IMPORTANT NOTICE

NOT FOR DISTRIBUTION IN or into, or TO ANY PERSON LOCATED OR RESIDENT IN or AT any address IN, THE UNITED STATES. IN PARTICULAR, THIS NOTICE AND THE INVITATION FOR OFFERS FOLLOWING THIS NOTICE SHALL NOT BE DISTRIBUTED, TRANSMITTED OR FORWARDED, DIRECTLY OR INDIRECTLY, IN OR INTO, OR BY USE OF THE MAILS OF, OR BY ANY MEANS OR INSTRUMENTALITY (INCLUDING, WITHOUT LIMITATION, FACSIMILE TRANSMISSION, TELEX, TELEPHONE, EMAIL AND OTHER FORMS OF ELECTRONIC COMMUNICATION) OF INTERSTATE OR FOREIGN COMMERCE OF, OR ANY FACILITY OF A NATIONAL SECURITIES EXCHANGE OF, THE UNITED STATES. FOR THESE PURPOSES, “THE UNITED STATES” MEANS THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA.

CUSTODIANS, DIRECT PARTICIPANTS AND CLEARING SYSTEMS WILL HAVE DEADLINES FOR RECEIVING INSTRUCTIONS PRIOR TO THE EXPIRATION TIME AND YOU SHOULD CONTACT THE INTERMEDIARY WITH WHICH YOU HOLD YOUR BONDS AS SOON AS POSSIBLE TO ENSURE PROPER AND TIMELY DELIVERY OF INSTRUCTIONS.

IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the attached Invitation for Offers, whether received by e-mail or otherwise received as a result of electronic communication, and you are therefore advised to read this disclaimer page carefully before reading, accessing or making any other use of the attached document. In accessing the attached Invitation for Offers, you agree to be bound by the following terms and conditions, including any modifications made to them from time to time, each time you receive any information from us at any time. Capitalised terms used but not otherwise defined in this disclaimer shall have the meaning given to them in the attached Invitation for Offers.

The attached Invitation for Offers should not be forwarded or distributed to any other person and should not be reproduced in any manner whatsoever and, in particular, should not be forwarded to any beneficial owner of the Bonds (as defined below) located in the United States or to a U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended). Any such forwarding, distribution or reproduction of the attached Invitation for Offers in whole or in part is unauthorised. Failure to comply with these instructions may result in a violation of the applicable laws and regulations of the United States or other jurisdictions.

Confirmation of your representation:   You have been sent the attached Invitation for Offers at your request and by accessing the Invitation for Offers you shall be deemed to have represented to ArcelorMittal (the “Company”), and to Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, Goldman Sachs International, Intesa Sanpaolo S.p.A., Mizuho Securities Europe GmbH, SMBC Nikko Capital Markets Europe GmbH and Société Générale (the “Dealer Managers”) and D.F. King Ltd (the “Information and Tender Agent”), that:

(i) you are a holder or a beneficial owner of certain (a) EUR 500,000,000 0.950% Notes due 17 January 2023 (ISIN: XS1730873731) issued by ArcelorMittal with an outstanding aggregate principal amount of EUR 366,879,000 (the “ January 2023 Bonds”), (b) EUR 750,000,000 1.000% Notes due 19 May 2023 (ISIN: XS2082323630) issued by ArcelorMittal with an outstanding aggregate principal amount of EUR 750,000,000 (the “May 2023 Bonds”), (c) EUR 1,000,000,000 (consisting of EUR 750,000,000 issued on 17 January 2019 and a further issuance of EUR 250,000,000 on 4 July 2019) 2.250% Notes due 17 January 2024 (ISIN: XS1936308391) issued by ArcelorMittal with an outstanding aggregate principal amount of EUR 1,000,000,000 (the “2024 Bonds”) and/or (d) EUR 750,000,000 1.750% Notes due 19 November 2025 (ISIN: XS2082324018 ) issued by ArcelorMittal with an outstanding aggregate principal amount of EUR 750,000,000 (the “2025 Bonds” and, together with the January 2023 Bonds, the May 2023 Bonds and the 2024 Bonds, the “Bonds” and each of the series of January 2023 Bonds, the series of May 2023 Bonds, the series of 2024 Bonds and the series of 2025 Bonds, a “Series”);

(ii) you are not a person to whom it is unlawful to send the attached Invitation for Offers or to make an Invitation (as defined in the attached Invitation for Offers) under applicable laws and regulations including the Offer Restrictions;

(iii) you are not a U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) or a beneficial owner of Bonds located in the United States;

(iv) you are not a resident of or located in the United States and will not be a resident of or located in the United States at the time of your acceptance of the Invitation described in the attached Invitation for Offers;

(v)  you consent to delivery of the attached Invitation for Offers by electronic transmission to you;

(vi) the email address that you have given us and to which this document has been delivered is not located in the United States; and

(vii) you are not a Sanctions Restricted Person (as defined herein).

The attached Invitation for Offers has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of transmission and consequently none of the Company, the Dealer Managers, the Information and Tender Agent or any person who controls, or is a director, officer, employee or agent, of any of them, or any affiliate of any such person, accepts any liability or responsibility whatsoever in respect of any difference between the Invitation for Offers distributed to you in electronic format and the hard copy version available to you on request from the Information and Tender Agent at the address specified on the back cover of the attached Invitation for Offers.

You are reminded that the attached Invitation for Offers has been delivered to you on the basis that you are a person into whose possession the attached Invitation for Offers may lawfully be delivered in accordance with the laws of the jurisdiction in which you are located or resident and you may not nor are you authorised to deliver, transmit, forward or otherwise distribute the Invitation for Offers, directly or indirectly, to any other person.

The materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the Dealer Managers or any of their affiliates is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by such Dealer Managers or affiliates on behalf of the Company in that jurisdiction.

Restrictions: Nothing in this electronic transmission constitutes an offer to buy or the solicitation of an offer to sell securities in the United States or any other jurisdiction in which such offer or solicitation would be unlawful.

This document is for distribution only to persons who (i) are outside the United Kingdom; (ii) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”); (iii) fall within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Order; (iv) are members or creditors of certain bodies corporate as defined by or within Article 43(2) of the Order; or (v) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being the “Relevant Persons”). This document is directed only at Relevant Persons and must not be acted or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.