Arcelor's capital increase - Vernimmen

2.1.3 Listing
2.1.3.1 Listing of the Warrants
The Warrants are, subject to their issue, admitted to listing on the Luxembourg Stock Exchange as
from 2nd July to 13th July, 2004. Subject to their admission, which has been applied for, the Warrants will
also be listed on the Premier Marché of Euronext Paris S.A. (‘‘Euronext Paris’’), the Premier Marché of
Euronext Brussels S.A./N.V. (‘‘Euronext Brussels’’) and on the Bolsas de Valores of Madrid, Barcelona,
Bilbao and Valencia and included in the ‘‘SIBE’’ Interconnection Electronic System (the ‘‘Spanish Stock
Exchanges’’) from 2nd July to 13th July, 2004, both dates inclusive, which also corresponds to the period
during which Holders must notify the financial intermediary through which their Warrants are held (for
further notification to the relevant local centralising agent during the centralisation period), or, in the
event of Warrants directly registered in the Warrant Register, the Global Centralising Agent, of their
decision to exercise their Warrants.
The Warrants have been allocated the following identification numbers:
• ISIN: LU0195882385
• Common Code (Clearstream Luxembourg/Euroclear Bank): 019588238
2.1.3.2 Theoretical value of the Warrants
Since the Warrants are only exercisable during a very short period, their theoretical value has been
calculated in the same way as that of a preferential subscription right. On the basis of the closing price of
the Share on Euronext Paris on 28th June 2004, i.e., EUR 13.71, the theoretical value of a Warrant is
EUR 0.45.
2.1.3.3 Listing of the New Shares
The New Shares are admitted to listing on the Luxembourg Stock Exchange as from the New Share
Settlement Date, i.e., 27th July, 2004, subject to their issue. All such New Shares, subject to their
admission, which has been applied for, will be listed on Euronext Paris, Euronext Brussels and on the
Spanish Stock Exchanges as from the New Shares Settlement Date.
2.1.3.4 Rights attaching to the New Shares
The New Shares will be immediately fungible with the existing Shares and will entitle their holders to
all dividends to be declared after their date of issue in respect of the 2004 and subsequent financial years.
2.1.4 Placement
The Placement will be made by way of an international private placement outside the United States,
pursuant to Regulation S of the 1933 U.S. Securities Act, as amended (the ‘‘Securities Act’’).
The Remaining New Shares offered in the Placement will derive from the subscription by the
Underwriters, pursuant to the Underwriting Agreement, of the New Shares corresponding to the
Unexercised Warrants.
The Placement is expected to last one trading day or less and is expected to take place on or about
22nd July, 2004 (provided that such duration may be extended to no later than 26th July, 2004).
2.1.5 Other information
2.1.5.1 Intentions of the Company regarding Warrants allocated to Shares held by the Group
Warrants will be allocated to all the Shares held by the Arcelor Group. The Group does not intend to
exercise such Warrants but intends to sell them on the market.
2.1.5.2 Percentage in capital and voting rights represented by the New Shares
On the basis of the decision by Arcelor to sell the Warrants allocated to Shares held by the Group and
taking into account the three Warrants which cannot be exercised given the exercise ratio, the maximum
number of New Shares that may be issued upon exercise of the Warrants and/or as a result of the
Underwriting is 106,629,054, representing 16.7% of Arcelor’s share capital after the share capital
increase (1) . Taking into account the 29,149,906 Shares held by the Group as at 31st May, 2004 for which
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