ARCELORMITTAL SA LUXEMBOURG

Ticker: MTNA 6 01/15/16 CUSIP: L0302D178 Class: PREFERRED STOCK

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

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

Q4 2015
Shares 34,500 Value ($000) $224 Avg Close — Range —
Q3 2015
Shares 34,500 Value ($000) $283 Avg Close — Range —
Q2 2015
Shares 136,044 Value ($000) $2,123 Avg Close — Range —
Q1 2015
Shares 138,844 Value ($000) $2,085 Avg Close — Range —
Q4 2014
Shares 124,400 Value ($000) $2,152 Avg Close — Range —
Q3 2014
Shares 114,800 Value ($000) $2,425 Avg Close — Range —
Q2 2014
Shares 76,882 Value ($000) $1,729 Avg Close — Range —
Q1 2014
Shares 5,000 Value ($000) $120 Avg Close — Range —