For the background to this Program, reference is made to the ER Press Release. The Program is expected to be completed during the first half of 2022, subject to market conditions.
The shares acquired under the Program are intended:
1) To meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities;
2) To reduce ArcelorMittal’s share capital, and/or;
3) To meet ArcelorMittal’s obligations arising from employee share programs.
 The Significant Shareholder has declared its intention to enter into a share repurchase agreement with ArcelorMittal, to sell each trading day on which ArcelorMittal has purchased shares under the Program, an equivalent number of shares, at the proportion of the Significant Shareholder’s stake in the Company of 36.34% of issued and outstanding shares of ArcelorMittal, at the same price as the shares repurchased on the market. The effect of the share repurchase agreement is to maintain the Significant Shareholder’s voting rights in ArcelorMittal’s issued share capital (net of treasury shares) at the current level, pursuant to the Program.