<SEC-DOCUMENT>0001387131-23-006049.txt : 20230504
<SEC-HEADER>0001387131-23-006049.hdr.sgml : 20230504
<ACCEPTANCE-DATETIME>20230504151317
ACCESSION NUMBER:		0001387131-23-006049
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230504
FILED AS OF DATE:		20230504
DATE AS OF CHANGE:		20230504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ArcelorMittal
		CENTRAL INDEX KEY:			0001243429
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35788
		FILM NUMBER:		23888210

	BUSINESS ADDRESS:	
		STREET 1:		24-26, BOULEVARD D?AVRANCHES
		STREET 2:		L-1160 LUXEMBOURG
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			00000
		BUSINESS PHONE:		35247922151

	MAIL ADDRESS:	
		STREET 1:		24-26, BOULEVARD D?AVRANCHES
		STREET 2:		L-1160 LUXEMBOURG
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCELOR
		DATE OF NAME CHANGE:	20030618
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>mt-6k_050423.htm
<DESCRIPTION>CURRENT REPORT OF FOREIGN ISSUER
<TEXT>
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<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">&nbsp;</font></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">UNITED
STATES<br >
SECURITIES AND EXCHANGE COMMISSION</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Washington,
D.C. 20549</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORM
6-K</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REPORT
OF FOREIGN PRIVATE ISSUER<br >
PURSUANT TO RULE 13a-16 OR 15d-16<br >
UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>
<hr color="Black" align="center" noshade size="1" style="width: 25%; margin-top: 3pt; margin-bottom: 3pt">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated
May 4, 2023</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
File Number: 001-35788</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARCELORMITTAL</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of registrant&#8217;s name into English)</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24-26,
Boulevard d&#8217;Avranches</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">L-1160
Luxembourg</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grand
Duchy of Luxembourg</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of principal executive office)</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
20-F &#9746;&#9;Form 40-F &#9744;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On May 4, 2023, ArcelorMittal published the press release attached hereto
as Exhibit 99.1 and hereby incorporated by reference into this report on Form 6-K.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
Index</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><u>Exhibit
    No.</u></font></td>
    <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 85%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;<u>Description</u>&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&ensp;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.25in; text-align: justify; text-indent: -0.5in"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex99-1.htm">Exhibit 99.1</a>&nbsp;&nbsp;&nbsp;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 85%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release, dated May 4, 2023, ArcelorMittal reports first quarter 2023
results</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARCELORMITTAL</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
4 May  2023</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; font-variant: small-caps">/</FONT><FONT STYLE="font-size: 10pt">s/ Henk Scheffer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Henk Scheffer</FONT></TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Company Secretary &amp; Group Compliance &amp; Data Protection Officer</FONT></TD></TR>
  <TR STYLE="height: 0px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<p style="font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="mt-6k_050423.htm">ArcelorMittal 6-K</A></font></p>

<p style="font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</B></FONT></p>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; color: red"><B><A NAME="Section1"></A>ArcelorMittal reports first quarter
2023 res<FONT STYLE="background-color: white">ults </FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white"><B>Luxembourg, May 4, 2023 </B>- ArcelorMittal
(referred to as &ldquo;ArcelorMittal&rdquo; or the &ldquo;Company&rdquo;) (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)),
the world&rsquo;s leading integrated steel and mining company, today announced results<SUP>1</SUP> for the three-month ended March 31,
2023.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red"><B>1Q 2023 Key highlights:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Health and safety focus: </B>Protecting the health and
wellbeing of the employees remains an overarching priority of the Company. Moving to a &lsquo;predict-and-prevent&rsquo; culture with
a particular focus on proactively reporting &ndash; and responding to &ndash; instances with the specific potential for serious injuries
or fatalities (proactive PSIFs)<SUP>2</SUP>; LTIF<SUP>2</SUP> rate of 0.64x in 1Q 2023</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating performance improved: </B>1Q 2023 operating
income of $1.2bn (vs. operating loss of $0.3bn<SUP>3,4</SUP> in 4Q 2022); EBITDA of $1.8bn in 1Q 2023 (vs. $1.3bn in 4Q 2022) and EBITDA/t
of $126/t in 1Q 2023 (vs. $100/t in 4Q 2022)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Enhanced share value:</B> 1Q 2023 basic EPS of $1.28/sh
vs. $0.30/sh in 4Q 2022, rolling twelve month ROE<SUP>5</SUP> of 14.2%; 1Q 2023 book value per share<SUP>6 </SUP>of $64/sh</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net income:</B> $1.1bn in 1Q 2023 (vs. $0.3bn<SUP>7</SUP>
in 4Q 2022) includes share of JV and associates net income of $0.3bn (vs. $0.1bn in 4Q 2022)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financial strength: </B>The Company ended March 2023 with
net debt of $5.2bn (vs. $2.2bn at the end of December 2022) primarily due to M&amp;A outflow (mainly the $2.2bn acquisition of ArcelorMittal
Pec</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&eacute;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">m
formerly known as CSP<SUP>18</SUP>), share buyback ($0.5bn) and seasonal investment in working capital ($0.8bn). Gross debt of $11.5bn
and cash and cash equivalents of $6.3bn as of March 31, 2023 (compared to $11.7bn and $9.4bn, respectively, as of December 31, 2022)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A platform for investment and consistent capital returns:
</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.6pt"></TD><TD STYLE="width: 13.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9702;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Recent acquisitions (ArcelorMittal Pec&eacute;m (Brazil)
and ArcelorMittal Texas HBI) and completed strategic capex projects (Mexico hot strip mill) performing well relative to assumed normalized
levels of profitability</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9702;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capex in 1Q 2023 of $0.9bn is in line with our full year
guidance of within the range of $4.5bn-$5.0bn</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9702;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Company has repurchased 19.1m shares so far in 2023,
completing its previously announced buyback program and bringing the total reduction in diluted share count since September 30, 2020<SUP>8</SUP>
to 31%</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9702;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following the approval granted by shareholders at the 2023
AGM, the Company announces its intention to repurchase up to 85 million shares through May 2025. The level of repurchases will reflect
(and is subject to) the level of post-dividend FCF generated over the period. The Company&rsquo;s capital return policy defines that a
minimum 50% of post-dividend annual FCF is returned to shareholders through buybacks.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9702;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.44/sh base dividend to be paid in 2 equal instalments
of $0.22/share in June 2023 and December 2023</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Continued progress in climate action: </B>In April 2023,
the Company announced that ArcelorMittal Brasil will form a renewable energy joint venture partnership with Casa dos Ventos to develop
a 554MW wind power project in northeast Brazil</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 4.5pt">&nbsp;</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 4.5pt; color: red"><B>Financial highlights (on the basis of
IFRS<SUP>1</SUP>):</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 23</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>4Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>3Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Sales</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;18,501&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;16,891&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;18,975&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;22,142&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;21,836&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Operating income(loss)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,192&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(306)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,651&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,494&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,433&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Net income attributable to equity holders of the parent</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,096&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;261&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;993&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,923&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,125&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Basic earnings per common share (US$)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.28&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;0.30&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.11&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4.25&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4.28&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Operating income(loss) /tonne (US$/t)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;82&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(24)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;122&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;313&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;289&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">EBITDA</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,822&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,258&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,660&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,163&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,080&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">EBITDA /tonne (US$/t)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;126&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;100&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;196&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;359&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;331&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Crude steel production (Mt)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">13.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">16.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Steel shipments (Mt)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">12.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">13.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">14.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">15.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Total group iron ore production (Mt)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">10.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">10.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">10.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">12.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">12.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Iron ore production (Mt) (AMMC and Liberia only)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;7.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;7.3&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6.9&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Iron ore shipment (Mt) (AMMC and Liberia only)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;7.4&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;7.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6.7&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Number of shares outstanding (issued shares less treasury shares) in millions</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;787&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;805&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;816&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;847&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;893&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 6pt; text-align: justify"><B>Commenting, Aditya Mittal, ArcelorMittal
Chief Executive Officer, said:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&ldquo;Market conditions improved as anticipated in the first quarter, with
the end of customer destocking supporting apparent steel consumption growth and a rebound in steel spreads. This, alongside better general
economic sentiment, resulted in good growth in first quarter profits as well as higher EBITDA per tonne. The improvements we have seen
in market conditions are not yet fully reflected in our results due to pricing lags, and we expect a further increase in profitability
in the second quarter.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: red">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">We remain confident in our ability to generate healthy free cash flow this
year and have therefore announced a new share buyback today, while continuing to invest in growth and the energy transition. During the
first quarter we completed the acquisition of CSP and, also in Brazil, announced a new renewable energy joint venture, which aims to secure
and decarbonize a considerable proportion of ArcelorMittal Brazil&rsquo;s future electricity needs.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: red">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Improving group safety performance remains the highest priority. We continue
to intensify efforts to improve our results, including evolving towards a &ldquo;predict and prevent&rdquo; culture centered around the
recorded number of accidents that have the potential to result in serious injuries. I am cautiously optimistic we will be able to demonstrate
the progress expected of us this year.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: red">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">To conclude, the first quarter has unfolded as we expected. Geopolitical
and economic uncertainty remains, but ArcelorMittal continues to demonstrate its ability to perform in all market conditions which bodes
well for the remainder of this year.&rdquo;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: red">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: red"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: red">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: red">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: red">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: red"><B><A NAME="Section2"></A>Sustainable development and safety
performance</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Health and safety &ndash; Own personnel and contractors lost time injury
frequency rate</B><SUP>2</SUP></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="background-color: white">Our priority in all that we do
is to protect the safety, health and wellbeing of all our employees. We aspire to become a fatality free and severe injury free company.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="background-color: white">The lost time injury frequency
rate (&ldquo;LTIFR&rdquo;) was 0.64x in the first quarter of 2023 (&ldquo;1Q 2023&rdquo;) as compared to 0.86x in the fourth quarter of
2022 (&ldquo;4Q 2022&rdquo;) and 0.69x in the first quarter of 2022 (&ldquo;1Q 2022&rdquo;).</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">Our ability to monitor and analyse
potential severe injuries and fatalities is key as it provides a deeper understanding of how near-miss incidents arise and can be avoided.
The Company is moving to a &lsquo;predict-and-prevent&rsquo; culture which involves focusing its attention on proactive rather than reactive
KPIs, with a particular focus on proactively detecting and identifying the Potential for Serious Injuries or Fatalities (&ldquo;PSIF&rdquo;).
PSIFs are precursors of severe accidents: unsafe situations or events, that we detect proactively, before they could lead to a fatality
or injury. We are analyzing the quality of the investigations and corresponding actions, identifying trends and risk, and sharing any
learnings across the Company.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Own personnel and contractors &ndash; Lost Time Injury Frequency rate</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Lost time injury frequency rate</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 23</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>4Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>3Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NAFTA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.09&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.18&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.27&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.28&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.19&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.34&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.14&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.05&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.14&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.10&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Europe</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1.03&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1.14&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1.03&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.99&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1.13&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ACIS</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.63&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1.07&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.50&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.81&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.61&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mining</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.24&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.61&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.30&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;0.30&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2.19&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&#9;0.64&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&#9;0.86&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&#9;0.54&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&#9;0.67&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&#9;0.69&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt 0.25in; text-align: justify; text-indent: -0.25in"><B>Sustainable
development highlights &ndash; driving the decarbonization of the steel industry<SUP>16</SUP>:</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On April 18, 2023, ArcelorMittal announced that its Brazilian
entity, ArcelorMittal Brasil, will form a joint venture partnership (&lsquo;JV&rsquo;) with Casa dos Ventos, one of Brazil&rsquo;s largest
developers and producers of renewable energy projects, to develop a 554 MW wind power project. ArcelorMittal Brasil will hold a 55% stake
in the JV, with Casa dos Ventos holding the remaining 45%. The c. $0.8 billion project aims to secure and decarbonise a considerable proportion
of ArcelorMittal Brazil&rsquo;s future electricity needs, pursuant to a 20-year power purchase agreement to be entered into with the JV
for the supply of electricity. It is estimated it will provide 38% of ArcelorMittal&rsquo;s Brasil&rsquo;s total electricity needs in
2030. The JV will be equity accounted and ArcelorMittal&rsquo;s total equity investment will be c. $0.15 billion.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&bull;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On February 17, 2023, the European Commission approved funding
of &euro;450 million to build a DRI-EAF facility in Spain and &euro;55 million for the production of near zero- emission steel with green
hydrogen in a demonstration plant at ArcelorMittal Hamburg.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 0.25in">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 0.25in"></P>

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<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 0.25in">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: red"><B><A NAME="Section3"></A>Analysis of results for 1Q 2023 versus
4Q 2022 and 1Q 2022</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Following the end of destocking, total steel shipments in 1Q 2023 were
+14.4% higher at 14.5Mt as compared with 12.6Mt for 4Q 2022. Steel shipments in NAFTA increased by +21.6%, in Europe increased by +14.0%,
in Brazil increased by +11.3% (in part due to ArcelorMittal Pec&eacute;m acquisition following its consolidation on March 9, 2023) and
ACIS increased by +6.1% (although still impacted by the ongoing war in Ukraine). Excluding the impacts of ArcelorMittal Pec&eacute;m,
steel shipments were +12.7% higher as compared to 4Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Total steel shipments in 1Q 2023 were -5.8% lower as compared with
15.3Mt for 1Q 2022 primarily due to lower steel shipments in ACIS (-27.5%, impacted by ongoing effects of the Ukraine war), Europe (-7.0%),
Brazil (-3.3%, including the benefit of the consolidation of ArcelorMittal Pec&eacute;m from March 9, 2023), offset by an improvement
in NAFTA (+15.8%). Excluding the impacts of ArcelorMittal Pec&eacute;m and Ukraine, steel shipments were -4.1% lower as compared to 1Q
2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Sales in 1Q 2023 were $18.5 billion as compared to $16.9 billion for
4Q 2022 and $21.8 billion for 1Q 2022. As compared to 4Q 2022, the +9.5% increase in sales was primarily due to higher steel shipment
volumes (as discussed above) offset in part by lower average steel selling prices (-2.7%). Sales in 1Q 2023 were -15.3% lower as compared
to 1Q 2022 primarily due to lower average steel selling prices (-13.3%) and lower steel shipments (-5.8%).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Depreciation for 1Q 2023 was $630 million as compared to $636 million
for 4Q 2022 and $647 million in 1Q 2022. Full year 2023 depreciation is expected at ~$2.6 billion.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Impairment charges for 1Q 2023 and 1Q 2022 were nil. Impairment charges for
4Q 2022 of $1.0 billion related to ArcelorMittal Kryvyi Rih<SUP>3</SUP>.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #242424">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Exceptional items for 1Q 2023 and 1Q 2022 were nil. Exceptional items for
4Q 2022 of $0.1 billion related to a gain following the settlement of a claim by ArcelorMittal for a breach of a supply contract.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Operating income for 1Q 2023 was $1.2 billion as compared to an operating
loss in 4Q 2022 of $0.3 billion (impacted by impairment charges as discussed above) and operating income of $4.4 billion in 1Q 2022. The
improvement in operating income compared to 4Q 2022 reflected improving steel shipment volumes and lower costs (including energy) and
improved mining performance.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Income from associates, joint ventures and other investments for 1Q 2023
was $318 million as compared to $121 million in 4Q 2022 and $559 million in 1Q 2022. 1Q 2023 results improved as compared to 4Q 2022 with
higher contributions from AMNS India, Calvert and European investees. 1Q 2022 included a $117 million Erdemir annual dividend income.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Net interest expense in 1Q 2023 was $64 million as compared to $72 million
in 4Q 2022 and higher than $51 million in 1Q 2022, reflecting higher interest income offset in part by the issuance, at the end of 3Q
2022 and in 4Q 2022, of new notes bearing higher interest rates.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Foreign exchange and other net financing loss in 1Q 2023 was $117 million
as compared to a gain of $449 million in 4Q 2022 and a loss of $140 million in 1Q 2022. 1Q 2023 included a foreign exchange gain of $31
million as compared to a foreign exchange gain of $497 million in 4Q 2022 (following the -9.4% depreciation of the US dollar vs. the euro
during that quarter) and a loss of $46 million in 1Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">ArcelorMittal recorded an income tax expense of $189 million (including deferred
tax benefit of $93 million) in 1Q 2023, as compared to an income tax benefit of $35 million (including deferred tax benefit of $126 million)
in 4Q 2022 and an income tax expense of $555 million (including deferred tax benefit of $140 million) in 1Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">ArcelorMittal recorded a net income in 1Q 2023 of $1,096 million as
compared to $261 million<SUP>7</SUP> in 4Q 2022 and $4,125 million for 1Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">ArcelorMittal's basic earnings per common share for 1Q 2023 was higher at
$1.28 as compared to $0.30<SUP>7</SUP> in 4Q 2022 and $4.28 in 1Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red"><B><A NAME="Section4"></A>Analysis of segment
operations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt; text-align: justify"><B><A NAME="Section5"></A>NAFTA</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white">(USDm) unless otherwise shown</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 11%; border-bottom: black 1pt solid; padding-right: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 23</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>4Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>3Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,350&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,923&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,438&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,653&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,760&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;455&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;331&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;616&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;817&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,054&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="padding-right: 1pt; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(126)</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(127)</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(114)</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(93)</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(93)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exceptional items</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;98&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;92&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;581&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;360&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;638&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;910&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,147&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude steel production (kt)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,176&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,025&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,126&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,043&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,077&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel shipments* (kt)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,843&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,338&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,339&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,453&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,456&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average steel selling price (US$/t)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;994&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,021&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,191&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,317&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,322&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt">*</FONT> <FONT STYLE="font-size: 8pt">NAFTA
steel shipments include shipments sourced by NAFTA from Group subsidiaries and sold to the Calvert JV that are eliminated on consolidation.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">NAFTA segment crude steel production increased by +7.4% to 2.2Mt in 1Q 2023,
as compared to 2.0Mt in 4Q 2022, mainly due to recovery following planned maintenance in the prior quarter and increased by +4.7% as compared
to 1Q 2022 which was impacted by labor actions in Long Products Canada.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Steel shipments in 1Q 2023 increased by +21.6% to 2.8Mt, as compared to 2.3Mt
in 4Q 2022 due to improved demand in the flat operations (both Mexico and Canada) as well as higher volumes of slabs sourced for Calvert.
Shipments increased by +15.8% as compared to 1Q 2022, primarily due to higher steel shipments in Mexico.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white">Sales in 1Q 2023 increased by +14.6%
to $3.4 billion, as compared t</FONT>o $2.9 billion in 4Q 2022 primarily on account of higher steel shipments offset in part by lower
average steel selling prices (-2.7%). Sales declined by -10.9% in 1Q 2023 as compared to 1Q 2022 primarily on account of lower average
steel selling prices (-24.8%) offset in part by higher steel shipment volumes (+15.8%).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Exceptional items for 4Q 2022 of $0.1 billion related to a gain following
the settlement of a claim by ArcelorMittal for a breach of a supply contract.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Operating income in 1Q 2023 increased by +37.7% to $455 million as compared
to $331 million in 4Q 2022 (which benefited from an exceptional gain following a legal settlement) and -56.8% lower as compared to $1,054
million in 1Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">EBITDA in 1Q 2023 of $581 million was +61.3% higher as compared to $360 million
in 4Q 2022, primarily due to the benefit of higher steel shipment volumes, positive price-cost effect and improved contribution from ArcelorMittal
Texas HBI. EBITDA in 1Q 2023 was -49.3% lower as compared to $1,147 million in 1Q 2022 mainly due to a negative price-cost effect offset
in part by higher volumes (+15.8%).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B><A NAME="Section6"></A>Brazil<SUP>13,18</SUP></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 23</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>4Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>3Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,068&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,894&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,486&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,986&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,366&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;323&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;302&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;598&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,201&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;674&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(72)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(60)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(57)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(71)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(58)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;395&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;362&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;655&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,272&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;732&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude steel production (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,052&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,783&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,969&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,085&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,040&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel shipments (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,937&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,639&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,837&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,003&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;3,037&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average steel selling price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;978&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,036&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,137&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,234&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,039&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Brazil segment crude steel production increased by +9.7% to 3.1Mt in
1Q 2023 as compared to 4Q 2022, primarily due to ArcelorMittal Pec&eacute;m following its consolidation from March 9, 2023. On a scope
adjusted basis excluding the impact of ArcelorMittal Pec&eacute;m 1Q 2023 crude production was marginally higher by +1.1% as compared
to 4Q 2022 and -7.4% lower as compared to 1Q 2022 due to lower demand from export markets.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"></P>

<!-- Field: Page; Sequence: 5 -->
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Steel shipments of 2.9Mt in 1Q 2023 were +11.3% higher as compared to 2.6Mt
in 4Q 2022, in part due to ArcelorMittal Pec&eacute;m, and -3.3% lower as compared to 1Q 2022. On a scope adjusted basis (i.e. excluding
ArcelorMittal Pec&eacute;m), steel shipments increased by +3.0% as compared to 4Q 2022 and decreased by -10.5% as compared to 1Q 2022,
due to lower exports.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Sales in 1Q 2023 increased by +6.0% to $3.1 billion as compared to $2.9 billion
in 4Q 2022, primarily due to an +11.3% increase in steel shipments offset in part by -5.6% decrease in average steel selling prices. Sales
in 1Q 2023 were -8.8% lower than $3.4 billion at 1Q 2022 primarily on account of -3.3% decline in shipments (primarily exports) and lower
average steel selling prices (-5.9%).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Operating income in 1Q 2023 of $323 million was +6.9% higher as compared
to $302 million in 4Q 2022 and -52.0% lower than $674 million in 1Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">EBITDA in 1Q 2023 increased by +9.3% to $395 million as compared to $362
million in 4Q 2022, due to higher steel shipments, a positive price-cost effect and contribution from ArcelorMittal Pec&eacute;m, partially
offset by a non-cash charge of $60 million related to an update of a previously recorded provision. EBITDA in 1Q 2023 was -46.0% lower
than $732 million in 1Q 2022 primarily due to negative price-cost effect and lower steel shipments as described above.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B><A NAME="Section7"></A>Europe</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 23</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>4Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>3Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;10,903&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;10,077&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;10,694&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;13,449&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;13,043&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating income(loss)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;377&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(10)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;158&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,063&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,081&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(294)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(316)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(300)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(326)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(326)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exceptional items</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(473)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;671&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;306&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;931&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,389&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,407&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude steel production (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,779&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;6,956&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,998&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;8,261&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;8,689&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel shipments (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,752&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;6,802&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,079&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;7,967&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;8,334&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average steel selling price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,055&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,085&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,150&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,292&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,218&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Europe segment crude steel production increased by +11.8% to 7.8Mt in 1Q
2023 as compared to 7.0Mt in 4Q 2022. As apparent demand conditions have improved following the aggressive destock in 2H 2022, the Company
has gradually restarted previously curtailed capacity during the quarter to meet demand. Crude steel production was -10.5% lower as compared
to 8.7Mt in 1Q 2022 mainly due to weaker demand.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">In late March 2023, the Company was impacted by incidents that temporarily
disabled a blast furnace at Gijon, Spain and a blast furnace at Dunkirk, France. No injuries were reported, and the Company is focused
on ensuring the furnaces are restored and restarted in a safe and measured manner, with production not expected to return to normal levels
until June 2023. The Company is making every effort to supply customers from its mills across Europe, including the sourcing of materials
from the Group's operations in Brazil, South Africa and India.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Steel shipments increased by +14.0% to 7.8Mt in 1Q 2023 as compared to 6.8Mt
in 4Q 2022 due to improved activity following the end of destocking. Shipments declined by -7.0% as compared to 8.3Mt in 1Q 2022 primarily
due to weaker demand.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Sales in 1Q 2023 increased by +8.2% to $10.9 billion, as compared to $10.1
billion in 4Q 2022, due to a +14.0% increase in steel shipments offset in part by -2.7% lower average selling prices. Sales declined by
-16.4% as compared to $13.0 billion in 1Q 2022 primarily due to lower steel shipments (-7.0%) and lower average steel selling prices (-13.4%).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Operating income in 1Q 2023 was $377 million as compared to an operating
loss of $10 million in 4Q 2022 and operating income of $2,081 million in 1Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">EBITDA in 1Q 2023 of $671 million increased as compared to $306 million in
4Q 2022, mainly due to higher steel shipments (+14.0%) and lower energy costs. EBITDA in 1Q 2023 decreased by -72.1% as compared to $2,407
million in 1Q 2022 due to a negative price-cost effect, lower shipments (-7.0%) and a negative translation effect.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B><A NAME="Section8"></A>ACIS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 11%; border-bottom: black 1pt solid; padding-right: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 23</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>4Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>3Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,445&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,229&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,569&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,484&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,086&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating (loss)income</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(176)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(1,198)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(55)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;43&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;280&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(72)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(65)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(93)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(106)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(105)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairment items</FONT></TD>
    <TD STYLE="padding-right: 1pt; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(1,026)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(104)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(107)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;38&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;149&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;385&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude steel production (kt)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,483&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,394&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,842&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,261&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,452&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel shipments (kt)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,500&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,414&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,675&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,218&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2,071&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average steel selling price (US$/t)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;741&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;720&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;773&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;925&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;855&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">ACIS segment crude steel production in 1Q 2023 was +6.4% higher at 1.5Mt
as compared to 1.4Mt in 4Q 2022 mainly due to higher production in Ukraine following improved electricity availability. Crude steel production
in 1Q 2023 was -39.5% below 2.5Mt in 1Q 2022 primarily due to lower steel production in Ukraine driven by the ongoing war.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Steel shipments in 1Q 2023 increased by +6.1% to 1.5Mt as compared to 1.4Mt
in 4Q 2022 primarily due to recovery of shipments in South Africa after the holiday season. Shipments were -27.5% lower as compared to
2.1Mt in 1Q 2022, primarily due to lower production in Ukraine driven by the ongoing war.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Sales in 1Q 2023 increased by +17.5% to $1.4 billion as compared to $1.2
billion in 4Q 2022, primarily due to higher steel shipments and higher average steel selling prices.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Impairment losses for 4Q 2022 of $1.0 billion relate to the ArcelorMittal
Kryvyi Rih&rsquo;s assets<SUP>3</SUP>.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Operating loss in 1Q 2023 of $176 million compared to an operating loss in
4Q 2022 of $1,198 million (impacted by impairment as discussed above) and an operating income of $280 million in 1Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">EBITDA loss of $104 million in 1Q 2023 was broadly stable as compared to
EBITDA loss of $107 million in 4Q 2022, due to higher steel shipments offset by a negative price-cost effect (primarily related to coal
purchases). EBITDA loss of $104 million in 1Q 2023 compared to an EBITDA gain of $385 million in 1Q 2022 primarily due to the impact of
the war in Ukraine and lower average steel selling prices.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B><A NAME="Section9"></A>Mining </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="vertical-align: bottom; width: 50%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 10%; border-bottom: black 1pt solid; padding-right: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 23</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>4Q 22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>3Q 22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;904&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;716&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;742&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,005&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;933&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;374&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;255&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;254&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;463&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;511&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="padding-right: 1pt; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(56)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(57)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(57)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(64)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(56)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;430&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;312&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;311&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;527&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;567&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Iron ore production (Mt)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Iron ore shipment (Mt)</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.7</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">Note: Mining segment comprises iron ore operations of ArcelorMittal Mines
Canada and ArcelorMittal Liberia.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Iron ore production decreased in 1Q 2023 by -9.9% to 6.7Mt as compared to
7.5Mt in 4Q 2022 and was -3.3% lower than 6.9Mt in 1Q 2022. This primarily reflected lower iron ore production in ArcelorMittal Mines
Canada (AMMC)<SUP>10</SUP> in 1Q 2023 as compared to 4Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Iron ore shipments were +6.9% higher at 7.4Mt in 1Q 2023 as compared to 6.9Mt
in 4Q 2022 primarily due to recovery of port operations in Canada impacted by severe storms during December 2022. 1Q 2023 iron ore shipments
were +11.3% higher as compared to 6.7Mt at 1Q 2022 which was impacted by severe weather conditions at AMMC and a rail incident in Liberia.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Operating income in 1Q 2023 was higher at $374 million as compared to $255
million in 4Q 2022 and lower by -26.8% as compared to $511 million in 1Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">EBITDA in 1Q 2023 of $430 million was higher as compared to $312 million
in 4Q 2022, with the effect of higher iron ore reference prices (+26.8%), higher iron ore shipments and lower freight costs partially
offset by lower quality premia. EBITDA in 1Q 2023 was lower as compared to $567 million in 1Q 2022, primarily due to lower iron ore reference
prices (-11.7%) and lower quality premia partially offset by lower freight costs and higher iron ore shipments (+11.3%).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red"><B><A NAME="Section10"></A>Joint ventures</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">ArcelorMittal has investments in various joint ventures and associate
entities globally. The Company considers the Calvert (50% equity interest) and AMNS India (60% equity interest) joint ventures to be of
particular strategic importance, warranting more detailed disclosures to improve the understanding of their operational performance and
value to the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><B>Calvert<SUP>19 </SUP></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 10%; border-bottom: black 1pt solid; padding-right: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 23</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>4Q 22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>3Q 22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Production (100% basis) (kt)*</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,226&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,014&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,055&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,127&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,124&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel shipments (100% basis) (kt)**</FONT></TD>
    <TD STYLE="padding-right: 1pt; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,170&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;905&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,030&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,123&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,171&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA (100% basis)***</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;37&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;(1)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;261&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;327&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">* Production: all production of the hot strip mill including processing
of slabs on a hire work basis for ArcelorMittal group entities and third parties, including stainless steel slabs.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">** Shipments: including shipments of finished products processed
on a hire work basis for ArcelorMittal group entities and third parties, including stainless steel products.</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">*** EBITDA of Calvert presented here on a 100% basis as a stand-alone business
and in accordance with the Company's policy, applying the weighted average method of accounting for inventory.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Calvert&rsquo;s hot strip mill (&ldquo;HSM&rdquo;) production during 1Q 2023
increased by +20.9% to 1.2Mt, as compared to 1.0Mt in 4Q 2022 which was lower due to both planned maintenance and weaker demand, and by
+9.1% as compared to 1.1Mt in 1Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Steel shipments in 1Q 2023 were +29.4% above 4Q 2022 due to improved demand.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">EBITDA*** during 1Q 2023 of $37 million as compared to EBITDA loss of $1
million in 4Q 2022 was primarily due to higher steel shipments and lower slab inventory cost. The impact of higher weighted average cost
of inventories versus replacement cost in 1Q 2023 was approximately $0.1 billion.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>AMNS India</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm) unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 23</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>4Q 22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>3Q 22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crude steel production (100% basis) (kt)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,765&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,624&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,663&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,668&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,730&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel shipments (100% basis) (kt)</FONT></TD>
    <TD STYLE="background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,830&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,593&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,634&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,511&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;1,732&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EBITDA (100% basis)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;341&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;162&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;204&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;365&#9;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&#9;470&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Crude steel production in 1Q 2023 increased by +8.6% to 1.8Mt as compared
to 1.6Mt in 4Q 2022. Production was higher by +2.0% as compared to 1Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Steel shipments in 1Q 2023 increased by +14.9% to 1.8Mt as compared 1.6Mt
in 4Q 2022 and +5.7% higher as compared to 1.7Mt in 1Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">EBITDA during 1Q 2023 of $341 million was higher as compared to $162 million
in 4Q 2022, due to higher steel shipments, higher average steel selling prices and lower costs (including energy costs). EBITDA during
1Q 2023 of $341 million was lower as compared to $470 million in 1Q 2022, due to lower prices offset in part by higher steel shipments.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt; text-align: justify; color: red"><B><A NAME="Section11"></A>Liquidity
and Capital Resources</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Net cash provided by operating activities in 1Q 2023 was $949 million as
compared to $3,634 million in 4Q 2022 and $2,034 million in 1Q 2022. Net cash provided by operating activities in 1Q 2023 includes a seasonal
working capital investment of $775 million as compared to a working capital release of $2,412 million in 4Q 2022 and $2,047 million investment
in 1Q 2022. Despite the seasonal build in working capital during 1Q 2023, the Company expects working capital will follow the normal seasonal
patterns with a release for the full year 2023.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">Net cash used in investing activities in 1Q
2023 was $2,869 million, which included capex of $938 million (as compared with $1,500 million in 4Q 2022), in line with the guidance
for the full year 2023 of $4.5-5.0 billion</FONT><FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT><FONT STYLE="font-size: 9pt">. Net
cash used in other investing activities in 1Q 2023 of $1,931 million included the following main items: $2.2 billion related to the acquisition
of ArcelorMittal Pec&eacute;m, other acquisitions including Riwald Recycling, Italpannelli Deutschland and investment in Boston Metal
(part of XCarb&trade; innovation fund)<SUP>9</SUP> and payment of $0.2 billion to Votorantim<SUP>13</SUP> in Brazil, offset in part by
$0.6 billion cash received from the partial sale of Erdemir shares<SUP>14</SUP> (to fund the partial repurchase of mandatorily convertible
bonds (&ldquo;MCBs&rdquo;) as discussed below). </FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Net cash used in financing activities in 1Q 2023 was $1,349 million which
includes euro-denominated bond repayment of $395 million, $53 million dividends mainly paid to the minority shareholders of AMMC, $477
million related to ArcelorMittal share buybacks (19.1 million shares for a total value of $555 million of which $78 million settled early
April 2023) and $340 million related to the partial repurchase of the privately placed MCBs<SUP>17</SUP> using proceeds from the partial
sale of Erdemir shares<SUP>14</SUP> (as discussed above).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">As of March 31, 2023, the Company had liquidity of $11.8 billion as compared
to $14.9 billion as of December 31, 2022, consisting of cash and cash equivalents of $6.3 billion (as of December 31, 2022, cash and cash
equivalents was $9.4 billion) and $5.5 billion of available credit lines<SUP>11</SUP>. As of March 31, 2023, the average debt maturity
was 5.8 years.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify; color: red"><B><A NAME="Section12"></A>Capital
return </B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">The Company will pay a $0.44/sh base dividend to shareholders in 2 equal
instalments of $0.22/share in June 2023 and December 2023.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">Following the approval granted by shareholders at the 2023 AGM, the Company
announces its intention to repurchase up to 85 million shares through May 2025. The level of repurchases will reflect (and is subject
to) the level of post-dividend FCF generated over the period. The Company&rsquo;s capital return policy defines that a minimum 50% of
post-dividend annual FCF is returned to shareholders through buybacks.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt; text-align: justify; color: red"><B>Outlook</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">As anticipated, apparent demand conditions have showed signs of improvement
as the destocking phase ended during 1Q 2023. Despite continued headwinds to real demand, the absence of any further destock is expected
to support higher apparent demand in 2023 as compared to 2022. The Company&rsquo;s world ex-China apparent steel consumption (&quot;ASC&quot;)
growth forecast in 2023 as compared to 2022 (provided in February 2023) is for growth of +2.0% to +3.0%. The Company maintains its previous
guidance of steel shipments in 2023 to grow by ~5% vs. 2022<SUP>15</SUP>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; color: red"><FONT STYLE="background-color: white"><B><A NAME="Section13"></A>ArcelorMittal
Condensed Consolidated Statements of Financial Position<SUP>1 </SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="vertical-align: bottom; width: 67%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>In millions of U.S. dollars</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 11%; border-bottom: black 1pt solid; padding-right: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar 31, 2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Dec 31, 2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>ASSETS</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6,290&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;9,414&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,570&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Trade accounts receivable and other</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,989&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,839&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6,353&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Inventories</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;19,820&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;20,087&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;22,171&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Prepaid expenses and other current assets </FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,655&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,778&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6,487&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total Current Assets</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;35,754&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;37,118&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;40,581&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Goodwill and intangible assets </FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,023&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,903&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,564&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Property, plant and equipment </FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;32,900&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;30,167&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;30,161&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Investments in associates and joint ventures </FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;10,904&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;10,765&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;10,888&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Deferred tax assets</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8,571&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8,554&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8,018&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other assets</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,108&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,040&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;3,287&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total Assets</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;95,260&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;94,547&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;97,499&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Short-term debt and current portion of long-term debt</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,827&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,583&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,413&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Trade accounts payable and other</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;13,312&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;13,532&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;16,200&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Accrued expenses and other current liabilities</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6,687&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6,283&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;7,491&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total Current Liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;22,826&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;22,398&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;26,104&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Long-term debt, net of current portion</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8,650&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;9,067&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6,309&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Deferred tax liabilities </FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,596&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,666&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,494&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other long-term liabilities</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,067&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,826&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;6,397&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total Liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;39,139&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;38,957&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;41,304&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Equity attributable to the equity holders of the parent</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;53,974&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;53,152&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;53,798&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,147&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,438&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,397&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total Equity</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;56,121&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;55,590&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;56,195&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total Liabilities and Shareholders&rsquo; Equity</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;95,260&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;94,547&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;97,499&#9;</B></FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; color: red"><FONT STYLE="background-color: white"><B><A NAME="Section14"></A>ArcelorMittal
Condensed Consolidated Statements of Operations<SUP>1</SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Three months ended</B></FONT></TD></TR>
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>In millions of U.S. dollars unless otherwise shown</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar 31, 2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Dec 31, 2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Sept 30, 2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Jun 30, 2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Sales</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;18,501&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;16,891&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;18,975&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;22,142&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;21,836&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Depreciation (B)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(630)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(636)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(628)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(669)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(647)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Impairment items<SUP>3 </SUP>(B)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,026)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Exceptional items<SUP>4 </SUP>(B)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;98&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(381)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Operating income(loss) (A)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,192&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;(306)&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,651&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;4,494&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;4,433&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Operating margin %</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;6.4&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;(1.8)&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;8.7&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;20.3&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;20.3&#9;%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Income from associates, joint ventures and other investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;318&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;121&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;59&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;578&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;559&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Net interest expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(64)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(72)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(37)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(53)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(51)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Foreign exchange and other net financing (loss)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(117)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;449&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(247)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(183)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(140)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Income before taxes and non-controlling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,329&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;192&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,426&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;4,836&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;4,801&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;Current tax expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(282)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(91)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(394)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(900)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(695)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;Deferred tax benefit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;93&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;126&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;23&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;74&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;140&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Income tax (expense)benefit (net)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(189)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;35&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(371)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(826)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(555)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Income including non-controlling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,140&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;227&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,055&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;4,010&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;4,246&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Non-controlling interests (income)loss</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(44)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;34&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(62)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(87)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(121)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net income attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,096&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;261&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;993&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;3,923&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;4,125&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Basic earnings per common share ($)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.28&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;0.30&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.11&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4.25&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4.28&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Diluted earnings per common share ($)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.27&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;0.30&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1.11&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4.24&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4.27&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Weighted average common shares outstanding (in millions)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;859&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;865&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;892&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;924&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;964&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Diluted weighted average common shares outstanding (in millions)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;862&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;868&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;895&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;926&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;966&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>OTHER INFORMATION</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>EBITDA (C = A-B)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,822&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,258&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,660&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;5,163&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;5,080&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">EBITDA Margin %</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;9.8&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;7.4&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;14.0&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;23.3&#9;%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&#9;23.3&#9;%</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Total group iron ore production (Mt)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;10.8&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;10.7&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;10.6&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;12.0&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;12.0&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Crude steel production (Mt)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;14.5&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;13.2&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;14.9&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;14.6&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;16.3&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Steel shipments (Mt)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;14.5&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;12.6&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;13.6&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;14.4&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;15.3&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; color: red"><FONT STYLE="background-color: white"><B><A NAME="Section15"></A>ArcelorMittal
Condensed Consolidated Statements of Cash flows<SUP>1 </SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Three months ended</B></FONT></TD></TR>
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white">In millions of U.S. dollars </FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar 31, 2023</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Dec 31, 2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Sept 30, 2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Jun 30, 2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar 31, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Operating activities:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Income attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,096&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;261&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;993&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;3,923&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;4,125&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Adjustments to reconcile net income to net cash provided by operations:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Non-controlling interests income(loss)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;44&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(34)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;62&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;87&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;121&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Depreciation and impairments items</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;630&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,662&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;628&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;669&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;647&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Exceptional items</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(98)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;381&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Income from associates, joint ventures and other investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(318)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(121)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(59)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(578)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(559)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Deferred tax benefit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(93)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(126)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(23)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(74)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(140)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Change in working capital</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(775)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,412&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(580)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,008)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(2,047)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Other operating activities (net)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;365&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(322)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;579&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(465)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(113)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Net cash provided by operating activities (A)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;949&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;3,634&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;1,981&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;2,554&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;2,034&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Investing activities: </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Purchase of property, plant and equipment and intangibles (B)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(938)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,500)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(784)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(655)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(529)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Other investing activities (net)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,931)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(33)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(19)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(886)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(77)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;(2,869)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;(1,533)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;(803)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;(1,541)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;(606)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Financing activities:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Net (payments)proceeds relating to payable to banks and long-term debt</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(390)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,923&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;592&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;389&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;379&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Dividends paid to ArcelorMittal shareholders </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(332)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Dividends paid to minorities (C)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(53)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(29)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(124)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(166)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(12)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Share buyback</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(477)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(288)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(649)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,496)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(504)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Lease payments and other financing activities (net)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(429)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(28)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(38)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(46)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(48)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Net cash (used)provided by financing activities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(1,349)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;1,578&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(219)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(1,651)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(185)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Net (decrease)increase in cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&#9;(3,269)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&#9;3,679&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;959&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">&#9;(638)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,243&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424">Effect of exchange rate changes on cash</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;148&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;656&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(451)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(367)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Change in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;(3,121)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;4,335&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;508&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;(1,005)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,247&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #242424"><B>Free cash flow (D=A+B+C)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;(42)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;2,105&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,073&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #333333"><B>&#9;1,733&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,493&#9;</B></FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">&nbsp;</P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt; color: red"><B><A NAME="Section16"></A>Appendix 1: Product shipments
by region<SUP>1</SUP></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(000'kt)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 23</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>4Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>3Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Flat</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,208&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,767&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,743&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,800&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,811&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Long</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;691&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;658&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;676&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;748&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;657&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>NAFTA </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,843&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,338&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,339&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,453&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,456&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Flat</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,740&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,514&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,519&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,643&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,747&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Long</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,217&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,145&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,345&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,380&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,309&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,937&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,639&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,837&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;3,003&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;3,037&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Flat </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,468&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,751&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;4,978&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,705&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5,953&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Long</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,148&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,933&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,967&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,146&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;2,275&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Europe</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;7,752&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;6,802&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;7,079&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;7,967&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;8,334&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">CIS</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;901&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;916&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,170&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;730&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;1,405&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Africa</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;600&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;498&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;503&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;492&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;667&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>ACIS</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,500&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,414&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,675&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,218&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,071&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">Note: &ldquo;Others and eliminations&rdquo; are not presented in the
table</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt; color: red"><B><A NAME="Section17"></A>Appendix 2: Capital expenditures<SUP>1</SUP></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 23</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>4Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>3Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">NAFTA</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;115&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;201&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;97&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;115&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;87&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Brazil</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;167&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;341&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;154&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;123&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;90&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Europe</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;351&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;564&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;242&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;211&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;187&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">ACIS</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;106&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;151&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;135&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;107&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;90&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Mining</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;168&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;198&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;128&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;92&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;70&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;31&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;45&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;28&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;5&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;938&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,500&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;784&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;655&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;529&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; color: red"><B><SUP>&nbsp;</SUP></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt; color: red"><B><A NAME="Section18"></A>Appendix 3: Debt repayment
schedule as of March 31, 2023</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 37%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&nbsp;(USD billion)</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2023</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2025</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2026</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2027</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>&gt;2027</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Bonds</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;0.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">2.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7.5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Commercial paper</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.8 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>0.8</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other loans</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.6 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">1.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3.2</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total gross debt</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2.2 </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.2</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.6</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.2</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.7</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3.6</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>11.5</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt; color: red"><B><A NAME="Section19"></A>Appendix 4: Reconciliation
of gross debt to net debt</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 67%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USD million)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 11%; border-bottom: black 1pt solid; padding-right: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar
    31, 2023 </B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Dec 31, 2022</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>Mar 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Gross debt </FONT></TD>
    <TD STYLE="padding-right: 1pt; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;11,477&#9;</FONT></TD>
    <TD STYLE="background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;11,650&#9;</FONT></TD>
    <TD STYLE="padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;8,722&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Less: Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(6,290)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(9,414)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(5,570)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net debt </B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;5,187&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;2,236&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;3,152&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Net debt / LTM EBITDA</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.5 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0 13.5pt; text-indent: -13.5pt"></P>

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<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0 13.5pt; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt; color: red"><B><A NAME="Section20"></A>Appendix 5: Adjusted net income
and adjusted basic EPS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #5C7F92">
    <TD STYLE="width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>(USDm)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 11%; border-bottom: black 1pt solid; padding-right: 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q
    23 </B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>4Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>3Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>2Q 22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: white"><B>1Q 22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net income attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,096&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;261&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;993&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;3,923&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;4,125&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Impairment items <SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(1,026)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Exceptional items <SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-right: 1pt; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;98&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;(381)</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Adjusted net income</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,096&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,189&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;1,374&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;3,923&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>&#9;4,125&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">Shares (Basic EPS) million shares</FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;859&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;865&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;892&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;924&#9;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black">&#9;964&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Adjusted basic EPS $/share</B></FONT></TD>
    <TD STYLE="padding-right: 1pt; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.28 </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.37</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1.54</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4.25</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4.28</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 3pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt; text-align: justify; color: red"><B><A NAME="Section21"></A>Appendix
6: Terms and definitions</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Unless indicated otherwise, or the context otherwise requires, references
in this earnings release to the following terms have the meanings set out next to them below:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Adjusted basic EPS:</B> refers to adjusted net income divided by the weighted
average common shares outstanding.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Adjusted net income: </B>refers to reported net income less impairment
items and exceptional items</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Apparent steel consumption:</B> calculated as the sum of production plus
imports minus exports.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Average steel selling prices:</B> calculated as steel sales divided by
steel shipments.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Cash and cash equivalents</B>: represents cash and cash equivalents, restricted
cash, and short-term investments.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Capex:</B> represents the purchase of property, plant and equipment and
intangibles.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Crude steel production: </B>steel in the first solid state after melting,
suitable for further processing or for sale.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Depreciation: </B>refers to amortization and depreciation.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>EPS: </B>refers to basic or diluted earnings per share.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EBITDA:</B> operating
results plus depreciation, impairment items and exceptional items</FONT>.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 2.25pt 0 0"><B>EBITDA/tonne:</B> calculated as EBITDA divided by total steel
shipments.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Exceptional items: </B>income / (charges) relate to transactions that
are significant, infrequent or unusual and are not representative of the normal course of business of the period.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 2.25pt 0 0"><B>Foreign exchange and other net financing income(loss):</B>
include foreign currency exchange impact, bank fees, interest on pensions, impairment of financial assets, revaluation of derivative instruments
and other charges that cannot be directly linked to operating results.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Free cash flow (FCF)</B>: refers to net cash provided by operating activities
less capex less dividends paid to minority shareholders</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Gross debt</B>: long-term debt and short-ter<FONT STYLE="background-color: white">m
debt.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Impairment items: </B>refers to impairment charges net of reversals.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Iron ore reference prices:</B> refers to iron ore prices for 62% Fe CFR
China.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Kt:</B> refers to thousand metric tonnes.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Liquidity:</B> cash and cash equivalents plus available credit lines excluding
back-up lines for the commercial paper program.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 2.25pt 0 0"><B>LTIF:</B> lost time injury frequency rate equals lost time
injuries per 1,000,000 worked hours, based on own personnel and contractors.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Mt: </B>refers to million metric tonnes.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Net debt:</B> long-term de<FONT STYLE="background-color: white">bt and
short-term debt less cash and cash equivalents.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="background-color: white"><B>Net debt/LTM EBITDA:</B> ref</FONT>ers
to Net debt divided by EBITDA for the last twelve months.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Net interest expense: </B>includes interest expense less interest income</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Operating results: </B>refers to operating income(loss).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Operating segments: </B>NAFTA segment includes the Flat, Long, HBI and
Tubular operations of Canada, Mexico and United States; and also includes all Mexico mines. The Brazil segment includes the Flat, Long
and Tubular operations of Brazil and its neighboring countries including Argentina, Costa Rica, Venezuela; and also includes Andrade and
Serra Azul captive iron ore mines. The Europe segment includes the Flat, Long and Tubular operations of the European business, as well
as Downstream Solutions, and also includes Bosnia and Herzegovina captive iron ore mines. The ACIS segment includes the Flat, Long and
Tubular operations of Kazakhstan, Ukraine and South Africa; and also includes the captive iron ore mines in Ukraine and iron ore and coal
mines in Kazakhstan. Mining segment includes iron ore operations of ArcelorMittal Mines Canada and ArcelorMittal Liberia.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Own iron ore production:</B> includes total of all finished production
of fines, concentrate, pellets and lumps and includes share of production.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Price-cost effect: </B>a lack of correlation or a lag in the corollary
relationship between raw material and steel prices, which can either have a positive (i.e. increased spread between steel prices and raw
material costs) or negative effect (i.e. a squeeze or decreased spread between steel prices and raw material costs).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Shipments:</B> information at segment and group level eliminates intra-segment
shipments (which are primarily between Flat/Long plants and Tubular plants) and inter-segment shipments respectively. Shipments of Downstream
Solutions are excluded.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Working capital change (working capital investment / release): </B>Movement
of change in working capital - trade accounts receivable plus inventories less trade and other accounts payable.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 3pt; color: red"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><B><A NAME="Section22"></A>Footnotes</B></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The financial information in this press release has been prepared
consistently with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards
Board (&ldquo;IASB&rdquo;) and as adopted by the European Union. The interim financial information included in this announcement has also
been prepared in accordance with IFRS applicable to interim periods, however this announcement does not contain sufficient information
to constitute an interim financial report as defined in International Accounting Standard 34, &ldquo;Interim Financial Reporting&rdquo;.
The numbers in this press release have not been audited. The financial information and certain other information presented in a number
of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers
in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables
in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly
to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. Segment information presented
in this press release is prior to inter-segment eliminations and certain adjustments made to operating results of the segments to reflect
corporate costs, income from non-steel operations (e.g. logistics and shipping services) and the elimination of stock margins between
the segments. This press release also includes certain non-GAAP financial/alternative performance measures. ArcelorMittal presents EBITDA
and EBITDA/tonne, free cash flow (FCF) and ratio of net debt/LTM EBITDA which are non-GAAP financial/alternative performance measures,
as additional measures to enhance the understanding of its operating performance. ArcelorMittal also presents Equity book value per share
and ROE as shown in footnotes to this press release. ArcelorMittal believes such indicators are relevant to provide management and investors
with additional information. ArcelorMittal also presents net debt and change in working capital as additional measures to enhance the
understanding of its financial position, changes to its capital structure and its credit assessment. ArcelorMittal also presents adjusted
net income(loss) and adjusted basic earnings per share as it believes these are useful measures for the underlying business performance
excluding impairment items and exceptional items. The Company&rsquo;s guidance as to free cash flow and its working capital release (or
the change in working capital included in net cash provided by operating activities) for 2023 is based on the same accounting policies
as those applied in the Company&rsquo;s financial statements prepared in accordance with IFRS. Non-GAAP financial/alternative performance
measures should be read in conjunction with, and not as an alternative to, ArcelorMittal's financial information prepared in accordance
with IFRS.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LTIF figures presented for 1Q 2023 of 0.64x and 4Q 2022 of
0.86x. Potential severe injury frequency rate (&ldquo;PSIF&rdquo;) is a proactive measurement of potential injuries. These are precursors
of severe accidents: unsafe situations or events, that we detect proactively, before they could lead to a fatality or injury.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In 4Q 2022, the Company recognized a $1,026 million impairment
charge related to property, plant and equipment with respect to ArcelorMittal Kryvyi Rih (Ukraine) in the ACIS segment, where the ongoing
conflict with Russia resulted in low levels of production, sales and income and created significant uncertainty about the timing and ability
of operations to return to a normal level of activity. Attacks against Ukrainian power infrastructures caused additional operational issues
for ArcelorMittal Kryvyi Rih and the increasing geopolitical tensions resulted in a substantial increase in the discount rate applied
by the Company in its value in use calculation. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exceptional items for 4Q 2022 of $0.1 billion relates to a
gain following the settlement of a claim in favour of ArcelorMittal for a breach of a supply contract. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ROE refers to &quot;Return on Equity&quot; which is calculated
as trailing twelve-month net income (excluding impairment charges and exceptional items) attributable to equity holders of the parent
divided by the average equity attributable to the equity holders of the parent over the period. Twelve months rolling ROE at 1Q 2023 of
14.2% ($7.6 billion / $53.3 billion).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity book value per share is calculated as the Equity attributable
to the equity holders of the parent divided by diluted number of shares at the end of the period. 1Q 2023 total equity of $54.0 billion
divided by 844 million diluted shares outstanding equals $64/sh. 4Q 2022 total equity of $53.2 billion divided by 862 million diluted
shares outstanding equals $62/sh. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">See Appendix 5 for reconciliation of adjusted net income and
adjusted basic EPS.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">September 30, 2020 was the inception date of the recent share
buyback programs.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">XCarb&trade; is designed to bring together all of ArcelorMittal&rsquo;s
reduced, low and zero-carbon products and steelmaking activities, as well as wider initiatives and green innovation projects, into a single
effort focused on achieving demonstrable progress towards carbon neutral steel. Alongside the new XCarb&trade; brand, we have launched
three XCarb&trade; initiatives: the XCarb&trade; innovation fund, XCarb&trade; green steel certificates and XCarb&trade; recycled and
renewably produced for products made via the Electric Arc Furnace route using scrap. The Company is offering green steel using a system
of certificates (XCarb&reg; green certificates). These will be issued by an independent auditor to certify tonnes of CO2 savings achieved
through the Company&rsquo;s investment in decarbonization technologies in Europe. Net-zero equivalence is determined by assigning CO2
savings certificates equivalent to CO2 per tonne of steel produced in 2018 as baseline. The certificates will relate to the tonnes of
CO2 saved in total, as a direct result of the decarbonization projects being implemented across a number of its European sites.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #242424">10.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ArcelorMittal Mines Canada, otherwise known as ArcelorMittal
Mines and Infrastructure Canada.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On December 19, 2018, ArcelorMittal signed a $5.5 billion
Revolving Credit Facility (&quot;RCF&quot;), with a five-year maturity plus two one-year extension options. During the fourth quarter
of 2019, ArcelorMittal executed the option to extend the facility to December 19, 2024. The extension was completed for $5.4 billion of
the available amount, with the remaining $0.1 billion remaining with a maturity of December 19, 2023. In December 2020, ArcelorMittal
executed the second option to extend the facility, and the new maturity is now extended to December 19, 2025. On April 30, 2021, ArcelorMittal
amended its $5.5 billion RCF to align with its sustainability and climate action strategy. On December 20, 2022, the RCF was amended as
part of the transition from Libor to risk free rates. Loans in USD are now based on Term SOFR instead of Libor. As of March 31, 2023,
the $5.5 billion revolving credit facility was fully available.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Strategic capex excludes the anticipated upward revisions
to Liberia and Monlevade capex, due to be communicated in 1H 2023. $1.1 billion of the previously announced strategic capex pipeline (2021-2024)
of $4.2 billion has been spent to date. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On March 30, 2022, Votorantim S.A. (&ldquo;Votorantim&rdquo;)
exercised the put option right it has under its shareholders&rsquo; agreement with the Company to sell its entire equity interest in ArcelorMittal
Brasil to the Company, following the acquisition of Votorantim's long steel business in Brazil in 2018. The value of the put option is
currently the subject of arbitration proceeding brought by Votorantim. ArcelorMittal paid Votorantim the undisputed amount of the put
option value ($179 million) in January 2023.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Company sold a 7.85% stake in Erdemir starting in late
December 2022 and continuing into the first quarter of 2023, generating total proceeds of $0.6 billion. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12M 2023 steel shipment guidance does not include CSP acquisition
and assumes no change in Ukraine.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For further disclosure on the Company's alignment on EU Taxonomy
please review the Integrated annual review published on the group's website: https://annualreview2022.arcelormittal.com/</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lease payments and other financing activities (net) of $429
million for 1Q 2023 primarily includes the partial repurchase of the outstanding mandatorily convertible bonds (the &ldquo;MCBs&rdquo;)
issued on December 28, 2009 by one of its wholly-owned Luxembourg subsidiaries. The outstanding principal amount of the MCBs was reduced
from $1.0 billion to $660 million on March 16, 2023. The maturity date of the MCBs remains January 31, 2024. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On March 9, 2023, ArcelorMittal announced that following receipt
of customary regulatory approvals it has completed the acquisition of Companhia Sider&uacute;rgica do Pec&eacute;m (&lsquo;CSP&rsquo;)
in Brazil for an enterprise value of approximately $2.2 billion. CSP has since been renamed ArcelorMittal Pec&eacute;m and is a world-class
operation, producing high-quality slab at a globally competitive cost. Its facility, located in the state of Cear&aacute; in northeast
Brazil was commissioned in 2016. It operates a three million tonne capacity blast furnace and has access via conveyors to the Port of
Pec&eacute;m, a large-scale, deep-water port located 10 kilometers from the plant. The acquisition offers significant operational and
financial synergies and brings with it the potential for further expansions, such as the option to add primary steelmaking capacity (including
direct reduced iron) and rolling and finishing capacity. Given its location, ArcelorMittal Pec&eacute;m also presents an opportunity to
create a new low-carbon steelmaking hub, capitalizing on the state of Cear&aacute;&rsquo;s ambition to develop a low-cost green hydrogen
hub in Pec&eacute;m.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMNS Calvert is constructing a new 1.5Mt EAF and caster. Capex
required to conclude the project has increased to approximately $1 billion due to enlarged scope and inflation.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: -13.5pt; color: red"><B><A NAME="Section23"></A>First
quarter 2023 earnings analyst conference call</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="background-color: white">ArcelorMittal management will
host a conference call for </FONT>members of the investment community to present and comment on the three-month period ended March 31,
2023 on: <B>Thursday May 4, 2023, at <FONT STYLE="background-color: white">9.30am US Eastern time; 14.30pm London time and 15.30pm CET.
</FONT></B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Participants will need to pre-register to receive dial-in details and an
individual pin-code to access the call using the link below:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: #0563C1">https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=5379332&amp;linkSecurityString=7019f3968</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">You
can also listen to the live audio webcast via this link: </FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt; color: blue"><U>https://interface.eviscomedia.com/player/1151/</U></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Please visit the results section on our website to listen to the reply once
the event has finished <FONT STYLE="color: Blue"><U>https://corporate.arcelormittal.com/investors/results</U></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: -13.5pt; color: red"><B><A NAME="Section24"></A>Forward-Looking
Statements</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">This document contains forward-looking information and statements about
ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements
regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future
performance. Forward-looking statements may be identified by the words &ldquo;believe&rdquo;, &ldquo;expect&rdquo;, &ldquo;anticipate&rdquo;,
&ldquo;target&rdquo; or similar expressions. Although ArcelorMittal&rsquo;s management believes that the expectations reflected in such
forward-looking statements are reasonable, investors and holders of ArcelorMittal&rsquo;s securities are cautioned that forward-looking
information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond
the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed
in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed
or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur
Financier) and the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;) made or to be made by ArcelorMittal, including
ArcelorMittal&rsquo;s latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update
its forward-looking statements, whether as a result of new information, future events, or otherwise.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: red"><B><A NAME="Section25"></A>About ArcelorMittal</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">ArcelorMittal is one of the world's leading steel and mining companies, with
a presence in 60 countries and primary steelmaking facilities in 16 countries. In 2022, ArcelorMittal had revenues of $79.8 billion and
crude steel production of 59 million metric tonnes, while iron ore production reached 45.3 million metric tonnes.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Our goal is to help build a better world with smarter steels. Steels made
using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and
reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this
century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that
change. This is what we believe it takes to be the steel company of the future.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam
(MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information
about ArcelorMittal please visit: http://corporate.arcelormittal.com/</P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">ArcelorMittal investor relations: +44 207 543 1128; Retail: +44 207
543 1156; SRI: +44 207 543 1156 and Bonds/credit: +33 1 71 92 10 26.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">ArcelorMittal corporate communications (e-mail: press@arcelormittal.com)
+44 207 629 7988. Contact: Paul Weigh +44 203 214 2419</P>

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