ANNUAL REPORT ARCELOR 2003 - paperJam

The portfolio of financial instruments as at December 31, 2003 is as follows:2003In EUR million Notional Market Residual maturity Averageamount value < 1 year 1 - 5 years > 5 years rate (1)INTEREST RATE INSTRUMENTSInterest rate and currency swapsFixed rate borrowings 10 1 10 - - 7.71%Fixed rate lendings 11 - 11 - - 6.75%Variable / Variable - - - - - -Interest rate swaps - Fixed rate borrowingsEUR 54 2 4 50 - 4.19%Foreign currency 238 (1) - 238 - 2.74%Interest rate swaps - Fixed rate loansEUR 1,529 45 229 700 600 4.66%USD 333 21 - 238 95 5.51%Other currencies - - - - - -Interest rate swaps - Variable/ Variable 120 1 32 88 2.46%Swaptions - Purchases - - - - - -Swaptions - Sales - - - - - -FRA contracts - Purchases 500 - 500 - - 2.68%FRA contracts - Sales 400 - 400 - - 2.86%Cap purchases 100 - 100 - - 4.50%Cap sales 50 - 50 - - 4.50%Floor purchases - - - - - -Floor sales - - - - - -Barrier swaps - - - - - -EXCHANGE RATE INSTRUMENTSForward purchase of foreign currency 570 (61) 566 4 - -Forward sale of foreign currency 619 95 619 - - -Exchange options - Purchases 45 - 45 - - -Exchange options - Sales - - - - - -RAW MATERIALSTerm contracts - Sales 34 (5) 33 1 - -Term contracts - Purchases 215 53 200 15 - -Swaps using raw materials pricing index - - - - - -Options - Sales - - - - - -Options - Purchases - - - - - -(1)Average fixed rates are determined on the basis of the euro and foreign currency rates. Variable rates are generally based on EURIBOR or LIBOR.170ANNUAL REPORT ARCELOR 2003