ARCELORMITTAL SA LUXEMBOURG

CUSIP: 03938LAK0 Class: NOTE 5.000% 5/1

Cutler Capital Management, LLC's Holding History (CIK: 0001353098)

Note: Option positions (PUT/CALL) are excluded.

Q1 2014
Shares 600,000 Value ($000) $601 Avg Close — Range —
Q4 2013
Shares 600,000 Value ($000) $607 Avg Close — Range —
Q3 2013
Shares 600,000 Value ($000) $611 Avg Close — Range —
Q2 2013
Shares 600,000 Value ($000) $612 Avg Close — Range —