<SEC-DOCUMENT>0001387131-23-008838.txt : 20230727
<SEC-HEADER>0001387131-23-008838.hdr.sgml : 20230727
<ACCEPTANCE-DATETIME>20230727154903
ACCESSION NUMBER:		0001387131-23-008838
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230727
FILED AS OF DATE:		20230727
DATE AS OF CHANGE:		20230727

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:		231118172

	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>arcelormittal-6k_072723.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"><FONT STYLE="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-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"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<HR COLOR="Black" ALIGN="CENTER" NOSHADE SIZE="1" STYLE="width: 20%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B></B></P>

<HR COLOR="Black" ALIGN="CENTER" NOSHADE SIZE="1" STYLE="width: 20%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated July 27, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARCELORMITTAL</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On July 27, 2023, ArcelorMittal published the press release attached hereto
as Exhibit 99.1 and hereby incorporated by reference into this report on Form 6-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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    <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-size: 10pt"><U>Exhibit No.</U></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;<U>Description</U></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">&nbsp;</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-size: 10pt"><A HREF="ex99-1.htm">Exhibit 99.1</A></FONT><FONT STYLE="font-size: 8pt">&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-size: 10pt">Press release, dated July 27, 2023, ArcelorMittal reports second quarter
2023 and half year 2023 results</FONT></TD></TR>
  </TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date 27 July 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt">&nbsp;</P>

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

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  <td style="width: 7%">By:</TD>
  <td style="white-space: nowrap; border-bottom: Black 1pt solid; width: 20%">/s/ Henk Scheffer</TD>
  <td style="width: 73%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <td>Name:</TD>
  <td style="white-space: nowrap">Henk Scheffer</td>
  <td>&nbsp;</td></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <td>Title:</TD>
  <td style="white-space: nowrap">Company Secretary &amp; Group Compliance &amp; Data Protection Officer</td>
  <td>&nbsp;</td></TR>
</TABLE>

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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="margin: 0">&nbsp;</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="margin: 0"></P>

<P STYLE="margin: 0"><A HREF="arcelormittal-6k_072723.htm">ARCELORMITTAL 6-K</A></P>

<P STYLE="margin: 0; text-align: right"><B>EXHIBIT 99.1</B></P>

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; color: red"><B>ArcelorMittal reports second quarter 2023 and half
year 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, Ju</B></FONT><B>ly
27, 20<FONT STYLE="background-color: white">23 </FONT></B><FONT STYLE="background-color: white">- 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 resul</FONT>ts<SUP>1</SUP> f<FONT STYLE="background-color: white">or the three-month and six-month
periods ended June 30, 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: 6pt 0; text-align: justify; color: red"><FONT STYLE="background-color: white"><B>Key
highlights:</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.5pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt; background-color: white"><B>Health
                                            and safety focus: </B>Protecting employee health and wellbeing </FONT><FONT STYLE="font-size: 10pt">remains
                                            an overarching priority <FONT STYLE="background-color: white">of the Company; L</FONT>TIF<SUP>2
                                            </SUP>rate of 0.73x in 2Q 2023 and 0.70x in 1H 2023</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.5pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Improved
                                            operating results: </B>A positive price-cost effect, offset in part by a marginal sequential
                                            decline in steel shipments to 14.2Mt, drove an improvement in 2Q 2023 operating income to
                                            $1.9bn (vs. $1.2bn in 1Q 2023); 1H 2023 operating income of $3.1bn vs. $1.3bn in 2H 2022<SUP>5</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.5pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Robust
                                            per-tonne profitability</B>: EBITDA increased to $2.6bn in 2Q 2023 (vs. $1.8bn in 1Q 2023)
                                            with 2Q 2023 EBITDA/t rising to $183/t (vs. $126/t in 1Q 2023); 1H 2023 EBITDA of $4.4bn
                                            vs. $3.9bn in 2H 2022<SUP>5</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.5pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Higher
                                            net income:</B> $1.9bn in 2Q 2023 (vs. $1.1bn in 1Q 2023) includes share of JV and associates
                                            net income of $0.4bn (vs. $0.3bn in 1Q 2023); 1H 2023 net income of $3.0bn (vs. $1.3bn in
                                            2H 2022)<SUP>5</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.5pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Enhanced
                                            share value:</B> 2Q 2023 basic EPS of $2.21/sh; last 12 months rolling ROE<SUP>3</SUP> of
                                            10.3%; book value per share<SUP>4 </SUP>now $66/sh following the repurchase of 5.7m shares
                                            during the quarter</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.5pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Financial
                                            strength:</B> The Company ended June 30, 2023 with net debt of $4.5bn, $0.7bn lower than
                                            the end of March 31, 2023, despite ongoing share buyback ($0.2bn) and dividends ($0.2bn).
                                            Gross debt of $10.5bn and cash and cash equivalents of $5.9bn as of June 30, 2023 (compared
                                            to $11.5bn and $6.3bn, respectively, as of March 31, 2023)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.5pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Continued
                                            strong FCF generation:</B> The Company generated $1.0bn of free cash flow (FCF) in 2Q 2023
                                            ($2.1bn net cash provided by operating activities less capex of $1.1bn and dividends paid
                                            to minorities)</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; color: red"><FONT STYLE="background-color: white"><B>Strategic
update and outlook:</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.5pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Progress
                                            in climate action gathering momentum: </B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9pt"><FONT STYLE="font-size: 10pt">&#9702;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Funding
                                            support: received European Commission (EC) approvals of the government funding support for
                                            our Spain, Belgium and France decarbonization projects; awaiting EC approvals for German
                                            government funding support</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9pt"><FONT STYLE="font-size: 10pt">&#9702;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Projects
                                            advancing: &gt;200 dedicated employees; Pre-FEED stage for DRI-EAF projects ongoing/near
                                            completion; preparing to move to FEED in DRI/EAF projects and commitments with core process
                                            equipment suppliers to lock schedule for supply</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9pt"><FONT STYLE="font-size: 10pt">&#9702;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Technology
                                            advancements: plans announced between ArcelorMittal and John Cockerill to construct an industrial-scale
                                            low temperature, direct electrolysis plant (Volteron&trade;) targeted to produce in phase
                                            1 between 40-80ktpa of iron plates, starting in 2027</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9pt"><FONT STYLE="font-size: 10pt">&#9702;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">XCarb&reg;
                                            progress: Our XCarb&reg; recycled and renewably produced steel<SUP>9</SUP> offering is gaining
                                            momentum, and will be produced by ArcelorMittal North America to supply General Motors</FONT></TD></TR></TABLE>

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

<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"></P>

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

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<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.5pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt"><B>Focused
                                            on executing our growth plans and consistently applying our capital allocation and return
                                            policy: </B></FONT></TD></TR></TABLE>

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<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9pt"><FONT STYLE="font-size: 10pt">&#9702;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">In
                                            addition to paying in June 2023 the first installment of the $0.44/sh base dividend, the
                                            Company has repurchased 24.8 million shares so far in 2023</FONT></TD></TR></TABLE>

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<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9pt"><FONT STYLE="font-size: 10pt">&#9702;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Recent
                                            acquisitions (ArcelorMittal Pec&eacute;m<SUP>6</SUP> (Brazil) and ArcelorMittal Texas HBI)
                                            and completed strategic capex projects (Mexico hot strip mill) are performing at levels above
                                            assumed normalized profitability<SUP>13</SUP></FONT></TD></TR></TABLE>

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<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9pt"><FONT STYLE="font-size: 10pt">&#9702;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">Planned
                                            expansion of the AMNS India Hazira plant to ~15Mt capacity by 2026 progressing well; CGL4
                                            on track for completion in 3Q 2023 to provide platform to launch our Magnelis product in
                                            the Indian market for the growing renewables and solar sectors</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-indent: 4.5pt; color: red"><B>Financial highlights (on the
basis of IFRS<SUP>1</SUP>):</B></P>

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  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Sales</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;18,606&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;18,501&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;22,142&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;37,107&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;43,978&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Operating
    income</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,925&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,192&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;4,494&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;3,117&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;8,927&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Net
    income attributable to equity holders of the parent</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,860&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,096&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;3,923&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2,956&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;8,048&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Basic
    earnings per common share (US$)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2.21&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1.28&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;4.25&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;3.47&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;8.53&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Operating
    income/tonne (US$/t)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;136&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;82&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;313&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;109&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;300&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">EBITDA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2,605&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,822&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;5,163&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;4,427&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;10,243&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">EBITDA
    /tonne (US$/t)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;183&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;126&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;359&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;155&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;345&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Crude
    steel production (Mt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">14.7</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">14.5</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">14.6</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">29.2</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">30.9</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Steel
    shipments (Mt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">14.2</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">14.5</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">14.4</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">28.7</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">29.7</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Total
    group iron ore production (Mt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">10.5</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">10.8</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">12.0</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">21.3</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">24.0</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Iron
    ore production (Mt) (AMMC and Liberia only)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;6.4&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;6.7&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;7.3&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;13.1&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;14.2&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Iron
    ore shipment (Mt) (AMMC and Liberia only)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;6.6&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;7.4&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;7.5&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;14.0&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;14.2&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Shares
    outstanding fully diluted basis in millions</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">839</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">844</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">904</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">839</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">904</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; text-align: justify"><I>&ldquo;We have delivered a strong set of financials
in the first half of the year, which reflect the improved market conditions and also the positive impact of recent strategic acquisitions.&nbsp;Both
ArcelorMittal Pec&eacute;m in Brazil and ArcelorMittal Texas HBI in the United States are making a valuable contribution, generating
above expected EBITDA. Meanwhile organic growth projects that will enhance our ability to produce higher added-value products in high-growth
markets, as well as investments in our lower-carbon supply chains, are starting to demonstrate their potential. </I></P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&ldquo;We are making further strategic progress
on our decarbonization agenda. Encouragingly, we have now received funding approval from the European Commission for our transformation
projects in Belgium, Spain and France. This is an important milestone and we are now engaged in discussions with governments on the cost
and availability of the clean energy needed to make these projects viable. On the technology front, we are encouraged by the progress
in direct electrolysis which has enabled us to commit to building the world&rsquo;s first low-temperature iron electrolysis pilot plant.
We continue to see growing demand from customers for our XCarb products and earlier this week the design for the Paris 2024 Olympic and
Paralympic torch was unveiled, which is being made with our reduced-carbon steel.&nbsp;The torch has a beautiful, intricate design and
reflects the admirable ambition of Paris 2024 to halve the carbon footprint compared with previous games.</I></P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&ldquo;Looking ahead, the company is in a good position and focused
on delivering further strategic progress in the second half.&rdquo;</I></P>

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

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

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B>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">The lost time injury frequency rate (&ldquo;LTIFR&rdquo;) was 0.73x
in the second quarter of 2023 (&ldquo;2Q 2023&rdquo;) as compared to 0.64x in the first quarter of 2023 (&ldquo;1Q 2023&rdquo;) and 0.67x
in the second quarter of 2022 (&ldquo;2Q 2022&rdquo;). <FONT STYLE="background-color: white">Health and safety performance in the first
six months of 2023 (&quot;1H 2023&quot;) was 0.70x as compared to 0.68x in the first six months of 2022 (&quot;1H 2022&quot;).</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="background-color: white">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. This approach
enables us to provide a deeper understanding of how near- miss incidents arise and can be avoided. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt"><B>Own personnel and contractors &ndash; Lost Time Injury Frequency
rate</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 0.25in; text-indent: -13.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Lost
    time injury frequency rate</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">NAFTA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.25&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.09&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.28&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.18&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.28&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.30&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.34&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.14&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.32&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.12&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Europe</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1.44&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1.03&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.99&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1.27&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1.07&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">ACIS</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.64&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.63&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.81&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.63&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.71&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Mining</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.24&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.30&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;0.11&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1.23&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;0.73&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;0.64&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;0.67&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;0.70&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;0.68&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 0.25in; text-align: justify; text-indent: -0.25in"><B>Sustainable
development highlights:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt; background-color: white">On
                                            July 20, 2023, The European Commission approved &euro;850 million for Dunkirk (2.5Mt DRI
                                            and 2 new EAFs). This follows the European Commission approval on June 22, 2023, of the &euro;280
                                            million state aid which the Belgian authorities will provide to our DRI &ndash; EAF decarbonization
                                            project in Belgium (2.5Mt DRI and 2 new EAFs). The overall support that we will receive from
                                            the Belgian and French authorities is inline with our broader ask to our host governments
                                            for our decarbonization projects.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt; background-color: white">On
                                            June 14, 2023, ArcelorMittal and John Cockerill announced plans to construct an industrial-
                                            scale low temperature, direct electrolysis plant. The Volteron&trade; plant is targeting
                                            in a first phase to produce between 40,000 and 80,000 tonnes a year of iron plates and to
                                            start production in 2027. Once the technology has been proven at this scale, the intention
                                            is to increase the plant&rsquo;s annual capacity to between 300,000 and 1 million tonnes.
                                            Direct electrolysis is one of three decarbonization technology pathways ArcelorMittal is
                                            working on to make net zero steelmaking a reality. The cold direct electrolysis process extracts
                                            iron from iron ore using electricity. The iron plates are then converted into steel in an
                                            electric arc furnace.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt; background-color: white">On
                                            June 7, 2023, ArcelorMittal North America announced a supply agreement with General Motors
                                            for XCarb&reg; recycled and renewably produced steel, offering significantly reduced CO2
                                            emissions compared to much of the automotive steel available in North America. ArcelorMittal
                                            North America&rsquo;s XCarb&reg; recycled and renewably produced steel is made via the EAF
                                            route using renewable energy and contains a stated minimum of 70% scrap, with up to 90% scrap,
                                            and does not use carbon offsets to achieve the reduced carbon intensity.</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"></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; color: red"><B>Analysis of results for the six months ended June 30,
2023 versus results for the six months ended June 30, 2022</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Total steel shipments for 1H 2023 were 28.7 million metric tonnes (Mt),
a decrease of -3.6% as compared to 29.7Mt in 1H 2022. Excluding the shipments of ArcelorMittal Pec&eacute;m<SUP>6 </SUP>(consolidated
from March 9, 2023) and Ukraine, steel shipments in 1H 2023 declined by -5.5% as compared to 1H 2022 (impacted by outages in Europe and
lower demand in Brazil, including 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 for 1H 2023 decreased by -15.6% to $37.1 billion as compared with
$44.0 billion for 1H 2022, primarily due to lower steel shipments and -14.7% lower average steel selling prices (prices in the comparison
period benefited from restocking demand, following the outbreak of war in Ukraine).</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">Depreciation was stable at $1.3 billion for 1H 2023 as compared to
1H 2022. The Company continues to expect 12M 2023 depreciation of approximately $2.6 billion.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Operating income for 1H 2023 of $3.1 billion was lower as compared to $8.9
billion in 1H 2022 primarily driven by negative price-cost effect (predominantly on account of lower average steel selling prices, with
prices in the comparison period benefiting from restocking demand) and lower 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">Income from associates, joint ventures and other investments for 1H 2023
was lower at $711 million as compared to $1.1 billion for 1H 2022 primarily due to lower contributions from AMNS Calvert and European
investees (which experienced similar dynamics to those discussed above). 1H 2022 included the annual dividend from Erdemir of $117 million
with no such dividend received in 1H 2023.</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 1H 2023 of $111 million was broadly stable as compared
to $104 million in 1H 2022 reflecting the issuance, at the end of 3Q 2022 and in 4Q 2022, of new notes bearing higher interest rates
offset in part by higher interest income.</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">Foreign exchange and other net financing loss were $250 million for
1H 2023 as compared to loss of $323 million for 1H 2022. Foreign exchange loss for 1H 2023 was $29 million as compared to a loss of $198
million in 1H 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">ArcelorMittal recorded an income tax expense of $420 million for
1H 2023 (including $178 million deferred tax benefit) as compared to $1,381 million for 1H 2022 (including $214 million deferred tax
benefit) reflecting overall lower taxable profits.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">ArcelorMittal&rsquo;s net income for 1H 2023 was $2,956 million as
compared to $8,048 million for 1H 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">ArcelorMittal&rsquo;s basic earnings per common share for 1H 2023 was $3.47,
as compared to $8.53 for 1H 2022.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; color: red"><B>Analysis of results for 2Q 2023 versus 1Q 2023
and 2Q 2022</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Total steel shipments in 2Q 2023 were -1.7% lower at 14.2Mt as compared
with 14.5Mt for 1Q 2023. Steel shipments in NAFTA decreased by -8.4% (due to lower slab shipments sourced from Group companies (mainly
Brazil) sold to the Calvert JV and lower Mexico shipments) and by -6.2% in Europe (following outages in France and Spain), offset in
part by a +22.0% increase in Brazil (mainly due to the ArcelorMittal Pec&eacute;m acquisition). Excluding the impact of ArcelorMittal
Pec&eacute;m, steel shipments in 2Q 2023 were -5.4% lower as compared to 1Q 2023.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Total steel shipments in 2Q 2023 were -1.2% lower as compared with
14.4Mt for 2Q 2022 primarily due to a -8.7% decline in Europe offset in part by higher shipments in NAFTA (+6.2%, mainly higher sourced
slabs for Calvert), Brazil (+19.3%, due to the consolidation of ArcelorMittal Pec&eacute;m as from March 9, 2023) and a +22.9% increase
in ACIS (2Q 2022 had been more severely impacted by the war in Ukraine and there had been labor actions and logistics issues in South
Africa). Excluding the impacts of ArcelorMittal Pec&eacute;m and Ukraine, steel shipments in 2Q 2023 were -7.0% lower as compared to
2Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Sales in 2Q 2023 were stable at $18.6 billion as compared to $18.5
billion in 1Q 2023 and lower than $22.1 billion for 2Q 2022. As compared to 1Q 2023, the sales were impacted by lower steel shipment
volumes (as discussed above) offset in part by higher average steel selling prices (+4.2%). Sales in 2Q 2023 were -16.0% lower as compared
to 2Q 2022 primarily due to lower average steel selling prices (-16.1%) and lower steel shipments (-1.2%).</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Depreciation for 2Q 2023 was higher at $680 million as compared to
$630 million for 1Q 2023 (due to the full quarter contribution of ArcelorMittal Pec&eacute;m) and $669 million in 2Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Operating income for 2Q 2023 was $1.9 billion as compared to $1.2
billion in 1Q 2023 and $4.5 billion in 2Q 2022. The improvement in operating income compared to 1Q 2023 reflected improving steel spreads
(and the benefit of lagged prices) and lower costs (including energy), offset in part by lower steel shipments.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Income from associates, joint ventures and other investments for 2Q 2023
was $393 million as compared to $318 million in 1Q 2023 and $578 million in 2Q 2022. 2Q 2023 results improved as compared to 1Q 2023
with a higher contribution from AMNS India (including $0.1 billion income arising from recognition of a deferred tax asset). 2Q 2022
included a higher contribution from European investees.</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 0 6pt">Net interest expense in 2Q 2023 was $47 million as compared to $64
million in 1Q 2023 and $53 million in 2Q 2022, with the benefit of higher interest income more than offsetting the impact of higher interest
rates.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Foreign exchange and other net financing loss in 2Q 2023 was $133
million as compared to a loss of $117 million in 1Q 2023 and a loss of $183 million in 2Q 2022. 2Q 2023 included a foreign exchange loss
of $60 million as compared to a foreign exchange gain of $31 million in 1Q 2023 and a loss of $152 million in 2Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">ArcelorMittal recorded an income tax expense of $231 million (including
deferred tax benefit of $85 million) in 2Q 2023, as compared to an income tax expense of $189 million (including deferred tax benefit
of $93 million) in 1Q 2023 and an income tax expense of $826 million (including deferred tax benefit of $74 million) in 2Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">ArcelorMittal recorded net income in 2Q 2023 of $1,860 million as
compared to $1,096 million in 1Q 2023 and $3,923 million for 2Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">ArcelorMittal's basic earnings per common share for 2Q 2023 was higher
at $2.21 as compared to $1.28 in 1Q 2023 and lower compared to $4.25 in 2Q 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>Analysis of segment operations</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white">(USDm)
    unless otherwise shown</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,498&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,350&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,653&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;6,848&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;7,413&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;662&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;455&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;817&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,117&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,871&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(127)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(126)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(93)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(253)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(186)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;789&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;581&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;910&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,370&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,057&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Crude steel production
    (kt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,244&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,176&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,043&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;4,420&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;4,120&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Steel shipments*
    (kt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,604&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,843&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,453&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;5,447&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;4,909&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Average steel
    selling price (US$/t)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,116&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;994&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,317&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,052&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,319&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">* NAFTA steel shipments include slabs sourced by the
segment from Group companies (mainly the Brazil segment) and sold to the Calvert JV (eliminated in the Group consolidation). These shipments
can vary between periods due to slab sourcing mix and timing of vessels. 2Q'23 360kt; 1Q'23 474kt; 2Q'22 183kt; 1H'23 834kt and 1H'22
660kt</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 +3.1% to 2.2Mt in 2Q
2023, as compared to 1Q 2023, and increased by +9.8% as compared to 2Q 2022 which had been impacted by labor actions in Mexico and maintenance
in Canada.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Steel shipments in 2Q 2023 declined by 0.2Mt to 2.6Mt as compared to 2.8Mt
in 1Q 2023 primarily due to lower slab shipments sourced from Group companies (mainly the Brazil segment and sold to the Calvert JV)
and lower Mexico shipments. Steel shipments in 2Q 2023 were +6.2% higher than 2Q 2022.</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 2Q 2023 increased by +4.4% to $3.5 billion, as compared to $3.4
billion in 1Q 2023 primarily on account of higher average steel selling prices (+12.3%) offset in part by lower steel shipments. Sales
declined by -4.2% in 2Q 2023 as compared to 2Q 2022 primarily on account of lower average steel selling prices (-15.3%) offset in part
by higher steel shipment volumes (+6.2%), and the impact of the consolidation of ArcelorMittal Texas HBI.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Operating income in 2Q 2023 increased by +45.4% to $662 million as compared
to $455 million in 1Q 2023 and was -18.9% lower as compared to $817 million in 2Q 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 2Q 2023 of $789 million was +35.8% higher as compared to $581
million in 1Q 2023, primarily due to a positive price-cost effect. EBITDA in 2Q 2023 was -13.3% lower as compared to $910 million in
2Q 2022 mainly due to a negative price-cost effect offset in part by higher steel shipments (+6.2%) and contribution from ArcelorMittal
Texas HBI.</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>Brazil<SUP>6</SUP></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,826&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,068&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,986&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;6,894&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;7,352&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;553&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;323&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,201&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;876&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,875&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(105)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(72)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(71)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(177)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(129)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;658&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;395&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,272&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,053&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,004&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Crude steel production
    (kt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,732&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,052&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,085&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;6,784&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;6,125&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Steel shipments
    (kt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,583&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,937&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,003&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;6,520&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;6,040&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Average steel
    selling price (US$/t)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,001&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;978&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,234&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;991&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,136&#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 +22.3% to 3.7Mt
in 2Q 2023 as compared to 3.1Mt in 1Q 2023, primarily due to the consolidation of ArcelorMittal Pec&eacute;m as from March 9, 2023. On
a scope adjusted basis excluding the impact of ArcelorMittal Pec&eacute;m, 2Q 2023 crude production was higher by +6.0% as compared to
1Q 2023 and lower by -3.3% as compared to 3.1Mt in 2Q 2022.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Steel shipments in 2Q 2023 increased by +22.0% to 3.6Mt as compared to
2.9Mt in 1Q 2023 and +19.3% higher as compared to 3.0Mt in 2Q 2022 primarily due to the impact of ArcelorMittal Pec&eacute;m. On a scope
adjusted basis (i.e. excluding ArcelorMittal Pec&eacute;m), steel shipments in 2Q 2023 increased by +4.5% as compared to 1Q 2023, mainly
due to exports, and decreased by -5.4% as compared to 2Q 2022, due to lower demand.</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">Sales in 2Q 2023 increased by +24.7% to $3.8 billion as compared to $3.1
billion in 1Q 2023, primarily due to a +22.0% increase in steel shipments (including ArcelorMittal Pec&eacute;m). Sales in 2Q 2023 were
-4.0% lower than $4.0 billion at 2Q 2022 primarily on account of the -18.9% decline in average steel selling 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">Operating income in 2Q 2023 of $553 million was +71.0% higher as compared
to $323 million in 1Q 2023 and -53.9% lower than $1,201 million in 2Q 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 2Q 2023 increased by +66.5% to $658 million as compared to $395
million in 1Q 2023, due to higher steel shipments, a positive price-cost effect and contribution from ArcelorMittal Pec&eacute;m. EBITDA
in 2Q 2023 was -48.2% lower than $1,272 million in 2Q 2022 primarily due to negative price-cost effect.</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>Europe</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;10,518&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;10,903&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;13,449&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;21,421&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;26,492&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;556&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;377&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,063&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;933&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;4,144&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(309)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(294)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(326)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(603)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(652)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;865&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;671&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,389&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,536&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;4,796&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Crude steel production
    (kt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;6,943&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;7,779&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;8,261&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;14,722&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;16,950&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Steel shipments
    (kt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;7,274&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;7,752&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;7,967&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;15,026&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;16,301&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Average steel
    selling price (US$/t)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,097&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,055&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,292&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,076&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,254&#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 decreased by -10.8% to 6.9Mt in 2Q
2023 as compared to 7.8Mt in 1Q 2023 primarily due to outages of blast furnaces, in Gijon, Spain (BF A) and Dunkirk, France (BF4) in
late March 2023. These blast furnaces were restarted in mid-July 2023. Crude steel production was -16.0% lower as compared to 8.3Mt in
2Q 2022.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Steel shipments decreased by -6.2% to 7.3Mt in 2Q 2023 as compared to 7.8Mt
in 1Q 2023 primarily due to lower production as discussed above. Shipments declined by -8.7% as compared to 8.0Mt in 2Q 2022 primarily
due to lower production 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">Sales in 2Q 2023 declined by -3.5% to $10.5 billion, as compared to $10.9
billion in 1Q 2023, as the +4.0% increase in average steel selling prices was offset in part by a -6.2% decline in steel shipments. Sales
declined by -21.8% as compared to $13.4 billion in 2Q 2022 primarily due to lower steel shipments (-8.7%) and lower average steel selling
prices (-15.0%).</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 2Q 2023 was $556 million as compared to $377 million
in 1Q 2023 and $2,063 million in 2Q 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 2Q 2023 of $865 million increased by +28.9% as compared to $671
million in 1Q 2023, mainly due to an increase in average steel selling price and lower energy costs, offset in part by lower steel shipments.
EBITDA in 2Q 2023 decreased by -63.8% as compared to $2,389 million in 2Q 2022 due to a negative price-cost effect and lower shipments
(-8.7%), offset partly by lower energy costs.</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>ACIS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,389&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,445&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,484&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,834&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,570&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Operating (loss)income</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(64)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(176)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;43&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(240)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;323&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(73)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(72)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(106)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(145)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(211)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;9&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(104)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;149&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(95)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;534&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Crude steel production
    (kt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,768&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,483&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,261&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,251&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,713&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Steel shipments
    (kt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,497&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,500&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,218&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,997&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,289&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Average steel
    selling price (US$/t)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;727&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;741&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;925&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: silver; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;734&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;881&#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 2Q 2023 was 1.8Mt, an increase of
+19.2% as compared to 1Q 2023 and +40.2% higher than 2Q 2022 primarily due to higher production in Ukraine and South Africa.</P>

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

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

<!-- Field: Page; Sequence: 7 -->
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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">Steel shipments in 2Q 2023 were stable at 1.5Mt as compared to 1Q 2023
and were +22.9% higher as compared to 1.2Mt in 2Q 2022 (impacted by the Ukraine 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 2Q 2023 decreased by -3.9%% to $1.4 billion as compared to 1Q
2023, primarily due to lower average steel selling prices (-1.8%).</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Operating loss in 2Q 2023 totalled $64 million as compared to an operating
loss in 1Q 2023 of $176 million and an operating income of $43 million in 2Q 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 totalled $9 million in 2Q 2023 as compared to EBITDA loss of $104
million in 1Q 2023 primarily due to lower costs. EBITDA of $9 million in 2Q 2023 declined as compared to $149 million in 2Q 2022 primarily
due to lower average steel selling prices (-21.4%) offset in part by higher steel shipments (+22.9%).</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>Mining </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Sales</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;680&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;904&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,005&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,584&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,938&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Operating income</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;225&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;374&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;463&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;599&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;974&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Depreciation</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(56)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(56)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(64)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(112)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;(120)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">EBITDA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt">&#9;281&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;430&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;527&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt">&#9;711&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,094&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Iron ore production
    (Mt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">6.4</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">6.7</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">7.3</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">13.1</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">14.2</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Iron ore shipment
    (Mt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">6.6</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">7.4</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">7.5</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">14.0</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">14.2</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 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 in 2Q 2023 was -4.6% lower at 6.4Mt as compared to
6.7Mt in 1Q 2023 (impacted by a 10-day strike in Liberia) and was -12.3% lower than 7.3Mt in 2Q 2022, primarily impacted by unplanned
maintenance in ArcelorMittal Mines Canada (AMMC)<SUP>7</SUP>.</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 -12.8% lower at 6.6Mt in 2Q 2023 as compared to
7.4Mt in 1Q 2023. 1Q 2023 iron ore shipments had benefited from the recovery of port operations in Canada impacted by severe storms during
December 2022, whilst 2Q 2023 was impacted by lower production in AMMC and Liberia (as discussed above). 2Q 2023 iron ore shipments were
-13.7% lower as compared to 7.5Mt in 2Q 2022, primarily due to the lower production at AMMC as mentioned above.</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 2Q 2023 was lower by -39.8% at $225 million as compared
to $374 million in 1Q 2023 and lower by -51.5% as compared to $463 million in 2Q 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 2Q 2023 of $281 million was lower as compared to $430 million
in 1Q 2023, with the effect of lower iron ore reference prices (-11.8%), lower shipments (-12.8%) and higher costs including higher freight
costs. EBITDA in 2Q 2023 was lower as compared to $527 million in 2Q 2022, primarily due to lower iron ore reference prices (-19.9%),
lower iron ore shipments (-13.7%) and lower quality premia partially offset by lower freight costs.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: red"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: red"><B>&nbsp;</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</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Production (100%
    basis) (kt)*</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,198&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,226&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,127&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,424&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,251&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Steel shipments (100% basis) (kt)**</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,157&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,170&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,123&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,327&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;2,294&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">EBITDA
    (100% basis)***</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt">&#9;142&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;37&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;261&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt">&#9;179&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;588&#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: 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Calvert&rsquo;s hot strip mill (&ldquo;HSM&rdquo;) production during 2Q
2023 decreased by -2.3% to 1.2Mt, as compared to 1Q 2023, and increased by +6.3% as compared to 1.1Mt in 2Q 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 2Q 2023 declined by -1.1% as compared to 1Q 2023 and
higher by +3.0% as compared to 2Q 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 2Q 2023 of $142 million as compared to $37 million in
1Q 2023 was primarily due to higher sales prices.</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 Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 50%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white"><B>(USDm)
    unless otherwise shown</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Crude steel production
    (100% basis) (kt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,792&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,765&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,668&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,557&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,398&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Steel shipments (100% basis) (kt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,679&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,830&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;1,511&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,509&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;3,243&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">EBITDA
    (100% basis)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt">&#9;563&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;341&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;365&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt">&#9;904&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">&#9;835&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Crude steel production in 2Q 2023 was stable at 1.8Mt as compared
to 1Q 2023 (following a 85-day Corex furnace shutdown offset by higher production from DRI route) and +7.4% higher as compared to 2Q
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 2Q 2023 were -8.3% lower at 1.7Mt as compared 1.8Mt
in 1Q 2023 (primarily due to planned maintenance of HSM) and +11.1% higher as compared to 1.5Mt in 2Q 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 2Q 2023 of $563 million was higher as compared to $341 million
in 1Q 2023, primarily due to higher average steel selling prices and lower costs (including energy costs) offset in part by lower steel
shipments. EBITDA during 2Q 2023 of $563 million was higher as compared to $365 million in 2Q 2022, due to higher steels shipments and
lower costs.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Net cash provided by operating activities in 2Q 2023 was $2,087 million
as compared to $949 million in 1Q 2023 and $2,554 million in 2Q 2022. Net cash provided by operating activities in 2Q 2023 includes a
working capital release of $178 million as compared to investments of $775 million in 1Q 2023 and $1,008 million in 2Q 2022. The Company
expects that working capital will follow the normal seasonal patterns over the remainder of 2023 and continues to expect an overall working
capital release for the full year.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Net cash used in investing activities in 2Q 2023 was $1,015 million, which
included capex of $1,060 million (as compared with $938 million in 1Q 2023), in line with the guidance for the full year 2023 of $4.5-5.0
billion<SUP>8,15</SUP>.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">The previously announced strategic capex envelope has now been revised
to reflect change of scope and inflation to the Liberia and Monlevade projects whilst the Ukraine pellet plant project previously on
hold has been removed. The strategic envelope has $3.4 billion outstanding to be completed by 2026.<SUP>14</SUP> (See Appendix 2b: Capital
Expenditures for details).</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 inflow from other investing activities in 2Q 2023 of $45 million
mainly related to sale of non-core assets. 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>10
</SUP>in Brazil, offset in part by $0.6 billion cash received from the partial sale of Erdemir shares<SUP>11</SUP> (to fund the partial
repurchase of mandatorily convertible bonds (&ldquo;MCBs&rdquo;)).</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 2Q 2023 was $1,490 million which
included a $812 million note repayment at maturity, ArcelorMittal share buybacks totalling $227 million ($149 million for 5.7 million
shares purchased during 2Q 2023 and $78 million related to 1Q 2023 purchases settled early April 2023). Net cash used in financing activities
in 1Q 2023 was $1,349 million which included euro-denominated note 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 MCBs using proceeds from the
sale of Erdemir shares<SUP>11 </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">During 2Q 2023, the Company paid the first installment of its $0.44/sh
base dividend to shareholders for $0.22/share in June 2023 ($185 million) with the second installment due in December 2023 and paid $12
million to minority shareholders.</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 June 30, 2023, the Company had liquidity of $11.4 billion consisting
of cash and cash equivalents of $5.9 billion and $5.5 billion of available credit lines as compared to liquidity of $11.8 billion in
March 31, 2023 (consisting of cash and cash equivalents of $6.3 billion and $5.5 billion of available credit lines<SUP>12</SUP>). As
of June 30, 2023, the average debt maturity was 6.2 years.</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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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Based on year-to-date developments and the current economic outlook, ArcelorMittal
forecasts global ex-China apparent steel consumption (&ldquo;ASC&rdquo;) to grow by between +1.0% to 2.0% (previous estimate of +2.0%
to +3.0%) in 2023 as compared to 2022 reflecting the latest estimates by region:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">In
                                            the US, as real demand growth is expected to remain lackluster due to the lagged impact of
                                            interest rate rises, apparent steel consumption in 2023 is now expected to decline by -2.0%
                                            to 0.0% (versus previous guidance of +1.5% to +3.5% growth). US ASC forecasts have been moderated
                                            to reflect weakness in long products and pipes &amp; tubes whilst apparent demand for flat
                                            products is still forecast to grow;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">In
                                            Europe, whilst the Company continues to assume a marginal decline in real demand in 2023,
                                            apparent demand is expected to moderate to -0.5% to +1.5% in 2023 (versus previous guidance
                                            of +0.5% to +2.5%). The marginal change to European ASC forecasts is largely due to a decline
                                            in long products demand forecast due to weak construction activity, whilst apparent demand
                                            for flat products is still expected to increase; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">In
                                            Brazil, due to the ongoing high interest rate environment, the Company has moderated its
                                            real steel consumption estimate in 2023 and now forecasts an ASC growth of 0.0% to +2.0%
                                            (revised down from the previous guidance of +3.0% to +5.0%);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">In
                                            the CIS region (which includes Commonwealth of Independent States and Ukraine), the Company
                                            forecasts some improvement in steel consumption in Ukraine, and now expects ASC to grow 0.0%
                                            to +2.0% (revised up from the previous guidance of -2.0% to 0.0%) for the region;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">In
                                            India, the Company continues expects another strong year with apparent steel consumption
                                            growth in the range of +6.0% to +8.0% (unchanged from the previous guidance of +6.0% to +8.0%);
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">In
                                            China, whilst economic growth is expected to be broadly stable in 2023, steel consumption
                                            is expected to stabilize in 2023 to -1.0% to +1.0% (unchanged from the previous guidance)
                                            with potential upside dependent on government infrastructure stimulus and production discipline
                                            impacts.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; color: red"><B>Recent developments</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt; background-color: white">On
                                            June 16, 2023, S&amp;P upgraded its outlook on ArcelorMittal to positive on expected strengthening
                                            of the business and affirmed the BBB- investment grade rating.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">On
                                            May 19, 2023, ArcelorMittal announced that upon mandatory conversion of the 24,290,025 outstanding
                                            5.50% Mandatorily Convertible Subordinated Notes due May 18, 2023, it delivered to holders
                                            a total of 57,057,991 shares held in treasury on May 19, 2023.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">On
                                            May 5, 2023, following publication of the first quarter 2023 results press release dated
                                            May 4, 2023, ArcelorMittal announced the commencement of a new buyback program of up to 85
                                            million shares (the &quot;Program&quot;) under the authorization given by the annual general
                                            meeting of shareholders of May 2, 2023, to be completed by May 2025. The actual amount of
                                            shares that will be repurchased pursuant to this new Program will depend on the level of
                                            post-dividend free cash flow generated over the period (the Company&rsquo;s defined policy
                                            is to return a minimum of 50% of post-dividend annual FCF), the continued authorization by
                                            shareholders and market conditions. The shares acquired under the Program are intended: i)
                                            primarily to reduce ArcelorMittal&rsquo;s share capital; ii) to meet ArcelorMittal&rsquo;s
                                            obligations arising from employee share programs; and/or iii) to meet ArcelorMittal&rsquo;s
                                            obligations under securities exchangeable into equity securities.</FONT></TD></TR></TABLE>

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

<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; color: red"><FONT STYLE="background-color: white"><B>ArcelorMittal
Condensed Consolidated Statements of Financial Position<SUP>1 </SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: white"><B>In
    millions of U.S. dollars</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Jun
    30, 2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Mar
    31, 2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Dec
    31, 2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>ASSETS</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;5,943&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;6,290&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;9,414&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Trade
    accounts receivable and other</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;4,774&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;4,989&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;3,839&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Inventories</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;20,036&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;19,820&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;20,087&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Prepaid
    expenses and other current assets </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;3,636&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;4,655&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;3,778&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>Total
    Current Assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;34,389&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;35,754&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;37,118&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Goodwill
    and intangible assets </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;5,074&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;5,023&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;4,903&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Property,
    plant and equipment </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;33,682&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;32,900&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;30,167&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Investments
    in associates and joint ventures </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;11,142&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;10,904&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;10,765&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Deferred
    tax assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;8,901&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;8,571&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;8,554&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Other
    assets</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;2,235&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;2,108&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;3,040&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>Total
    Assets</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;95,423&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;95,260&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;94,547&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>LIABILITIES
    AND SHAREHOLDERS&rsquo; EQUITY</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Short-term
    debt and current portion of long-term debt</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;1,809&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;2,827&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;2,583&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Trade
    accounts payable and other</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;13,454&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;13,312&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;13,532&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Accrued
    expenses and other current liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;5,791&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;6,687&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;6,283&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>Total
    Current Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;21,054&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;22,826&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;22,398&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Long-term
    debt, net of current portion</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;8,651&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;8,650&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;9,067&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Deferred
    tax liabilities </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;2,722&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;2,596&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;2,666&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Other
    long-term liabilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;5,087&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;5,067&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;4,826&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>Total
    Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;37,514&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;39,139&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;38,957&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; 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 STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Equity
    attributable to the equity holders of the parent</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;55,720&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;53,974&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;53,152&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Non-controlling
    interests</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;2,189&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;2,147&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;2,438&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>Total
    Equity</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;57,909&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;56,121&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;55,590&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>Total
    Liabilities and Shareholders&rsquo; Equity</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;95,423&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;95,260&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;94,547&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: center">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; color: red"><FONT STYLE="background-color: white"><B>ArcelorMittal
Condensed Consolidated Statements of Operations<SUP>1</SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; border-top: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Three
    months ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Six
    months ended</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 45%; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white"><B>In
    millions of U.S. dollars unless otherwise shown</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Jun
    30, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Mar
    31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Jun
    30, 2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Jun
    30, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 11%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Jun
    30, 2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>Sales</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;18,606&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;18,501&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;22,142&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;37,107&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;43,978&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Depreciation
    (B)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(680)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(630)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(669)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(1,310)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(1,316)&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt">Impairment items
    (B)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Exceptional
    items (B)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>Operating
    income (A)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;1,925&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,192&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;4,494&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;3,117&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;8,927&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Operating
    margin %</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><I>&#9;10.3&#9;%</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><I>&#9;6.4&#9;%</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><I>&#9;20.3&#9;%</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><I>&#9;8.4&#9;%</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><I>&#9;20.3&#9;%</I></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Income
    from associates, joint ventures and other investments</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;393&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;318&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;578&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;711&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,137&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Net
    interest expense</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(47)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(64)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(53)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(111)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(104)&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Foreign
    exchange and other net financing (loss)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(133)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(117)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(183)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(250)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(323)&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>Income
    before taxes and non-controlling interests</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;2,138&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,329&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;4,836&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;3,467&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;9,637&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">&nbsp;Current
    tax expense</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(316)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(282)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(900)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(598)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(1,595)&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">&nbsp;Deferred
    tax benefit</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;85&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;93&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;74&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;178&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;214&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Income
    tax expense (net)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(231)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(189)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(826)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(420)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(1,381)&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>Income
    including non-controlling interests</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;1,907&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,140&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;4,010&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;3,047&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;8,256&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Non-controlling
    interests income</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(47)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(44)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(87)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(91)&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(208)&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>Net
    income attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;1,860&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,096&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;3,923&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;2,956&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;8,048&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Basic
    earnings per common share ($)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2.21&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1.28&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;4.25&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;3.47&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;8.53&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Diluted
    earnings per common share ($)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2.20&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1.27&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;4.24&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;3.46&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;8.51&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Weighted
    average common shares outstanding (in millions)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;842&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;859&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;924&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;851&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;944&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Diluted
    weighted average common shares outstanding (in millions)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;845&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;862&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;926&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;853&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;946&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>OTHER
    INFORMATION</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black"><B>EBITDA
    (C = A-B)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;2,605&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,822&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;5,163&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;4,427&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;10,243&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">EBITDA
    Margin %</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><I>&#9;14.0&#9;%</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><I>&#9;9.8&#9;%</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><I>&#9;23.3&#9;%</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><I>&#9;11.9&#9;%</I></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><I>&#9;23.3&#9;%</I></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Total
    group iron ore production (Mt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;10.5&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;10.8&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;12.0&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;21.3&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;24.0&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Crude
    steel production (Mt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;14.7&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;14.5&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;14.6&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;29.2&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;30.9&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: black">Steel
    shipments (Mt)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;14.2&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;14.5&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;14.4&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;28.7&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;29.7&#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 6pt; color: red"><FONT STYLE="background-color: white"><B>ArcelorMittal
Condensed Consolidated Statements of Cash flows<SUP>1 </SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Three
    months ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-size: 8pt; color: white"><B>Six
    months ended</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white">In
    millions of U.S. dollars </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Jun
    30, 2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Mar
    31, 2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Jun
    30, 2022</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Jun
    30, 2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Jun
    30, 2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424"><B>Operating
    activities:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424"><B>Income
    attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;1,860&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,096&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;3,923&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;2,956&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;8,048&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Adjustments
    to reconcile net income to net cash provided by operations:</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Non-controlling
    interests income</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;47&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;44&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;87&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;91&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;208&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Depreciation </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;680&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;630&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;669&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,310&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,316&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Income
    from associates, joint ventures and other investments</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(393)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(318)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(578)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(711)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(1,137)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Deferred
    tax benefit</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(85)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(93)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(74)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(178)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(214)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Change
    in working capital</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;178&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(775)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(1,008)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(597)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(3,055)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Other
    operating activities (net)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(200)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;365&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(465)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;165&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(578)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424"><B>Net
    cash provided by operating activities (A)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: #333333"><B>&#9;2,087&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #333333"><B>&#9;949&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #333333"><B>&#9;2,554&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: #333333"><B>&#9;3,036&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #333333"><B>&#9;4,588&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424"><B>Investing
    activities: </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Purchase
    of property, plant and equipment and intangibles (B)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(1,060)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(938)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(655)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(1,998)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(1,184)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Other
    investing activities (net)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;45&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(1,931)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(886)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(1,886)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(963)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424"><B>Net
    cash used in investing activities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: #333333"><B>&#9;(1,015)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #333333"><B>&#9;(2,869)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #333333"><B>&#9;(1,541)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: #333333"><B>&#9;(3,884)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #333333"><B>&#9;(2,147)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424"><B>Financing
    activities:</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Net
    (payments)proceeds relating to payable to banks and long-term debt</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(1,011)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(390)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;389&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(1,401)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;768&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Dividends
    paid to ArcelorMittal shareholders </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(185)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(332)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(185)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(332)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Dividends
    paid to minorities (C)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(12)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(53)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(166)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(65)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(178)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Share buyback</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(227)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(477)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(1,496)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(704)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(2,000)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Lease
    payments and other financing activities (net)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(55)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(429)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(46)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(484)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(94)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424"><B>Net
    cash used in financing activities</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: #333333"><B>&#9;(1,490)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #333333"><B>&#9;(1,349)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #333333"><B>&#9;(1,651)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: #333333"><B>&#9;(2,839)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #333333"><B>&#9;(1,836)</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Net (decrease)increase in cash
    and cash equivalents</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #242424">&#9;(418)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #242424">&#9;(3,269)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(638)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #242424">&#9;(3,687)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;605&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424">Effect
    of exchange rate changes on cash</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;64&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;148&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(367)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;212&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;(363)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424"><B>Change
    in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;(354)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;(3,121)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;(1,005)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black"><B>&#9;(3,475)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;242&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: #242424"><B>Free
    cash flow (D=A+B+C)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: #333333"><B>&#9;1,015&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #333333"><B>&#9;(42)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,733&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: #333333"><B>&#9;973&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;3,226&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white"><B>(000'kt)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Flat</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2,046&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2,208&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,800&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;4,254&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;3,611&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Long</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;667&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;691&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;748&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,358&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,405&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black"><B>NAFTA
    </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;2,604&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;2,843&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;2,453&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;5,447&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;4,909&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Flat</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2,363&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,740&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,643&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;4,103&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;3,390&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Long</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,234&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,217&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,380&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2,451&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2,689&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black"><B>Brazil</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;3,583&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;2,937&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;3,003&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;6,520&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;6,040&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Flat
    </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;5,049&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;5,468&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;5,705&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;10,517&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;11,658&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Long</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2,068&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2,148&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2,146&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;4,216&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;4,421&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black"><B>Europe</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;7,274&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;7,752&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;7,967&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;15,026&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;16,301&#9;</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">CIS</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;905&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;901&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;730&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,806&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2,135&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Africa</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;593&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;600&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;492&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,193&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;1,159&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black"><B>ACIS</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,497&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,500&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,218&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;2,997&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;3,289&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Note: &ldquo;Others and eliminations&rdquo; are not presented in
the table</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 45%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white"><B>(USDm)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1Q
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2Q
    22</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    23</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>1H
    22</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">NAFTA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;122&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;115&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;115&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;237&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;202&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Brazil</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;215&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;167&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;123&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;382&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;213&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Europe</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;350&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;351&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;211&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;701&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;398&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">ACIS</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;117&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;106&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;107&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;223&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;197&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Mining</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;204&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;168&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;92&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;372&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;162&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;52&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;31&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;7&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;83&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;12&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,060&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;938&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;655&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,998&#9;</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>&#9;1,184&#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; color: red"><B>Appendix 2b: Capital expenditure projects</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 8%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Segment</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Site
    / unit</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Project</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 37%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Capacity
    / details</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 9pt; color: white"><B>Key
    date / completion</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">NAFTA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">ArcelorMittal
    Dofasco (Canada)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">#5
    CGL conversion to AluSi&reg;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Addition
    of up to 160kt/year Aluminum Silicon (AluSi&reg;) coating capability to #5 Hot-Dip Galvanizing Line for the production of Usibor&reg;
    steels</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #242424">3Q
    2022 </FONT><FONT STYLE="font-size: 10pt; color: #242424"><SUP>(a)</SUP></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt"><B>Ongoing projects</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 8%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Segment</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Site
    / unit</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Project</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 37%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Capacity
    / details</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Key
    date / forecast completion</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Brazil</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">ArcelorMittal
    Vega Do Sul</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Expansion
    project</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Increase
    hot dipped / cold rolled coil capacity and construction of a new 700kt continuous annealing line (CAL) and continuous galvanizing
    line (CGL) combiline</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">4Q
    2023 </FONT><FONT STYLE="font-size: 10pt"><SUP>(b)</SUP></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Mining</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Liberia
    mine</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Phase
    2 premium product expansion project</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Increase
    production capacity to 15Mt/year</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">4Q
    2024 </FONT><FONT STYLE="font-size: 10pt"><SUP>(c)</SUP></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">NAFTA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Las
    Truchas mine (Mexico)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Revamping
    and capacity increase to 2.3MT</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Revamping
    project with 1Mtpa pellet feed capacity increase (to 2.3Mt/year) with DRI concentrate grade capability</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2H
    2024 </FONT><FONT STYLE="font-size: 10pt"><SUP>(d)</SUP></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Brazil</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Serra
    Azul mine</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">4.5Mtpa
    direct reduction pellet feed plant</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3.5pt 0 0; color: #242424">Facilities to produce 4.5Mt/year DRI quality
    pellet feed by exploiting compact itabirite</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 1.5pt; color: #242424">iron ore</P></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2H
    2024 </FONT><FONT STYLE="font-size: 10pt"><SUP>(e)</SUP></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Brazil</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Barra
    Mansa</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Section
    mill</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Increase
    capacity of HAV bars and sections by 0.4Mt/pa</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1H
    2024</FONT> <FONT STYLE="font-size: 10pt"><SUP>(f)</SUP></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Others</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Andhra
    Pradesh (India)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Renewable
    energy project</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">975
    MW of nominal capacity solar and wind power</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">1H
    2024</FONT> <FONT STYLE="font-size: 10pt"><SUP>(g)</SUP></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Europe</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Mardyck
    (France)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">New
    Electrical Steels production facilities</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Facilities
    to produce 170kt NGO Electrical Steels (of which 145kt for Auto applications) consisting of annealing and pickling line (APL), reversing
    mill (REV) and annealing and varnishing (ACL) lines</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2H
    2024</FONT> <FONT STYLE="font-size: 10pt"><SUP>(h)</SUP></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Brazil</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Monlevade</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Sinter
    plant, blast furnace and melt shop</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Increase
    in liquid steel capacity by 1.0Mt/year; Sinter feed capacity of 2.25Mt/year</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2H
    2026 </FONT><FONT STYLE="font-size: 10pt"><SUP>(i)</SUP></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">a) Investment to replace #5 Hot-Dip Galvanizing
Line Galvanneal coating capability with 160kt/year Aluminum Silicon (AluSi</FONT><FONT STYLE="font-size: 10pt"><SUP>&reg;</SUP></FONT><FONT STYLE="font-size: 9pt">)
capability for the production of ArcelorMittal&rsquo;s patented Usibor</FONT><FONT STYLE="font-size: 10pt"><SUP>&reg;</SUP></FONT> <FONT STYLE="font-size: 9pt">Press
Hardenable Steel for automotive structural and safety components. With the investment, ArcelorMittal Dofasco becomes the only Canadian
producer of AluSi</FONT><FONT STYLE="font-size: 10pt"><SUP>&reg;</SUP></FONT> <FONT STYLE="font-size: 9pt">coated Usibor</FONT><FONT STYLE="font-size: 10pt"><SUP>&reg;</SUP></FONT><FONT STYLE="font-size: 9pt">.
This investment complements additional strategic North America developments, including a new EAF and caster at Calvert in the US and
a new hot strip mill in Mexico, and will allow to capitalize on increasing Auto Aluminized PHS demand in North America. The project was
completed in 3Q 2022 and is estimated to add $40 million of EBITDA post ramp up (estimated by 2025).</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: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">b) In February 2021, ArcelorMittal announced the resumption of the Vega
Do Sul expansion to provide an additional 700kt of cold-rolled annealed and galvanized capacity to serve the growing domestic market.
The ~$0.35 billion investment programme to increase rolling capacity with construction of a new continuous annealing line and CGL combiline
(and the option to add a ca. 100kt organic coating line to serve construction and appliance segments) will upon completion strengthen
ArcelorMittal&rsquo;s position in the fast growing automotive and industry markets through Advanced High Strength Steel products. The
project is expected to be completed in 4Q 2023 and estimated to add &gt;$0.1 billion of EBITDA on full completion and post ramp up.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">c) ArcelorMittal Liberia has been operating at 5Mtpa direct shipping ore
(DSO) capacity since 2011 (Phase 1). The Company restarted construction of a 15Mtpa concentrator and associated infrastructure (phase
2). Detailed construction design has been finalized and key equipment and construction contracts have been awarded. Given our improved
knowledge of the ore body and desire to maximize the increased resource base, changes have been made to the feed grade to sustain a longer-term
high grade mining operation with an extended mine life producing 65% grade product. As a result, capex required to conclude the project
has been revised to $1.4 billion (previously $0.8 billion). This increase reflects a redesign of the 15Mtpa concentrator project to optimize
use of the ore body, which necessitated an upgrade of civil works and additional equipment together with non-production infrastructure
and a backup power plant. Large resource supports a potential future increase in capacity; in this respect a plan for the phased development
of up to 30Mtpa capacity is being studied (including part or full DRI quality concentrate production). First concentrate is estimated
in 4Q 2024, full completion is expected 4Q 2025. The project is now estimated to add approximately $350 million of EBITDA on full completion
and post ramp up to 15Mtpa rate.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">d) ArcelorMittal Mexico is investing ~$150 million to increase pellet feed
production by 1Mtpa to 2.3Mtpa and improve concentrate grade in Las Truchas. This project will enable concentrate production to the blast
furnace (BF) route (2.0Mtpa) and DRI route (0.3Mtpa) for a total of 2.3Mtpa. Primary target is to supply ArcelorMittal Mexico steel operations
with high quality feed. Project start-up expected 2H 2024. The project is estimated to add approximately $50 million of EBITDA per year
on full completion and post ramp up.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">e) Approximately $350 million investment at Serra Azul (Brazil) to construct
facilities to produce 4.5Mtpa of DRI quality pellet feed to primarily supply ArcelorMittal Mexico steel operations. The project will
allow mining of compact itabirite iron ore. Project start-up 2H 2024. The project is estimated to add approximately $100 million of EBITDA
per year on full completion and post ramp up.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">f) The ~$0.25 billion investment in sections mill at Barra Mansa (Brazil)
with 400ktpa production capacity. The aim of the project is to deliver higher added value products (HAV) (Merchant Bar and Special Bars)
to increase domestic market share in HAV products and to enhance profitability. The project commenced in 2022 and is expected to be completed
by 1H 2024 and estimated to add $70 million of EBITDA per year on full completion and post ramp up.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">g) This $0.6 billion investment, combining solar and wind power, will be
supported by Greenko&rsquo;s hydro pumped storage project, which helps to overcome the intermittent nature of wind and solar power generation.
The project is owned and funded by ArcelorMittal. AMNS India will enter into a 25 year off-take agreement with ArcelorMittal to purchase
250 MW of renewable electricity annually from the project, resulting in over 20% of the electricity requirement at AMNS India&rsquo;s
Hazira plant coming from renewable sources, reducing carbon emissions by approximately 1.5Mt per year. Necessary allotment of land has
been received from the Government of Andhra Pradesh. Private land acquisition is in progress and key contracts for the wind projects
have been executed and civil works have commenced. The project commissioning is expected by mid-2024 and estimated to add $70 million
of EBITDA (excluding savings at AMNS India) per year upon completion. The Company is studying the option to develop a second phase which
would double the installed capacity.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">h) On March 17, 2022, ArcelorMittal announced an investment with the support
of the French government to create a new production unit for electrical steels at its Mardyck site in the north of France. This new unit
will specialize in the production of electrical steels for the engines of electric vehicles and which complements ArcelorMittal&rsquo;s
existing electrical steels plant in Saint Ch&eacute;ly d&rsquo;Apcher, in the south of France. The new industrial unit in Mardyck will
have a 170kt production capacity and is scheduled to start up in 3Q 2024. The $0.5 billion investment program aims at implementing a
production capacity of 170Kt Non-Grain Orientated (NGO) Electrical Steels (of which 145kt for automotive applications) consisting of
annealing and pickling line (APL), reversing mill (REV) and annealing and varnishing (ACL) line to be installed in Mardyck (France).
The completion will occur in 2 steps: the commissioning and start of ramp-up of the end-of-streamline (Annealing &amp; Coating Line and
related installations) is expected to be in 2H 2024; the start-up of the Annealing and Pickling Line and the Reversing Mill is expected
to occur in 2Q 2025. The project is estimated potentially to add $100 million of EBITDA per year on full completion and post ramp up.</P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">i) The Monlevade upstream expansion project consisting of the sinter plant,
blast furnace and melt shop has recommenced in late 2021. The Monlevade project capex has been revised from $0.5 billion to $0.8 billion:
scope changes related to more automation, equipment upgrades and more complex civil works post engineering (50%) and impacts of inflation
(50%). The project completion date is now expected in 2H 2026 (as compared to previous expectation in 2H 2024). The project is estimated
to add &gt;$200 million EBITDA on full completion and post ramp up and is supported by fiscal incentive.</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: 6pt 0"><B>JV capex: Completed projects</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 2.75pt; width: 8%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Segment</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Site
    / unit</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Project</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 37%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Capacity
    / details</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Key
    date / completion</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">VAMA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Vama</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Capacity
    increase by 40% to 2Mtpa</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">New
    CGL capacity of 450kt/year added. CGL/CAL combined capacity now 1.6Mtpa; PLTCM&nbsp;&nbsp;capacity of&nbsp;&nbsp;2.0Mtpa</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt">2Q
    2023 <SUP>(j)</SUP></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">j) VAMA, our 50:50 joint venture with Hunan Valin, is a state-of-the-art
facility focused on rolling steel for high-demanding applications in particular automotive. The business is performing well and a new
CGL with capacity of 450kt has been completed. First coils were produced in January 3, 2023, with commercial production started from
April 2023. This expansion further enable VAMA to meet growing demand of high value add solutions from the Chinese automotive / NEV market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>JV capex: Ongoing projects</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; padding-left: 2.75pt; width: 8%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>JV</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Site
    / unit</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 23%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Project</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 37%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Capacity
    / details</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: white"><B>Key
    date / forecast completion</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">AMNS
    Calvert</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Calvert</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">New
    1.5Mt EAF and caster</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">New
    1.5Mt EAF and caster</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #242424">2H
    2024 <SUP>(k)</SUP></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">AMNS
    India</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Hazira</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">Debottlenecking
    existing assets and capacity expansion; and other investments ongoing</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: #242424">AMNS
    India medium-term plans are to expand and grow initially to ~15Mt by early 2026 in Hazira (phase 1A); ongoing downstream projects</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: #242424">1H
    2026 <SUP>(l)</SUP></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">k) AMNS Calvert (&quot;Calvert&quot;) is constructing a new 1.5Mt
EAF and caster (estimated completion has now been extended to 2H 2024 (previously 2H 2023) largely due to enlarged scope and inflation.
The joint venture is to invest ~$1 billion. Option to add a further 1.5Mt EAF at lower capex intensity is being studied.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 3pt">l) AMNS India is debottlenecking its operations (steel shop and
rolling parts) to achieve capacity of 8.6Mt per annum by the end of 2024. AMNS India medium-term plans are to expand and grow initially
to ~15Mt in 1H 2026 in Hazira (phase 1A) including automotive downstream and enhancements to iron ore operations, with estimated capex
of ~$7.4 billion ($0.8 billion for debottlenecking, $1.0 billion for downstream projects and $5.6 billion for upstream project):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 3pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">Phase
                                            1A plans include a CRM2 complex and galvanizing and annealing line, 2 blast furnaces, steel
                                            shop, HSM, ancillary equipment (including coke, sinter, networks, power, gas, oxygen plant
                                            etc.); and raw material handling. Start of BF2 expected in 2025 and BF3 in 2026. Also included
                                            is BF1 net capacity increase from 2Mtpa to 3Mtpa. CGL4 is on track for completion in 3Q 2023
                                            to provide a platform to launch the Magnelis product in the Indian market for the growing
                                            renewables and solar sectors. There are further options to potentially grow to 20Mt per annum
                                            (Phase 1B);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 3pt"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">On
                                            October 19, 2022 and November 15, 2022, AMNS India concluded a transaction to acquire port,
                                            power and other logistics and infrastructure assets in India from the Essar Group for a net
                                            value of ~$2.4 billion;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">In
                                            March 2021, AMNS India signed a Memorandum of Understanding (&quot;MoU&quot;) with the Government
                                            of Odisha in view of building an integrated steel plant with a 12Mtpa capacity in Kendrapara
                                            district of state Odisha. A pre-feasibility study report was submitted to the state government
                                            in 3Q 2021, and AMNS India is currently engaging with the government for further studies
                                            and clearances. Preparation for ISP projects in Paradeep and Kendrapara underway (Environmental
                                            Clearance application done for both Paradeep and Kendrapara projects); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">&bull;</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">The
                                            Thakurani mine is operating at full 5.5Mtpa capacity since 1Q 2021, while the second Odisha
                                            pellet plant was commissioned and started in September 2021, adding 6Mtpa for a total 20Mtpa
                                            of pellet capacity. In addition, in September 2021, AMNS India commenced operations at Ghoraburhani
                                            - Sagasahi iron ore mine in Odisha. The mine is set to gradually ramp up production to a
                                            rated capacity of 7.2Mtpa and contribute significantly to meeting AMNS India&rsquo;s long-term
                                            raw material requirements.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: red"><B>Appendix 3: Debt repayment schedule as of June 30,
2023</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 37%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white"><B>&nbsp;(USD
    billion)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2024</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2025</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2026</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>2027</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>&gt;2027</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Bonds</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">0.9</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">1.0</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">1.0</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">1.2</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">2.6</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>6.7</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Commercial
    paper</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">0.7</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;&mdash;&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>0.7</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Other
    loans</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">0.4</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">0.4</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">0.6</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">0.2</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">0.5</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">1.0</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>3.1</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black"><B>Total
    gross debt</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>1.1</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>1.3</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>1.6</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>1.2</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>1.7</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>3.6</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>10.5</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; color: red"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; color: red">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; background-color: #5C7F92">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 67%; border-top: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt; color: white"><B>(USD
    million)</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Jun
    30, 2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Mar
    31, 2023</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 11%; border-top: black 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt; color: white"><B>Dec
    31, 2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Gross
    debt </FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; background-color: #B6B6B6; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;10,460&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;11,477&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;11,650&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Less:
    Cash and cash equivalents</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(5,943)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(6,290)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;(9,414)</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; background-color: white; padding-top: 2.75pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black"><B>Net
    debt </B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; 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-size: 8pt; color: black">&#9;4,517&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;5,187&#9;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">&#9;2,236&#9;</FONT></TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: white; padding-top: 3.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Net
    debt / LTM EBITDA</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; background-color: #B6B6B6; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">0.5</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">0.5</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; padding-top: 3.5pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 8pt; color: black">0.2</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt; text-align: justify; color: red"><B>Appendix 5: 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>&nbsp;</B></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 Arial, Helvetica, Sans-Serif; margin: 0"><B>EBITDA:</B> operating results plus depreciation, impairment items and
exceptional items.</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"><B>FEED: </B>Front End Engineering Design, or FEED, is an engineering and
project management approach undertaken before detailed engineering, procurement, and construction. This crucial phase helps manage project
risks and thoroughly prepare for the project's execution. It directly follows the pre-feed phase during which the concept is selected,
and the feasibility of available options is studied.</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>On-going projects:</B> refer to projects for which construction has
begun (excluding various projects that are under development), even if such projects have been placed on hold pending improved operating
conditions.</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>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"><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"><FONT STYLE="background-color: white"><B>Shares outstanding fully diluted
basis: </B>refers to shares outstanding (shares issued less treasury shares) plus Mandatorily Convertible Subordinated Notes (&quot;MCNs&quot;).</FONT></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: 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>

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<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.5pt"><B>Footnotes</B></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">1.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="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 is not presenting adjusted net income/(loss) because
                                            there have been no adjustments in recent periods. The Company&rsquo;s guidance as to 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" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">2.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">LTIF
                                            refers to lost time injury frequency rate equals lost time injuries per 1,000,000 worked
                                            hours, based on own personnel and contractors. LTIF figures: 2Q 2023 0.73; 1Q 2023 0.64x;
                                            2Q 2022 0.67; 1H 2023 0.70 and 1H 2022 0.68.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">3.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="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 2Q 2023 of 10.3% ($5.5 billion / $53.7 billion).
                                            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" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">4.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="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. 2Q 2023 total equity
                                            of $55.7 billion divided by 839 million diluted shares outstanding equals $66/sh. 1Q 2023
                                            total equity of $54.0 billion divided by 844 million diluted shares outstanding equals $64/sh.
                                            </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">5.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">2H
                                            2022 EBITDA of $3.9 billion is equal to operating income of $1.3 billion plus $1.3 billion
                                            of depreciation, plus impairment of $1.0 billion and exceptional items of $0.3 billion. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">6.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="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" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt; color: #242424">7.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">ArcelorMittal
                                            Mines Canada, otherwise known as ArcelorMittal Mines and Infrastructure Canada.</FONT></TD></TR></TABLE>

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<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt; color: #242424">8.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="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" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">9.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="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>

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<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">10.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="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>

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

<P STYLE="font-family: Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">11.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">The
                                            Company sold a 7.85% stake in Erdemir starting in late December 2022, continuing into the
                                            first quarter of 2023, generating total proceeds of $0.6 billion. </FONT></TD></TR></TABLE>

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<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">12.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="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 June 30, 2023, the $5.5 billion revolving credit facility was
                                            fully available.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">13.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">Estimate
                                            of additional contribution to EBITDA, based on assumptions including synergies and once ramped
                                            up to capacity and assuming prices/spreads generally in line with long term averages.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">14.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">The
                                            previously announced strategic capex envelope has now been revised to reflect the change
                                            of scope and inflation to the Liberia and Monlevade projects whilst the Ukraine pellet plant
                                            project previously on hold is removed. In Liberia, given our improved knowledge of the ore
                                            body and desire to maximize the increased resource base, changes have been made to the feed
                                            grade to sustain a longer-term high grade mining operation with an extended mine life producing
                                            65% grade product. As a result, capex required to conclude the project has been revised to
                                            $1.4 billion (previously $0.8 billion). This increase reflects a redesign of the 15Mtpa concentrator
                                            project to optimize use of the ore body, which necessitated an upgrade of civil works and
                                            additional equipment together with non-production infrastructure and a backup power plant.
                                            Large resource supports a potential future increase in capacity; in this respect a plan for
                                            the phased development of up to 30Mtpa capacity is being studied (including part or full
                                            DRI quality concentrate production). First concentrate is estimated in 4Q 2024, full completion
                                            is expected 4Q 2025. The project is now estimated to add approximately $350 million of EBITDA
                                            on full completion and post ramp up to 15Mtpa rate. The Monlevade project capex has been
                                            revised from $0.5 billion to $0.8 billion: scope changes related to more automation and equipment
                                            upgrades, more complex civil works post engineering (50%) and impacts of inflation (50%).
                                            The project completion date is now expected in 2H 2026 (as compared to previous expectation
                                            in 2H 2024). The project is estimated to add &gt;$200 million EBITDA on full completion and
                                            post ramp up and is supported by fiscal incentive. As a result, the overall strategic capex
                                            envelope has been extended by two years to 2026 (with $1.4 billion spent as of June 30 2023),
                                            and the complete strategic envelope of projects now estimated to add approximately $1.3 billion
                                            of EBITDA on full completion.</FONT></TD></TR></TABLE>

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<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0.25in"><FONT STYLE="font-size: 9pt">15.</FONT></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">1H
                                            2023 capex of $2.0 billion includes $1.3 billion of general maintenance capex, $0.6 billion
                                            of strategic capex and $0.1 billion of decarbonization capex.</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"></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"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 13.5pt; text-align: justify; text-indent: -13.5pt; color: red"><B>Second
quarter 2023 earnings analyst conference call</B></P>

<P STYLE="font: 10pt 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 June 30,
2023 on: <B>Thursday July 27, 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">Webcast link - <FONT STYLE="color: blue"><U>https://interface.eviscomedia.com/player/1152</U></FONT></P>

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

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">Participants may pre-register and will receive dedicated dial-in details
to easily and quickly access the call:</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; color: #0563C1"><B>https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=6618874&amp;linkSecurityString=96e6f8890</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></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 https://corporate.arcelormittal.com/investors/results</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt 13.5pt; text-align: justify; text-indent: -13.5pt; color: red"><B>Forward-Looking
Statements</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0">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: 6pt 0 12pt; text-align: justify; color: red"><B>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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<TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13.5pt"><B>Enquiries</B></TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: justify"></TD></TR></TABLE>

<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>

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

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