +7% % EU % +1% +3-4% F F NAFTA % -2% +6% Rest of World* % +3% F F 2013 ASC growth of +3.5%; Estimated 2014 ASC growth of % ArcelorMittal estimates; * World ex. China, NAFTA and EU28 25

27 Jan 08 Apr 08 Jul 08 Oct 08 Jan 09 Apr 09 Jul 09 Oct 09 Jan 10 Apr 10 Jul 10 Oct 10 Jan 11 Apr 11 Jul 11 Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Jan 08 Apr 08 Jul 08 Oct 08 Jan 09 Apr 09 Jul 09 Oct 09 Jan 10 Apr 10 Jul 10 Oct 10 Jan 11 Apr 11 Jul 11 Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Raw material prices have stabilized Spot iron ore, coking coal and scrap price (index IH 2008=100)* (latest data point: Jul 14) Spot Iron Ore Coking Coal Scrap Regional steel price HRC ($/t) (latest data point: Jul 14) China domestic Shanghai (Inc 17% VAT) N.America FOB Midwest N.Europe domestic ex-works Scrap and coking coal stable during the quarter; iron ore declined early 2Q * Source data: ArcelorMittal estimates; Platts 26

28 Segment highlights % -10% Segmental EBITDA* (US$mn) +41% -7% +23% NAFTA Brazil Europe ACIS Mining Iron ore (mt) Q 13 3Q 13 4Q 13 Own iron ore prod Shipped at market price Shipped at cost plus Q 14 2Q ,000 Segmental shipments (kt) +2% 250 Segmental EBITDA/tonne (US$/t) 10, ,000 6,000 4,000 2, % NAFTA -7% Brazil Europe +7% ACIS Q 13 2Q 13 3Q 13 4Q 13 1Q 14 Q2 14 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 NAFTA Brazil Europe ACIS 2Q 14: Improving ACIS/Europe segments offset by weaker NAFTA/Mining segments * Segmental figures shown above include one time adjustments; NAFTA EBITDA in 2Q 2014 of $177 million included the negative impact from settlement of US litigation $90 million; excluding this adjustment EBITDA improved 3.6% QoQ 27

29 Balance sheet structurally improved Net debt ($ billion) Average maturity (years) % Q Q Q Q 2014 Liquidity ($ billion) Bank debt as component of total debt (%) % % 3Q Q Q Q 2014 Balance sheet fundamentals improved 28

30 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 Working capital OWCR and rotation days* ($ billion and days) Working capital ($ billion) - LHS Rotation days - RHS Business will invest in working capital as conditions necessitate * Rotation days are defined as days of accounts receivable plus days of inventory minus days of accounts payable. Days of accounts payable and inventory are a function of cost of goods sold of the quarter on an annualized basis. Days of accounts receivable are a function of sales of the quarter on an annualized basis. 29

31 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 Net debt Net Debt ($ billion) & Net Debt/LTM reported EBITDA* Ratio (x) Net Debt ($ billion) - LHS Net Debt / LTM EBITDA Net debt decreased by $1.1bn largely due to $0.9bn working capital release * Based on last twelve months (LTM) reported EBITDA. Figures prior to 1Q 12 have not been recast on quarterly basis for adoption of new accounting standards implemented from

32 Liquidity and debt maturity profile Liquidity at June, 30, 2014 ($ billion) Debt maturities ($ billion) Commerical Other Bonds Unused credit lines Cash 4.4 Liquidity at 30/6/ Debt due in 2014 Commercial paper Bonds Other loans >2018 Liquidity lines: $3.6bn syndicated credit facility matures 18/03/16 $2.4bn syndicated credit facility matures 06/11/18 Debt maturity: Continued strong liquidity Average debt maturity 6.2 years Ratings S&P BB+, negative outlook Moody s Ba1, negative outlook Fitch BB+, stable outlook Continued strong liquidity position and average debt maturity of 6.2 years 31

33 Contacts Daniel Fairclough Global Head Investor Relations Hetal Patel UK/European Investor Relations Valérie Mella European and Retail Investor Relations Maureen Baker Fixed Income/Debt Investor Relations Lisa Fortuna US Investor Relations

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