Arcelor's capital increase - Vernimmen

situation of a shareholder as a result of the issue of the 106,629,054 New Shares to be issued as a result of
the exercise of all the Warrants capable of being exercised and/or the Underwriting will be the following:
2.3.1 Impact on a shareholder’s ownership interest in the share capital of Arcelor
Impact on the ownership interest in the share capital of Arcelor of a shareholder holding 1% of the
subscribed share capital before the issue of the New Shares, who has decided not to exercise the Warrants
allocated to it, based on the number of Shares in issue as at 31st May, 2004:
Shareholder’s ownership
interest as a % of the
Arcelor subscribed share
capital
Before the share capital increase ................................... 1%
After the share capital increase .................................... 0.833%
Impact on the ownership interest in the share capital of Arcelor of a shareholder holding 1% of the
subscribed share capital before the issue of the New Shares, who has decided not to exercise the Warrants
allocated to it, based on the number of Shares in issue as at 31st May, 2004, assuming the conversion into
new Shares of all outstanding OCEANE 2005 and OCEANE 2017 without taking into account any
adjustment of the conversion ratio which would result from the bonus allocation of the Warrants, and the
delivery of new Shares to Usinor shareholders tendering all Usinor shares not yet held by the Group under
the Exchange Facility:
Shareholder’s ownership
interest as a % of the
subscribed Arcelor share
capital
Before dilution and share capital increase ............................. 1%
After dilution and share capital increase .............................. 0.756%
2.3.2 Impact on shareholdings and voting rights
Shareholdings based on the number of Shares in issue as at 31st May, 2004, before the share capital
increase:
Number of
Number of
voting
Shares % rights (1) %
Luxembourg State ............................. 31,632,606 5.93 31,632,606 6.28
Corporación JMAC BV......................... 22,076,936 4.14 22,076,936 4.38
Walloon region (Sogepa) ........................ 20,064,144 3.76 20,064,144 3.98
Public (2) .................................... 430,221,681 80.70 430,221,681 85.36
Group ..................................... 29,149,906 5.47 — 0
Total ...................................... 533,145,273 100.00 503,995,367 100.00
(1) Each Share, except the Shares held by the Group, entitles the holder to one vote.
(2) Estimate as at the above date.
Shareholdings, based on the number of Shares in issue as at 31st May, 2004, after the share capital
increase, assuming none of the three major shareholders nor the Group have subscribed to or acquired any
New Shares:
Number of
Number of
voting
Shares % rights (1) %
Luxembourg State ............................. 31,632,606 4.94 31,632,606 5.18
Corporación JMAC BV......................... 22,076,936 3.45 22,076,936 3.62
Walloon region (Sogepa) ........................ 20,064,144 3.14 20,064,144 3.29
Public (2) .................................... 536,850,735 83.91 536,850,735 87.92
Group ..................................... 29,149,906 4.56 — 0.00
Total ...................................... 639,774,327 100.00 610,624,421 100.00
(1) Each Share, except the Shares held by the Group, entitles the holder to one vote.
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