Document:

Form of 3.040% Senior Notes due 2029

 Exhibit 4.3 

[FORM OF 3.040% SENIOR NOTES DUE 2029] 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERENCED AND REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE AND THE TERMS OF THIS SECURITY, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE TO
NOMINEES OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. TRANSFER OF A PORTION OF THIS SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE. IN THE EVENT THAT THIS GLOBAL SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, ALL SUCH INDIVIDUAL SECURITIES IN THE FORM OF DEFINITIVE CERTIFICATES SHALL CONTAIN
THE BELOW LEGEND WITH RESPECT TO JAPANESE TAXATION. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO
SUMITOMO MITSUI FINANCIAL GROUP, INC. (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

INTEREST PAYMENTS ON THIS SECURITY WILL BE SUBJECT TO JAPANESE WITHHOLDING TAX UNLESS IT IS ESTABLISHED THAT THIS SECURITY IS HELD BY OR FOR
THE ACCOUNT OF A BENEFICIAL OWNER THAT IS (I) FOR JAPANESE TAX PURPOSES, NEITHER AN INDIVIDUAL RESIDENT OF JAPAN OR A JAPANESE CORPORATION, NOR AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A PERSON HAVING A SPECIAL RELATIONSHIP WITH THE ISSUER AS DESCRIBED IN ARTICLE 6, PARAGRAPH (4) OF THE ACT ON SPECIAL MEASURES CONCERNING TAXATION OF JAPAN (ACT
NO. 26 OF 1957, AS AMENDED) (THE “SPECIAL TAXATION MEASURES ACT” AND, EACH SUCH PERSON, A “SPECIALLY-RELATED PERSON OF THE ISSUER”), (II) A JAPANESE FINANCIAL INSTITUTION DESIGNATED IN ARTICLE 6, PARAGRAPH
(9) OF THE SPECIAL TAXATION MEASURES ACT WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH OR (III) A JAPANESE PUBLIC CORPORATION, FINANCIAL INSTITUTION OR FINANCIAL INSTRUMENTS BUSINESS OPERATOR DESCRIBED IN
ARTICLE 3-3, PARAGRAPH (6) OF THE SPECIAL TAXATION MEASURES ACT WHICH COMPLIES WITH THE REQUIREMENT FOR TAX EXEMPTION UNDER THAT PARAGRAPH. 

INTEREST PAYMENTS ON THIS SECURITY TO AN INDIVIDUAL RESIDENT OF JAPAN, TO A JAPANESE CORPORATION (EXCEPT AS DESCRIBED IN THE PRECEDING
PARAGRAPH), OR TO AN INDIVIDUAL NON-RESIDENT OF JAPAN OR A NON-JAPANESE CORPORATION THAT IN EITHER CASE IS A SPECIALLY-RELATED PERSON OF THE ISSUER WILL BE SUBJECT TO
DEDUCTION IN RESPECT OF JAPANESE INCOME TAX AT A RATE OF 15.315% (15% ON OR AFTER JANUARY 1, 2038) OF THE AMOUNT OF SUCH INTEREST. 

 SUMITOMO MITSUI FINANCIAL GROUP, INC. 

GLOBAL SECURITY 
 3.040% Senior
Notes due 2029 
  

	 No. [    ] 
	 U.S.$[                ] 

CUSIP No. 86562M BP4 
 ISIN US86562MBP41 

Common Code 202163106 
 Sumitomo Mitsui Financial
Group, Inc., a joint stock company (kabushiki kaisha) incorporated under the laws of Japan (the “Issuer”, which term includes any successor under the Indenture referred to on the reverse of this Security) for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [        ] U.S. Dollars on July 16, 2029 and to pay interest thereon from July 16, 2019 or from the most
recent interest payment date to which interest has been paid or duly provided for, semiannually in arrears on January 16 and July 16 in each year (each, an “Interest Payment Date”) commencing January 16, 2020 at the
rate per annum of 3.040%, until the principal hereof is paid or made available for payment, all subject to and in accordance with the terms of the Indenture. The semiannual interest to be paid on the Securities will amount to U.S.$15.20 per
U.S.$1,000 in nominal amount of the Securities. 
 For the purposes of this Security, the term “Business Day” means any day
which is not a day on which banking institutions in The City of New York, London or Tokyo are authorized or required by law, regulation or executive order to close. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to
the person in whose name this Security is registered as of the close of business on the fifteenth day before the Interest Payment Date (whether or not a Business Day). If and to the extent the Issuer shall default in the payment of the interest due
on such Interest Payment Date, such defaulted interest shall be paid to the person in whose name this Security is registered at the close of business on a subsequent record date (which date shall not be less than five Business Days prior to the date
of payment of such defaulted interest), established by notice given by mail by or on behalf of the Issuer to the Holder of this Security not less than 15 days preceding such subsequent record date. Interest on this Security will accrue from the date
of original issuance or, if interest has already been paid, from the date it was most recently paid. Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months. If any payment is due on the Securities on a day that is not a Business Day, payment will be made on the day that is the next succeeding Business Day without any additional interest as a result
of such delay. Payments postponed to the next Business Day in this situation will be treated under the Indenture as if they were made on the original due date. Postponement of this kind will not result in a default under the Securities or the
Indenture, and no interest will accrue on the postponed amount from the original due date to the next succeeding day that is a Business Day. 

  
 1 

 The principal of, and interest and Additional Amounts on, the Securities will be payable in
U.S. dollars. The Issuer will cause the Trustee, or the paying agent, if any, to pay such amounts, on the dates payment is to be made, directly to The Depository Trust Company (“DTC”). 

The Issuer will pay the Holder hereof Additional Amounts with respect to withholding taxes as are provided for, and subject to the conditions
stated, on the reverse of this Security. 
 This Security is being deposited with DTC acting as depository, and registered in the name of
Cede & Co., a nominee of DTC. As Holder of record of this Security, Cede & Co. shall be entitled to receive payments of principal and interest. Payments of principal and interest, including any Additional Amounts, on this Security
shall be made in the manner specified on the reverse hereof and, to the extent not inconsistent with the provisions set forth herein, in the Indenture referred herein. 

The Securities constitute the direct, unconditional, unsecured and unsubordinated general obligations of the Issuer and shall at all times
rank pari passu without any preference among themselves and with all other unsecured obligations of the Issuer, other than subordinated obligations of the Issuer and except for statutorily preferred obligations. The Securities are not
redeemable prior to maturity, except as set forth on the reverse of this Security and will not be subject to any sinking fund. 
 Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been manually executed by or on behalf of the Trustee under the Indenture, this Security
shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Issuer has caused this Security to be duly executed. 

Date: July     , 2019 
  

			
	 SUMITOMO MITSUI FINANCIAL
GROUP, INC.

		
	 By:
	 	  

		 	Name:  [                    ]
		 	Title:    [                    ]

 [Signature page to Global Security 10-year Note No. [    ]] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

Date: July     , 2019 
  

			
	 The Bank of New York Mellon,
 as
Trustee

		
	 By:
	 	  

		 	Authorized Signatory

 [Authentication Certificate: Global Security 10-year Note No. [    ]] 

 [REVERSE OF SECURITY] 

Sumitomo Mitsui Financial Group, Inc. 

3.040% Senior Notes due 2029 

This Security is one of a duly authorized issue of unsecured bonds, debentures, notes or other evidences of indebtedness of Sumitomo Mitsui
Financial Group, Inc., a joint stock company (kabushiki kaisha) organized under the laws of Japan (herein called the “Issuer”, which term includes any successor person under the Indenture hereinafter referred) designated as
its 3.040% Senior Notes due 2029 (herein called the “Securities”), issued under and pursuant to a senior indenture dated as of March 9, 2016, as supplemented by the First Supplemental Indenture dated as of July 16, 2019
(hereinafter called the “Indenture”), between the Issuer and The Bank of New York Mellon, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture
and any other indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee and any agent of the Trustee, any paying agent, the
Issuer and the Holders of the Securities and of the terms upon which the Securities are issued and are to be authenticated and delivered. 

This Security is one of the series designated on the face hereof. By the terms of the Indenture, additional Securities of this series and of
other separate series, which may vary as to denomination, date, amount, stated maturity (if any), interest rate or method of calculating the interest rate and in other respects as therein provided, may be issued in an unlimited amount. 

The principal of and interest (and any Additional Amounts) on the Securities shall be payable in U.S. Dollars or in such other coin or
currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts. So long as any of the Securities are held in global form, payments of principal and interest on such Securities shall be
made by wire transfer in immediately available funds in U.S. Dollars to a bank account in The City of New York designated by the Holder of this Registered Global Security. Otherwise, (i) the principal amount of the Securities will be payable by
check, drawn on a bank in The City of New York, upon the presentation and surrender of the Securities at the Corporate Trust Office of the Trustee or at any office or agency maintained by the Issuer for such purpose and (ii) interest on the
Securities will be payable by check, drawn on a bank in The City of New York, mailed to the persons in whose names the Securities are registered as of the close of business on the record date which is at least five Business Days preceding the
applicable Interest Payment Date (or the subsequent record date in the case of a defaulted interest payment) at the addresses of such persons as shall appear in the Security register of the Issuer; provided, however, that at the option of a Holder
in whose name at least U.S.$1,000,000 principal amount of Securities are registered, all payments in respect of the Securities may be received by wire transfer in immediately available funds to a bank account in The City of New York designated by
such Holder in a written notice received by the Trustee (a) in the case of an interest payment, prior to the record date which is at least five Business Days preceding the Interest Payment Date on which such payment is due and (b) in the
case of payment of principal, prior to the record date which is at least five Business Days preceding the date of redemption or maturity, as the case may be; provided, however, that in the case of such a payment of principal, the Securities shall
have been surrendered to the Trustee at the Corporate Trust Office of the Trustee or at any office or agency maintained by the Issuer for such purpose for payment together with such notice. 

  
 1 

 All payments of principal and interest in respect of the Securities will be made by the
Issuer without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of Japan, or any authority thereof or therein having
power to tax (“Taxes”) unless such withholding or deduction is required by law. In such event, the Issuer shall pay to a Holder such additional amounts (“Additional Amounts”) as will result in the receipt by the
Holder of such amounts as would have been received by it had no such withholding or deduction been required, except that no such Additional Amounts shall be payable with respect to any Securities under any of the following circumstances: 

 

	 	(i)	 the Holder or beneficial owner of the Securities is an individual
non-resident of Japan or a non-Japanese corporation and is liable for such Taxes in respect of such Securities by reason of its (A) having some connection with
Japan other than the mere holding of such Securities or (B) being a person having a special relationship with the Issuer as described in Article 6, paragraph (4) of the Act on Special Measures Concerning Taxation of Japan (Act No. 26
of 1957, as amended) (the “Special Taxation Measures Act” and, each such person, a “specially-related person of the Issuer”); 

 

	 	(ii)	 the Holder or beneficial owner of the Securities would otherwise be exempt from any such withholding or
deduction but fails to comply with any applicable requirement to provide Interest Recipient Information (as defined below) or to submit a Tax Exemption Application (as defined below) to the relevant paying agent to whom the relevant Securities are
presented (where presentation is required), or whose Interest Recipient Information is not duly communicated through the relevant Participant (as defined below) and the relevant international Clearing Organization to such paying agent;

  

	 	(iii)	 the Holder or beneficial owner of the Securities is for Japanese tax purposes treated as an individual resident
of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) that complies with the requirement to provide Interest Recipient Information or to submit a Tax Exemption Application and (B) an
individual resident of Japan or a Japanese corporation that duly notifies (directly or through the relevant Participant or otherwise) the relevant paying agent of its status as not being subject to withholding or deduction by the Issuer by reason of
receipt by such individual resident of Japan or Japanese corporation of interest on the relevant Securities through a payment handling agent in Japan appointed by it); 

  
 2 

	 	(iv)	 the withholding or deduction is imposed on a payment pursuant to the European Council Directive 2003/48/EC or
any other directive amending, supplementing or implementing such Directive, or any law implementing such directive; 

  

	 	(v)	 the Securities are presented for payment (where presentation is required) more than 30 days after the day on
which such payment on the Securities became due or after the full payment was provided for, whichever occurs later, except to the extent that the Holder thereof would have been entitled to Additional Amounts on presenting the same for payment on the
last day of such period of 30 days; 

  

	 	(vi)	 the withholding or deduction is imposed on a Holder or beneficial owner who could have avoided such withholding
or deduction by presenting its Securities (where presentation is required) to another paying agent maintained by the Issuer; 

  

	 	(vii)	 the Holder is a fiduciary or partnership or is not the sole beneficial owner of the payment of the principal
of, or any interest on, any Security, and Japanese law requires the payment to be included for tax purposes in the income of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner, in each case,
who would not have been entitled to such Additional Amounts had it been the Holder of such Security; or 

  

	 	(viii)	 any combination of the above. 

No Additional Amounts will be payable for or on account of any deduction or withholding imposed pursuant to Sections 1471-1474 of the U.S.
Internal Revenue Code and the U.S. Treasury regulations thereunder (“FATCA”), any intergovernmental agreement entered into with respect to FATCA, or any law, regulation or other official guidance enacted or published in any
jurisdiction implementing, or relating to, FATCA or any intergovernmental agreement. 
 Where Securities are held through a participant of
an international Clearing Organization or a financial intermediary (each, a “Participant”), in order to receive payments free of withholding or deduction by the Issuer for or on account of Taxes, if the relevant beneficial owner is
(A) an individual non-resident of Japan or a non-Japanese corporation (other than a specially-related person of the Issuer) or (B) a Japanese financial
institution falling under certain categories prescribed by the Special Taxation Measures Act (a “Designated Financial Institution”), each such beneficial owner shall, at the time of entrusting a Participant with the custody of the
relevant Securities, provide certain information prescribed by the Special Taxation Measures Act to enable the Participant to establish that such beneficial owner is exempted from the requirement for withholding or deduction of such Taxes
(“Interest Recipient Information”), and advise the Participant if the beneficial owner ceases to be so exempted (including the case in which a beneficial owner who is an individual
non-resident of Japan or a non-Japanese corporation becomes a specially-related person of the Issuer). 

  
 3 

 Where Securities are not held through a Participant, in order to receive payments free of
withholding or deduction by the Issuer for, or on account of, Taxes, if the relevant beneficial owner is (A) an individual non-resident of Japan or a non-Japanese
corporation (other than a specially-related person of the Issuer) or (B) a Designated Financial Institution, each such beneficial owner shall, prior to each time at which it receives interest, submit to the relevant paying agent a written
application for tax exemption (hikazei tekiyo shinkokusho) (a “Tax Exemption Application”), in a form obtainable from the paying agent stating, inter alia, the name and address (and, if applicable, the Japanese
individual or corporation ID number) of the beneficial owner, the title of the Securities, the relevant Interest Payment Date, the amount of interest and the fact that the beneficial owner is qualified to submit the Tax Exemption Application,
together with documentary evidence regarding its identity and residence. 
 By subscribing to the Securities as part of the distribution by
the underwriters under the applicable underwriting agreement, an investor shall be deemed to have represented that it is a beneficial owner who is, (i) for Japanese tax purposes, neither an individual resident of Japan or a Japanese
corporation, nor an individual non-resident of Japan or a non-Japanese corporation that in either case is a specially-related person of the Issuer or (ii) a
Japanese financial institution, designated in Article 6, Paragraph (9) of the Special Taxation Measures Act. 
 The Issuer shall make
any required withholding or deduction and remit the full amount withheld or deducted to the Japanese taxing authority in accordance with applicable law. The Issuer shall use reasonable efforts to obtain certified copies of tax receipts evidencing
the payment of any tax, duty, assessment, fee or other governmental charge so withheld or deducted from the Japanese taxing authority imposing such tax, duty, assessment or other governmental charge, and if certified copies are not available, the
Issuer shall use reasonable efforts to obtain other evidence satisfactory to the Trustee, and the Trustee shall make such certified copies or other evidence available to the Holders upon reasonable request to the Trustee. 

If (i) subsequent to making a payment on this Security without withholding or deduction of Japanese taxes the Issuer is required to remit
to the Japanese taxing authority any amount in respect of Japanese taxes that should have been withheld or deducted from such payment (together with any interest and penalties) due to the failure of the beneficial owner to provide accurate Interest
Recipient Information or to otherwise properly claim an exemption from Japanese taxes imposed with respect to such payment, and (ii) such beneficial owner would not have been entitled to receive Additional Amounts with respect to such payment
had Japanese taxes been withheld from the payment when it was made, such beneficial owner (but not any subsequent beneficial owner of such Security) shall be required to reimburse the Issuer, in Japanese yen, for the amount remitted by the Issuer to
the Japanese taxing authority. 

  
 4 

 The obligation to pay Additional Amounts with respect to any taxes, duties, assessments or
other governmental charges shall not apply to (A) any estate, inheritance, gift, sales, transfer, personal property or any similar tax, duty, assessment, fee or other governmental charge or (B) any tax, duty, assessment, fee or other
governmental charge which is payable otherwise than by withholding or deduction from payments of principal of or interest on this Security; provided that, except as otherwise set forth herein and in the Indenture, the Issuer shall pay all stamp,
court or documentary taxes or any excise or property taxes, charges or similar levies and other duties, if any, which may be imposed by Japan, the United States or any political subdivision or any taxing authority thereof or therein, with respect to
the execution and enforcement of the Indenture or as a consequence of the initial issuance, execution, delivery or registration of this Security. 

The Securities may be redeemed at the option of the Issuer, in whole, but not in part, subject to prior confirmation of the FSA, if such
confirmation is required under applicable Japanese laws or regulations then in effect, at any time, on giving not less than 30 nor more than 60 days’ notice of redemption to the Holders of the series to be redeemed (which notice shall be
irrevocable and shall conform to all requirements with respect to such notice as set forth in the Indenture) at a redemption price equal to 100% of the principal amount of the Securities together with any accrued and unpaid interest (including
Additional Amounts with respect thereto, if any) to (but excluding) the date fixed for redemption, if the Issuer is or will be obliged to pay Additional Amounts as a result of any change in, or amendment to, the laws or regulations of Japan or any
political subdivision or any authority thereof or therein having power to tax, or any change in application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date of the issuance of
the relevant series of Securities and such obligation cannot be avoided by the Issuer through the taking of reasonable measures available to the Issuer; provided, that no such notice of redemption shall be given sooner than 90 days prior to the
earliest date on which the Issuer would be obliged to pay such Additional Amounts were a payment then due in respect of the relevant Securities. 

Notwithstanding anything to the contrary in the Indenture or the Securities, each Holder and the Trustee acknowledge, consent and agree
(a) for a period of 30 days from and including the date upon which the Prime Minister of Japan confirms that Specified Item 2 Measures (tokutei dai nigo sochi) should be applied to the Issuer, not to initiate any action to attach any of
the Issuer’s assets, the attachment of which has been prohibited by designation of the Prime Minister of Japan pursuant to Article 126-16 of the Deposit Insurance Act, and (b) to any transfer of the
Issuer’s assets (including shares of the Issuer’s subsidiaries) or liabilities, or any portions thereof, with permission of a Japanese court in accordance with Article 126-13 of the Deposit Insurance
Act, including any such transfer made pursuant to the authority of the Deposit Insurance Corporation of Japan to represent and manage and dispose of the Issuer’s assets under Article 126-5 of the Deposit
Insurance Act, and that any such transfer shall not constitute a sale or disposal of the Issuer’s properties or assets for the purpose of Article 8 of the Indenture. 

Subject to applicable law, each Holder of Securities, by acceptance of any interest in the Securities, agrees that it will not, and waives its
right to, exercise, claim or plead any right of set off, compensation or retention in respect of any amount owed to it by the Issuer arising under, or in connection with, the Securities or the Indenture. 

  
 5 

 The Issuer shall, as soon as practicable after the Prime Minister of Japan has confirmed
that Specified Item 2 Measures (tokutei dai nigo sochi) should be applied to the Issuer or a Japanese court has publicly announced that it has granted permission to a transfer of the Issuer’s assets (including shares of the Issuer’s
subsidiaries) or liabilities, or any portions thereof, in accordance with Article 126-13 of the Deposit Insurance Act, deliver a written notice of such event to the Holders and beneficial owners of the
Securities through DTC and to the Trustee. Any failure or delay by the Issuer to provide such written notice shall not change or delay the effect of the acknowledgement, consent and agreement described in the preceding paragraph. 

A Holder of Securities issued in definitive form may transfer or exchange Securities in accordance with the Indenture. As described in the
legend on the face of this global Security, interest payments on such Securities issued in definitive form will be subject to Japanese income taxation unless the Holder establishes the matters set forth therein. Such legend concerning Japanese
taxation shall also be included on the face of any Securities issued in definitive form. The security registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and to pay any
taxes and fees required by law or permitted by the Indenture. The Issuer will treat the registered Holder of a Security as the owner of that Security for all purposes, except as described above. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of
the Securities at the time Outstanding of all series to be affected (voting as one class). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 
 As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable, upon surrender of this Security for registration of transfer at the office or agency of the Issuer in any place where the principal of and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the security registrar duly executed by, the Holder hereof or his attorney duly authorized in writing and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 6 

 The Securities of this series are issuable only in registered form without coupons in
denominations of U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange; provided, however, the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 Prior to due presentment of this
Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name this Security is registered upon the Security register as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Issuer nor the Trustee nor any such agent shall be affected by notice to the contrary. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, as herein prescribed. 

This Security is governed by and shall be construed in accordance with the laws of the State of New York. 

All capitalized terms used and not defined herein shall have the meanings assigned to them in the Indenture. 

  
 7EX-4.1

 Exhibit 4.1 
  

 
 ARCELORMITTAL, 

as Company, 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as Trustee, 

and 
 CITIBANK, N.A., 

as Securities Administrator 

Third Supplemental Indenture 

Dated as of July 16, 2019 

U.S.$750,000,000 3.600% Notes due 2024 

U.S.$500,000,000 4.250% Notes due 2029 

Supplement to the Senior Indenture dated as of June 1, 2015 

providing for the issuance of Senior 

Debt Securities 
  

 

 TABLE OF CONTENTS 

 
  

 

							
	TABLE OF CONTENTS	  	 	2	 
		
	RECITALS:	  	 	3	 
		
	ARTICLE I - DEFINITIONS; GENERAL	  	 	4	 
			
		  	 SECTION 1.1
        PROVISIONS OF THE BASE INDENTURE.
	  	 	4	 
		  	 SECTION 1.2
        DEFINITION OF TERMS.
	  	 	4	 
		  	 SECTION 1.3
        GENERAL.
	  	 	7	 
		
	ARTICLE II - GENERAL TERMS AND CONDITIONS OF THE NOTES	  	 	7	 
			
		  	 SECTION 2.1
        DESIGNATION AND PRINCIPAL AMOUNT.
	  	 	7	 
		  	 SECTION 2.2         FORMS
GENERALLY.
	  	 	8	 
		
	ARTICLE III - REDEMPTION OF NOTES	  	 	8	 
			
		  	 SECTION 3.1
        REDEMPTION AT THE OPTION OF THE COMPANY.
	  	 	8	 
		  	 SECTION 3.2
        REDEMPTION FOR TAXATION REASONS.
	  	 	9	 
		  	 SECTION 3.3
        ELECTION TO REDEEM; NOTICE TO TRUSTEE AND THE SECURITIES
ADMINISTRATOR.
	  	 	10	 
		
	ARTICLE IV - OFFER TO PURCHASE UPON A CHANGE OF CONTROL	  	 	11	 
			
		  	 SECTION 4.1         OFFER
TO PURCHASE UPON A CHANGE OF CONTROL.
	  	 	11	 
		
	ARTICLE V - PAYMENT OF ADDITIONAL AMOUNTS	  	 	13	 
			
		  	 SECTION 5.1
        PAYMENT OF ADDITIONAL AMOUNTS.
	  	 	13	 
		
	ARTICLE VI - MISCELLANEOUS	  	 	14	 
			
		  	 SECTION 6.1
        SEPARABILITY CLAUSE.
	  	 	14	 
		  	 SECTION 6.2
        TRUSTEE AND SECURITIES ADMINISTRATOR.
	  	 	14	 
		  	 SECTION 6.3
        COUNTERPARTS.
	  	 	15	 
		  	 SECTION 6.4
        AMENDMENT.
	  	 	15	 
		  	 SECTION 6.5.
        GOVERNING LAW.
	  	 	15	 
		  	 SECTION 6.6.
        JURISDICTION.
	  	 	15	 

  
  

  
 2 

 THIRD SUPPLEMENTAL INDENTURE, dated as of July 16, 2019 (this “Third Supplemental
Indenture”), among ArcelorMittal, a société anonyme incorporated under the laws of the Grand Duchy of Luxembourg (the “Company”), Wilmington Trust, National Association, a national
banking association, as trustee (the “Trustee”) under the Senior Indenture dated as of June 1, 2015, among the Company, the Trustee and the Securities Administrator (the “Base Indenture” and as supplemented by the Third
Supplemental Indenture, the “Indenture”), and Citibank, N.A., a national banking association, as securities administrator (the “Securities Administrator”) under the Indenture. 

RECITALS: 
 WHEREAS, the Company
executed and delivered the Base Indenture to the Trustee and the Securities Administrator to provide, among other things, for the issuance, from time to time, of the Company’s unsecured Securities, in an unlimited aggregate principal amount, in
one or more series to be established by the Company under, and authenticated and delivered as provided in, the Base Indenture; 
 WHEREAS,
Section 9.01(h) of the Base Indenture provides for the Company, the Securities Administrator and the Trustee to enter into a supplemental indenture to the Base Indenture to establish the form and terms of Securities of any series as
contemplated by Sections 2.01 and 3.01 of the Base Indenture; 
 WHEREAS, the Company desires by this Third Supplemental Indenture to create
two new series of Securities to be issuable under the Base Indenture, as supplemented by this Third Supplemental Indenture, and to be known as the Company’s 3.600% Notes due 2024 (the “Series 2024 Notes”) and the Company’s 4.250%
Notes due 2029 (the “Series 2029 Notes”) (the Series 2024 Notes and the Series 2029 Notes are referred to collectively herein as the “Notes”), the form and substance of such Notes and the terms, provisions and conditions thereof
to be set forth as provided in the Base Indenture and this Third Supplemental Indenture; 
 WHEREAS, the Company has delivered to each of
the Trustee and the Securities Administrator an Opinion of Counsel and an Officers’ Certificate pursuant to Sections 1.02, 3.03 and 9.03 of the Base Indenture to the effect that all conditions precedent provided for in the Base Indenture
relating to the Trustee’s execution and delivery of this Third Supplemental Indenture have been complied with and the execution of this Third Supplemental Indenture is permitted by the Base Indenture; 

WHEREAS, the Company has requested that the Securities Administrator and the Trustee execute and deliver this Third Supplemental Indenture,
and all requirements necessary to make (i) this Third Supplemental Indenture a valid instrument in accordance with its terms, and (ii) the Notes, when executed by the Company and authenticated and delivered by the Securities Administrator,
the valid obligations of the Company, have been performed, and the execution and delivery of this Third Supplemental Indenture have been duly authorized in all respects. 

  
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 NOW, THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE WITNESSETH: 

ARTICLE I - DEFINITIONS; GENERAL 

Section 1.1    Provisions of the Base Indenture. 

Except insofar as herein otherwise expressly provided, all the definitions, provisions, terms and conditions of the Base Indenture shall
remain in full force and effect. The Base Indenture, as supplemented by this Third Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Third Supplemental Indenture shall be read, taken and considered as
one and the same instrument for all purposes with respect to the Notes issued hereby. 

Section 1.2    Definition of Terms. 

For all purposes of this Third Supplemental Indenture and the Notes, except as otherwise expressly provided or unless the context otherwise
requires: 
  

	 	(a)	 a term defined in the Base Indenture has the same meaning when used in this Third Supplemental Indenture unless
otherwise specified herein; 

  

	 	(b)	 a term defined anywhere in this Third Supplemental Indenture has the same meaning throughout;

  

	 	(c)	 the singular includes the plural and vice versa; and 

 

	 	(d)	 headings are for convenience of reference only and do not affect interpretation. 

“Additional Basis Points” means 30 basis points with respect to the Series 2024 Notes and 35 basis points with respect to the Series
2029 Notes. 
 “Applicable Procedures” means, with respect to any transfer, exchange or other activity of the Depositary,
Euroclear and Clearstream on behalf of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer, exchange or other activity. 

“Authorized Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the
Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Corporate Secretary, any Vice-President, any Finance Special Proxy Holder of such Person and, with respect to the Company only, any
Authorized Signatory for Daily Affairs. 
 “Change of Control” means an event whereby a Person (or a group of Persons acting in
concert) other than one or more members of the Mittal Family controls or acquires control of the Company; provided that a Change of Control shall not be deemed to have occurred unless, within the Change of Control Period, (i) if the
Company’s long-term, unsecured and unsubordinated indebtedness is rated by any one or more Rating Agencies, a Rating Downgrade 

  
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in respect of that Change of Control occurs and, in the case only of such Rating Downgrade occurring within the Potential Change of Control Period, the relevant Rating Agency does not, within the
Potential Change of Control Period, reverse such Rating Downgrade so that the Company’s long-term, unsecured and unsubordinated indebtedness has the same or a better credit rating attributed by such Rating Agency than before such Rating
Downgrade occurred, or (ii) if the Company’s long-term, unsecured and unsubordinated indebtedness is not rated by any one or more Rating Agencies, a Negative Rating Event in respect of that Change of Control occurs. For purposes of this
definition, “control” means the power to direct the management and policies of an entity, whether through the ownership of voting capital, by contract or otherwise. 

“Change of Control Period” means the period commencing on the earlier of (i) the date of the first public announcement of the
relevant Change of Control having occurred and (ii) the first day of the Potential Change of Control Period, and ending 90 days after the date of the first public announcement of the relevant Change of Control having occurred (the “Initial
End Date”), provided that if one or more Rating Agencies has on or prior to the Initial End Date publicly announced that it has placed the rating of the Company’s long-term, unsecured and unsubordinated indebtedness under consideration for
rating downgrade (the “Placing on Credit Watch”), the Change of Control Period shall be extended to the earlier of (i) the later of (a) the date which falls 60 days after the date of the Placing on Credit Watch and (b) the
Initial End Date or (ii) the date which falls 60 days after the Initial End Date. 
 “Comparable Treasury Issue” means the
United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed. 

“Comparable Treasury Price” means, with respect to any Redemption Date (1) the average of the Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of
all of these quotations. 
 “Consolidated Financial Statements” means the Company’s most recently published: 

(a) audited annual consolidated financial statements, as approved by our Board of Directors and certified by an independent auditor; or, as
the case may be, 
 (b) unaudited (but subject to a “review” from an independent auditor) consolidated half-year financial
statements, as approved by our Board of Directors, 
 in each case prepared in accordance with Applicable Accounting Standards. 

“Corporate Trust Office” means (i) with respect to the trustee, 1100 North Market Street, Rodney Square North,
Wilmington, Delaware 19890; and (ii) with respect to the securities administrator (A) solely for the purposes of the transfer, surrender or exchange of the subordinated debt securities: 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attn: Securities Window and (B) for all other purposes: 388 Greenwich Street, New York, NY 10013, Attn: Citibank Agency & Trust, ArcelorMittal.

  
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 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Interest Period” means the period during which interest accrues from the Closing Date or, if
interest has already been paid, from the date it was most recently paid. 
 “Negative Rating Event” means the Company does not
within the Change of Control Period obtain an Investment Grade Rating for the Company’s long-term, unsecured and unsubordinated indebtedness from at least one Rating Agency. 

“Paying Agent” means the Securities Administrator under the Base Indenture. The Company may appoint one or more additional Paying
Agents. The Company may change any Paying Agent without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

“Place of Payment” means the United States. 

“Potential Change of Control Period” means the period commencing on the date of the first public announcement of a potential Change
of Control by the Company, or by any actual or potential bidder or any adviser thereto, and ending on the date of the first public announcement of the relevant Change of Control. 

“Reference Treasury Dealer” means (i) each of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs &
Co. LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC (or their respective affiliates that are primary U.S. Government securities dealers), and their respective successors, or if at any time any of the above is not a primary U.S.
Government securities dealer, one other nationally recognized investment banking firm selected by the Company that is a primary U.S. Government securities dealer; and (ii) one other leading primary U.S. Government securities dealer selected by
the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption
Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Regular Record Date” has the meaning set out in the Notes of each series attached hereto as Exhibit A and Exhibit B, respectively.

 “Remaining Scheduled Payments” means, with respect to Notes to be redeemed, the remaining scheduled payments of the principal
thereof and interest thereon that would be due after the related Redemption Date for such redemption; provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the next succeeding
scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such Redemption Date. 
 “Securities
Registrar” means the Securities Administrator under the Base Indenture. The Company may appoint one or more co-Registrars. The Company may change any Security Registrar without notice to any Holder. The
Company or any of its Subsidiaries may act in any such capacity. 

  
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 “Stated Maturity” means July 16, 2024 with respect to the Series 2024 Notes
and July 16, 2029 with respect to the Series 2029 Notes. 
 “Treasury Rate” means, for any Redemption Date, the rate per
annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that
Redemption Date. 
 Section 1.3     General. 

The terms of this Third Supplemental Indenture shall apply to the Notes of each series issued under this Third Supplemental Indenture and
shall not apply to any other series of Securities. 
 ARTICLE II - GENERAL TERMS AND CONDITIONS OF THE NOTES 

Section 2.1     Designation and Principal Amount. 

There is hereby authorized and established two new series of Securities designated the “3.600% Notes due 2024,” initially limited to
an aggregate principal amount of U.S.$750,000,000, and the “4.250% Notes due 2029”, initially limited to an aggregate principal amount of U.S.$500,000,000, which amount shall be specified in the Company Order for the authentication and
delivery of Notes pursuant to Section 3.03 of the Base Indenture. The Series 2024 Notes shall mature on July 16, 2024 and the Series 2029 Notes shall mature on July 16, 2029. 

The Company may, from time to time and without the consent of the Holders, issue additional Series 2024 Notes or Series 2029 Notes on
identical terms and conditions to those of the applicable series of Notes, which additional notes shall increase the aggregate principal amount of, and shall be consolidated and form a single series with, the applicable series of Notes; provided,
however, that unless such additional Series 2024 Notes or Series 2029 Notes are issued under a separate CUSIP number, such additional Series 2024 Notes or Series 2029 Notes must be either part of the same “issue” for U.S. federal income
tax purposes or must be issued pursuant to a “qualified reopening” for U.S. federal income tax purposes. 
 The Series 2024 Notes
shall bear interest at a rate of 3.600% per annum, from the issue date of such series of Notes or from the most recent Interest Payment Date to which interest has been paid, as the case may be, payable semi-annually in arrears on each
January 16 and July 16, commencing on January 16, 2020 (each an “Interest Payment Date”) until the principal thereof is paid or duly provided for. The Series 2029 Notes shall bear interest at a rate of 4.250% per annum, from
the issue date of such series of Notes or from the most recent Interest Payment Date to which interest has been paid, as the case may be, payable semi-annually in arears on each 

  
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January 16 and July 16, commencing on January 16, 2020 until the principal thereof is paid or duly provided for. Except as otherwise specified as contemplated by Section 3.01
of the Base Indenture, all interest shall be computed on the basis of a 360 day year of twelve 30-day months. Each payment of principal (and premium, if any) and interest (if any) on the Notes will be made to
the Persons who are registered Holders of the Notes on the Regular Record Date. Payments due on a date other than a Business Day shall be made on the next succeeding Business Day and such extension of time will not result in a default under the
Notes or the Base Indenture or this Third Supplemental Indenture, and no interest will accrue on the postponed amount from the original due date to the next day that is a Business Day. 

Subject to the provisions of Section 10.02 of the Base Indenture (i) the principal of (and premium, if any) and interest (if any) on
the Notes will be payable at the Place of Payment, (ii) the Notes may be surrendered at the Place of Payment for registration of transfer, (iii) the Notes may be surrendered at the Place of Payment for exchange and (iv) notices and
demands to or upon the Company in respect of the Notes may be served at ArcelorMittal USA Holdings II LLC, 1 South Dearborn Street, 19th Floor, Chicago, IL 60603-2307, United States. 

The Notes are not required to be listed on any securities exchange or quoted on any automated quotation system. 

There are no deletions, limitations or modifications of or additions to the Events of Default, as set forth in the Base Indenture, with
respect to the Notes. 
 The Notes will be issued in minimum denominations of at least U.S.$2,000 and integral multiples of U.S.$1,000 in
excess thereof. 
 Section 2.2    Forms Generally. 

The Series 2024 Notes and the Series 2029 Notes shall be in substantially the form set forth in Exhibit A and Exhibit B to this Third
Supplemental Indenture, respectively. 
 The Notes are Book-Entry Securities, issued in the registered form of one or more global notes,
registered in the name of Cede & Co or its registered assigns as nominee of DTC, the Depository. The Notes are exchangeable for notes registered in the name of a Person other than the Depository or its nominee only in the limited
circumstances set forth in Section 3.05 of the Base Indenture. 
 Sections 4.01, 4.02 and 4.03 of the Base Indenture apply to the
Notes. 
 ARTICLE III - REDEMPTION OF NOTES 

Section 3.1    Redemption at the Option of the Company. 

The Company will have the right to redeem the Notes of any series, in whole at any time, or in part from time to time, at the Company’s
option, on at least 30 days’ but no more than 60 days’ prior notice given to the registered Holders of such series of Notes to be redeemed. The Company will provide notice of such redemption to the Trustee and Securities Administrator in
accordance with Section 3.3 of this Third Supplemental Indenture. Upon redemption of the 

  
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Notes, the Company will pay a redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the Remaining
Scheduled Payments (as defined above) of the Notes to be redeemed, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus the Additional Basis Points for such series of Notes, in each case plus accrued and unpaid interest thereon up to but excluding the Redemption Date. 

The Company shall perform and have full responsibility for the calculation of the redemption price and the remaining scheduled payments and
neither the Trustee nor the Securities Administrator shall have any responsibility or liability in connection with such calculation or any verification obligation in connection therewith, it being understood that the Trustee or the Securities
Administrator shall promptly notify the Company in case of a manifest error in the calculation made by the Company of which a Responsible Officer of the Trustee or the Securities Administrator, as applicable, has actual knowledge. This calculation
shall be final and binding absent a manifest error. 
 The notice of redemption will comply with the provisions of Sections 1.06 and 11.07
of the Base Indenture and will state any conditions applicable to a redemption and the amount of Notes to be redeemed. The Company will comply with the provisions of Section 3.3 of this Third Supplemental Indenture, and, in accordance with
Section 1.02 of the Base Indenture, no additional certificate or opinion need be furnished to the Trustee and Securities Administrator with respect to the redemption pursuant to this Section 3.1. For the avoidance of doubt, the Trustee and
Securities Administrator will be entitled to fully rely on the Third Supplemental Indenture Section 3.3 Officer’s Certificate confirming the authorization of such redemption without any obligation to verify or otherwise confirm the content
thereof and with no liability therefor. 
 If less than all the Notes are to be redeemed, DTC will select the Notes to be redeemed in
accordance with its standard procedures in the case of Notes represented by Global Notes and otherwise by a pro rata basis, by lot or by such other method as the Securities Administrator deems fair and appropriate. Any Notes that are redeemed
pursuant to this Section 3.1 will be cancelled. 
 In accordance with Section 11.03 of the Base Indenture, except as described
under this Section 3.1 or Section 3.2 of this Third Supplemental Indenture, the Notes will not otherwise be redeemable by the Company at the Company’s option prior to the Stated Maturity. 

Section 3.2    Redemption for Taxation Reasons.  

The Notes of any series may be redeemed, at the Company’s option, in whole but not in part, upon giving not less than 30 days’ nor
more than 60 days’ notice to the Holders (which notice will be irrevocable) in accordance with Sections 1.06 and 11.07 of the Base Indenture, at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid
interest (including any Additional Amounts), if any, up to but excluding the date fixed by the Company for redemption (the “Tax Redemption Date”) if, as a result of: 
  

	 	(a)	 any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of a Relevant
Jurisdiction affecting taxation; or 

  
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	 	(b)	 any change in, or amendment to, an official position regarding the application or written interpretation of
such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), 

 which change or
amendment becomes effective or, in the case of an official position, is announced (i) in the case of the Company, on or after the Closing Date or (ii) in the case of any successor entity, on or after the date such successor entity becomes
obligated under the Notes or the Indenture, with respect to any payment due or to become due under the Notes or the Indenture, the Company or its successor entity, as the case may be, is, or on the next Interest Payment Date would be, required to
pay Additional Amounts, and such requirement cannot be avoided by the Company or its successor entity, as the case may be, taking reasonable measures available to it (including, for the avoidance of doubt, the appointment of a new paying agent where
this would be reasonable); provided that for the avoidance of doubt changing the jurisdiction of the Company or any successor entity is not a reasonable measure for the purposes of this section; and provided, further that no such
notice of redemption will be given earlier than 60 days prior to the earliest date on which the Company, or any successor entity, as the case may be, would be obligated to pay such Additional Amounts if a payment in respect of the Notes were then
due. 
 Prior to the giving of any notice of redemption of the Notes of any series pursuant to the foregoing, the Company or its successor
entity, as the case may be, will deliver to the Trustee and the Securities Administrator: 
 (1) an Officer’s Certificate stating that
such change or amendment referred to in the prior paragraph has occurred, and describing the facts related thereto and stating that such requirement cannot be avoided by the Company or its successor entity, as the case may be, taking reasonable
measures available to it; and 
 (2) an Opinion of Counsel of recognized standing with respect to tax stating that the requirement to pay
such Additional Amounts results from such change or amendment referred to in the prior paragraph. 
 The Trustee and the Securities
Administrator will accept and shall be fully protected in relying upon such Officer’s Certificate and Opinion of Counsel as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it will be
conclusive and binding on the Holders. 
 Any Notes that are redeemed pursuant to this Section 3.2 will be cancelled. 

Section 3.3    Election to Redeem; Notice to Trustee and the Securities Administrator.  

With respect to the Notes, Section 11.02 of the Base Indenture is hereby deleted in its entirety and replaced with the following: 

The due authorization of the election of the Company to redeem any Securities shall be evidenced by an Officer’s Certificate. In case of
any redemption at the election of the Company of less than all the Notes, the Company shall provide the Trustee and Securities Administrator 

  
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with an Officer’s Certificate stating that no defaults in the payment of interest or Events of Default with respect to the Notes have occurred (which have not been waived or cured). In the
case of any redemption of Notes pursuant to an election of the Company which is subject to a condition or computation specified in the terms of such Securities, the Company shall furnish the Trustee and the Securities Administrator with an
Officer’s Certificate evidencing compliance with such condition or computation. 
 Unless otherwise agreed among the Company, Trustee
and Securities Administrator, the Company will send the Trustee and Securities Administrator a draft of the Officer’s Certificate evidencing the due authorization of the Company’s election to redeem the Notes and a draft of the notice of
redemption to be provided to Holders no later than noon (New York time) on the third Business Day preceding the date on which notice to the Holders of such redemption is to be provided, and the final, signed version of such certificate and the final
notice to be sent to Holders shall be provided by the Company to the Trustee and Securities Administrator no later than noon (New York time) on the Business Day preceding the date on which notice to the Holders will be provided and will be held in
escrow by the Trustee and Securities Administrator until the date on which notice to the Holders is to be sent. For the avoidance of doubt, the Trustee and Securities Administrator will be entitled to fully rely on any such Officer’s
Certificate without any obligation to verify or otherwise confirm the content thereof and with no liability therefor. 
 In the event that
any election by the Company necessitates the retention of any agent by either of the Trustee or the Securities Administrator, the Company agrees that such retention shall be at the sole expense of the Company, subject to the Company’s prior
approval of such agent. 
 ARTICLE IV - OFFER TO PURCHASE UPON A CHANGE OF CONTROL 

Section 4.1    Offer To Purchase upon a Change of Control. 

Pursuant to Section 10.12 of the Base Indenture, upon the occurrence of a Change of Control, unless the Company has exercised its right
to redeem the Notes of any series under Section 3.1 or under Section 3.2, or unless the Change of Control Payment Date would fall on or after the maturity date of the Notes of such series, the Company will make an offer to purchase all or
a portion of each Holder’s Notes of such series for which the applicability of this Section 4.1 has been specified pursuant to the offer described below (the “Change of Control Offer”), at a purchase price equal to 101% of the
principal amount tendered plus accrued and unpaid interest, if any, up to but excluding the date of purchase. 
 Within 30 days following
the date upon which the Change of Control occurred, or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company will deliver, by first class mail (or while the Notes
are in global form such notice shall be sent electronically through the Applicable Procedures of the Depositary), a notice to each Holder of Notes at such Holder’s address as it appears in the Security Register, with a copy to the Trustee and
the Securities Administrator, which notice will govern the terms of the Change of Control Offer. Such notice will state the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is delivered,

  
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other than as may be required by law (the “Change of Control Payment Date”). The notice, if delivered prior to the date of consummation of the Change of Control, will state that the
Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. Holders of Notes electing to have Notes purchased pursuant to a Change of Control Offer will be required to tender
the Notes in accordance with the terms of the Change of Control Offer prior to the close of business on the third Business Day prior to the Change of Control Payment Date. 

On the Change of Control Payment Date, the Company will, to the extent lawful: 

 

	 	(a)	 accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

  

	 	(b)	 deposit with the Paying Agent and instruct the Paying Agent in writing to pay an amount equal to the purchase
price in respect of all Notes or portions thereof so tendered; and 

  

	 	(c)	 deliver or cause to be delivered to the Securities Administrator with a copy to the Trustee the Notes so
accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 

Upon deposit of the amount of the purchase price and the receipt of the written instructions of the Company specified above, the Paying Agent
will promptly mail or wire to each Holder of Notes so tendered the purchase price for such Notes, and the Securities Administrator, upon instruction by the Company and in accordance with the Indenture, will promptly authenticate and mail or cause to
be transferred by book entry to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new note will be in a principal amount of at least $2,000 and integral multiples of
$1,000 in excess thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any such securities laws or
regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached the Company’s obligations under the Change of Control
Offer provisions of the Notes by virtue of any such conflict. 
 The Trustee and the Securities Administrator are under no obligation to
ascertain whether a Change of Control or any event that could lead to the occurrence of or could constitute a Change of Control has occurred, and until a responsible officer of the Trustee or the Securities Administrator, as applicable, has actual
knowledge or express notice to the contrary, the Trustee and the Securities Administrator may conclusively assume that no Change of Control or other such event has occurred. 

  
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 ARTICLE V - PAYMENT OF ADDITIONAL AMOUNTS 

Section 5.1 Payment of Additional Amounts. 

The Company will make all payments of principal of, and premium (if any) and interest on, the Notes of any series without withholding or
deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or within Luxembourg, any jurisdiction in which ArcelorMittal is resident for tax purposes or, in the
case of a successor entity, any jurisdiction in which such successor entity is organized or resident for tax purposes (or any political subdivision or taxing authority thereof or therein) (each, as applicable, a “Relevant Jurisdiction”),
unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. In the event that any such withholding or deduction is so required, the Company or any successor entity, as the case may be,
will make such deduction or withholding, make payment of the amount so withheld to the appropriate governmental authority and will pay such additional amounts (“Additional Amounts”) that will result in the receipt by the Holders of such
amounts that would have been received by such Holders had no such withholding or deduction been required by the Relevant Jurisdiction, except that no Additional Amounts will be payable: 

 

	 	(a)	 for or on account of: 

 

	 	(i)	 any tax, duty, assessment or other governmental charge that would not have been imposed but for:

  

	 	(A).	 the existence of any present or former connection between the Holder or beneficial owner of such Note, as the
case may be, and the Relevant Jurisdiction including, without limitation, such Holder or beneficial owner being or having been a citizen or resident of such Relevant Jurisdiction or treated as a resident thereof or being or having been physically
present or engaged in a trade or business therein or having or having had a permanent establishment therein, other than merely holding such Note or the receipt of payments thereunder; 

 

	 	(B).	 the presentation of such Note (where presentation is required) more than 30 days after the later of the date on
which the payment of the principal of, or premium (if any) or interest on, such Note became due and payable pursuant to the terms thereof or was made or duly provided for, except to the extent that the Holder thereof would have been entitled to such
Additional Amounts if it had presented such Note for payment on any date within such 30-day period; 

  

	 	(C).	 the failure of the Holder or beneficial owner to comply with a timely and reasonable request of the Company or
any successor entity addressed to the Holder or beneficial owner, as the case 

  
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may be, to provide information, documentation and certification concerning such Holder’s or beneficial owner’s nationality, residence, identity or connection with any Relevant
Jurisdiction, if and to the extent that due and timely compliance with such request would under applicable law, regulation or administrative practice have reduced or eliminated any withholding or deduction as to which Additional Amounts would have
otherwise been payable to such Holder; or 

  

	 	(D).	 the presentation of such Note (where presentation is required) for payment in the Relevant Jurisdiction, unless
such Note could not have been presented for payment elsewhere; 

  

	 	(ii)	 any estate, inheritance, gift, sale, transfer, excise or personal property or similar tax, assessment or other
governmental charge; 

  

	 	(iii)	 any combination of taxes, duties, assessments or other governmental charges referred to in the preceding
clauses (i) and (ii); or 

  

	 	(b)	 with respect to any payment of the principal of, or premium (if any) or interest on, such Note to a Holder who
is a fiduciary, partnership or Person other than the sole beneficial owner of any payment to the extent that such payment would be required to be included in the income under the laws of a Relevant Jurisdiction, for tax purposes, of a beneficiary or
settlor with respect to the fiduciary, or a member of that partnership or a beneficial owner who would not have been entitled to such Additional Amounts had that beneficiary, settlor, partner, or beneficial owner been the Holder thereof.

 Whenever there is mentioned in any context the payment of principal of, and any premium or interest on, any Note, such
mention will be deemed to include payment of Additional Amounts provided for in the Indenture to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 

ARTICLE VI - MISCELLANEOUS 

Section 6.1     Separability Clause. 

In case any provision of this Third Supplemental Indenture shall be invalid, illegal, or unenforceable, the validity, legality or
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 6.2
    Trustee and Securities Administrator. 
 The Trustee accepts the trusts created by this Third Supplemental
Indenture upon the terms and conditions set forth in the Indenture. Neither the Trustee nor the Securities Administrator makes any representations as to the validity or sufficiency of this Third Supplemental Indenture or of the Notes, except that
the Trustee represents that it is duly 

  
 14 

 
authorized to execute and deliver this Third Supplemental Indenture and perform its obligations hereunder and the Securities Administrator represents that it is duly authorized to authenticate
the Notes and perform its obligations hereunder. In entering into this Third Supplemental Indenture, each of the Trustee and the Securities Administrator shall be entitled to the benefit of every provision of the Base Indenture relating to the
conduct of or affecting the liability of or affording protection to the Trustee or the Securities Administrator, as applicable, as if they were expressly set forth herein mutatis mutandis. 

The Trustee, the Securities Administrator or any Authenticating Agent shall not be accountable for the use or application by the Company of
Notes or the proceeds thereof. 
 Section 6.3     Counterparts. 

This Third Supplemental Indenture may be executed in any number of separate counterparts each of which shall be an original for all purposes
regardless of whether delivered in physical or electronic form; but such separate counterparts shall together constitute but one and the same instrument. 

Section 6.4     Amendment. 

This Third Supplemental Indenture may be amended or supplemented in accordance with the provisions of Article 9 of the Base Indenture. In
addition, the Third Supplemental Indenture may be amended or modified without the consent of any Holder of the Notes in order to, among other things, conform the provisions of this Third Supplemental Indenture or the Notes to the “Description
of Notes” section of the prospectus supplement dated July 11, 2019 or the “Description of Senior Debt Securities” section of the prospectus dated March 2, 2018, as applicable. 

Section 6.5.    Governing Law. 

THE BASE INDENTURE, THIS THIRD SUPPLEMENTAL INDENTURE AND THE NOTES WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK. FOR THE AVOIDANCE OF DOUBT, THE PROVISIONS OF ARTICLES 470-1 to 470-19 OF THE LUXEMBOURG LAW OF AUGUST 10, 1915 ON COMMERCIAL COMPANIES, AS AMENDED, DO
NOT APPLY TO THE NOTES. 
 Section 6.6.    Jurisdiction. 

TO THE FULLEST EXTENT PERMITTED BY LAW AS APPLICABLE, THE COMPANY IRREVOCABLY AGREES THAT ANY LEGAL SUIT, ACTION OR PROCEEDING BROUGHT BY ANY
HOLDER OR BY ANY PERSON WHO CONTROLS SUCH HOLDER OR THE TRUSTEE OR SECURITIES ADMINISTRATOR ON BEHALF OF SUCH HOLDER ARISING OUT OF OR RELATING TO THE BASE INDENTURE, THIS THIRD SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE
INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, NEW YORK, AND IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER 

  
 15 

 
HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, AND IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. 

  
 16 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be
duly executed by their respective officers thereunto duly authorized, on the day and year first above written. 
  

			
	 ARCELORMITTAL, as Company
  

	By:	 	        /s/ Philippe Noury

		 	Name: Philippe Noury
		 	Title:   Finance Special Proxy Holder

  

			
	By:	 	        /s/ Maureen Baker

		 	Name: Maureen Baker
		 	Title:   Finance Special Proxy Holder

  

			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee

 

	By:	 	        /s/ W. Thomas Morris, II

		 	Name: W. Thomas Morris, II
		 	Title:   Vice President

  

			
	 CITIBANK, N.A., not in its individual capacity but solely as Securities Administrator

 

	By:	 	        /s/ John Hannon

		 	Name: John Hannon
		 	Title:   Senior Trust Officer

 Exhibit A 

THIS SECURITY IS A BOOK-ENTRY SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE
OF A DEPOSITORY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A
TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

CUSIP No.: 03938L BB9 
 ISIN No.:
US03938LBB99 
 3.600% Notes due 2024 
  

					
	 No. R-
	  	$	             	 

 ARCELORMITTAL 

promises to pay to Cede & Co. or registered assigns, 

the principal sum of $            on July 16, 2024. 

Interest Payment Dates: January 16 and July 16 of each year, commencing on January 16, 2020. 

Record Dates: January 1 and July 1 of each year, commencing on January 1, 2020. 

Reference is hereby made to the further provisions of the Security evidenced hereby set forth on the reverse hereof, which further provisions shall have the
same effect as if set forth at this place. 
  
  

  
 A-1 

 Unless the Certificate of Authentication has been duly executed by the Securities Administrator by manual
signature, this Security shall not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 
 Dated: July 16, 2019

  

			
	 ARCELORMITTAL

 

 
			
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	By:	 	  

	Name:	 	
	Title:	 	

 This is one of the Securities referred to 

in the within-mentioned Indenture: 
 Dated: July 16, 2019

 CITIBANK, N.A., not in its individual capacity but solely as Securities Administrator 

 

			
	By:	 	  

  
 A-2 

 3.600% Notes due 2024 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1)    INTEREST. ArcelorMittal, a société anonyme organized under Luxembourg law will pay
interest on the principal amount of the Securities at 3.600% per annum from July 16, 2019 until Maturity. The Company will pay interest and Additional Amounts (if any) pursuant to Section 10.11 of the Base Indenture, semi-annually in
arrears on January 16 and July 16 of each year (each an Interest Payment Date) commencing on January 16, 2020, to the Holders of Securities registered as such as of close of business on January 1 and July 1 (each a Regular
Record Date), immediately preceding the relevant Interest Payment Date, or on the maturity date, or date of redemption, as applicable. 

If an Interest Payment Date, the maturity date, or date of redemption in respect of the Securities is a Legal Holiday, we will
pay interest or principal, as the case may be, on the next succeeding day that is not a Legal Holiday. Payments postponed to the next Business Day in this situation will be treated under this Indenture as if they were made on the original due date.
Postponement of this kind will not result in a default under the Securities or this Indenture, and no interest will accrue on the postponed amount from the original due date to the next day that is a Business Day. 

Interest on the Securities will accrue from the Closing Date or, if interest has already been paid, from the date it was most
recently paid to (but excluding) the relevant interest payment date (each such period, an “Interest Period”). Interest on the Securities will be calculated in accordance with Section 3.10 of the Base Indenture. 

Interest will cease to accrue on the Securities on the due date for their redemption, unless, upon such due date, payment of
principal is improperly withheld or refused or if default is otherwise made in respect of payment of principal, in which case interest will continue to accrue on the Securities at the rates set forth above, as the case may be, until the earlier of
(a) the day on which all sums due in respect of such Securities up to that day are received by the relevant Holder or (b) the day falling seven days after the Securities Administrator has notified the Holders of receipt of all sums due in
respect of the such Securities up to that seventh day, except to the extent that there is failure in the subsequent payment to the relevant Holders following such notification. 

(2)    DEFAULTED INTEREST. Any interest on the Securities which is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice whereof shall be given to Holders of Securities of this series not more than 15 days and not less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture. 

  
 A-3 

 (3)    METHOD OF PAYMENT. The Company will pay interest on the
Securities (except Defaulted Interest) and Additional Amounts (if any) to the Persons who are registered Holders of Securities at the close of business in New York City on January 1 or July 1 (whether or not a Business Day) immediately
preceding the Interest Payment Date, except as provided in Section 3.07 of the Base Indenture with respect to Defaulted Interest. The Securities will be payable as to principal, interest and Additional Amounts (if any) at the office or agency
of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of interest and Additional Amounts (if any) may be made by check mailed to the Holders at their addresses set
forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of, interest and Additional Amounts (if any) on, all Securities the Holders of which will have
provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

(4)    PAYING AGENT AND SECURITY REGISTRAR. Initially, Citibank, N.A., the Securities Administrator under the
Indenture, will act as Paying Agent and Security Registrar. The Company may appoint one or more Co-Registrars and one or more additional Paying Agents. The Company may change any Paying Agent or Security
Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

(5)    INDENTURE. The Company issued the Securities under an Indenture dated as of June 1, 2015, as
supplemented by the Third Supplemental Indenture dated July 16, 2019, between the Company, the Securities Administrator and the Trustee. The terms of the Securities include those stated in the Indenture and those expressly made part of the Indenture
by reference to the Trust Indenture Act as in effect on the date of the Indenture and, to the extent required by any amendment after such date, as so amended. The Securities are subject to all such terms, and Holders are referred to the Indenture
and the U.S. Trust Indenture Act for a statement of such terms. To the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

(6)    REDEMPTION FOR TAXATION REASONS. The Securities may be redeemed, at the Company’s option, in whole but
not in part, upon giving not less than 30 days’ nor more than 60 days’ notice to the Holders (which notice will be irrevocable), at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest
(including any Additional Amounts), if any, up to but excluding the Tax Redemption Date if, as a result of: 
 (a) any change in, or
amendment to, the laws (or any regulations or rulings promulgated thereunder) of a Relevant Jurisdiction affecting taxation; or 
 (b) any
change in, or amendment to, an official position regarding the application or written interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), 

which change or amendment becomes effective or, in the case of an official position, is announced (i) in the case of the Company, on or
after the Closing Date or (ii) in the case of any successor entity, on or after the date such successor entity becomes obligated under the 

  
 A-4 

 
Securities or the Indenture, with respect to any payment due or to become due under the Securities or the Indenture, the Company or its successor entity, as the case may be, is, or on the next
Interest Payment Date would be, required to pay Additional Amounts, and such requirement cannot be avoided by the Company or its successor entity, as the case may be, taking reasonable measures available to it (including, for the avoidance of doubt,
the appointment of a new paying agent where this would be reasonable); provided that for the avoidance of doubt changing the jurisdiction of the Company or any successor entity is not a reasonable measure for the purposes of this section; and
provided, further that no such notice of redemption will be given earlier than 60 days prior to the earliest date on which we, or any successor entity, as the case may be, would be obligated to pay such Additional Amounts if a payment in
respect of the Securities were then due. 
 Any Securities that are redeemed will be cancelled. 

(7)    REDEMPTION AT THE OPTION OF THE COMPANY. Section 11.03 of the Base Indenture shall be applicable to the
Securities. The Company will have the right to redeem the Securities of this series, in whole at any time, or in part from time to time, at the Company’s option, on at least 30 days’ but no more than 60 days’ prior written notice
given to the registered Holders of such Securities to be redeemed. Upon redemption of the Securities, the Company will pay a redemption price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed and (2) the
sum of the present values of the Remaining Scheduled Payments of the Securities to be redeemed, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points (which shall be the Additional Basis Points for the Securities), in each case plus accrued and unpaid interest thereon up to but excluding the Redemption
Date. The Reference Treasury Dealer means for the Securities: (i) each of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC (or their respective
affiliates that are primary U.S. Government securities dealers), and their respective successors, or if at any time any of the above is not a primary U.S. Government securities dealer, one other nationally recognized investment banking firm selected
by the Company that is a primary U.S. Government securities dealer; and (iii) one other leading primary U.S. Government securities dealer designated by the Company. 

(8)    MANDATORY REDEMPTION. The Company is not required to make mandatory redemption or sinking fund payments with
respect to the Securities. 
 (9)    NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 30 days
but not more than 60 days before the Redemption Date to each Holder at its registered address. 
 (10)    OFFER TO
PURCHASE UPON A CHANGE OF CONTROL. Section 10.12 of the Base Indenture shall be applicable to the Securities. Upon the occurrence of a Change of Control, unless the Company has exercised its right to redeem the Securities under
Section 3.1 or under Section 3.2 of the Third Supplemental Indenture, or unless the Change of Control Payment Date would fall on or after the maturity date of the Securities, the Company will make an offer to purchase all or a portion of
each Holder’s Securities pursuant to the Change of Control Offer, at a purchase price equal to 101% of the principal amount tendered plus accrued and unpaid interest, if any, up to but excluding the date of purchase, subject to the provisions
of the Indenture. 

  
 A-5 

 (11)    LEGAL DEFEASANCE AND DISCHARGE. Section 4.02 of the
Base Indenture shall be applicable to the Securities. 
 (12)    COVENANT DEFEASANCE. Section 4.03 of the
Base Indenture shall be applicable to the Securities. 
 (13)    SATISFACTION AND DISCHARGE. The Indenture
specifies the means by which it may be discharged and cease to be of further effect with respect to the Securities. 

(14)    DENOMINATIONS, TRANSFER, EXCHANGE. The Securities are in registered form without coupons in a minimum
denomination of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Security Registrar, the Securities Administrator and the
Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange
or register the transfer of any Security or portion of a Security selected for redemption. Also, the Company need not exchange or register the transfer of any Securities for a period of 15 days before a selection of Securities of such series to be
redeemed or selected for redemption or during the period between a record date and the corresponding Interest Payment Date. 

(15)    PERSONS DEEMED OWNERS. The registered Holder of a Security may be treated as its owner for all purposes.

 (16)    AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Securities Administrator and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As set
forth in the Indenture, the Indenture may be amended or modified without the consent of any Holder of Securities in order, among other things: (i) to cure any ambiguity, defect or inconsistency; (ii) to provide for the issuance of
additional Securities in accordance with the limitations set forth in the Indenture; (iii) to add to the covenants of the Company, for the benefit of holders of the Securities or to surrender any power or right conferred upon the Company;
(iv) to add or modify for the benefit of holders of the Securities any events of default; 

  
 A-6 

 
(v) to provide for the assumption by a successor company of the Company’s obligations under the Securities and the Indenture in the case of a merger or consolidation or sale of all or
substantially all of the Company’s assets; (vi) to comply with any requirements of the United States Securities and Exchange Commission in connection with qualifying the Indenture under the Trust Indenture Act; (vii) to correct or add
any other provisions with respect to matters or questions arising under the Indenture, provided that correction or added provision will not adversely affect the interests of the Holders of the Securities in any material respect; or (viii) to
conform the provisions of the Indenture and the Notes to the “Description of Notes” section of the prospectus supplement dated July 11, 2019 or the “Description of Senior Debt Securities” section of the prospectus dated
March 2, 2018, as applicable. 
 As set forth in the Indenture, without the consent of each Holder of an Outstanding Security affected,
no amendment may, among other things: (i) modify the Stated Maturity of the Securities or the dates on which interest is payable in respect of the Securities; (ii) change the method in which amounts of payments of principal or any interest
thereon is determined; (iii) reduce the principal amount of, or interest on, the Securities; (iv) reduce the premium payable upon redemption; (v) change the obligation of the Company to pay Additional Amounts; (vi) change the
currency of payment of the Securities; (vii) change the obligation of the Company to maintain an office or agency in the places and for the purposes specified in the Indenture, (viii) impair the right of the Holders of Securities to
institute suit for the enforcement of any payment on or after the date due; (ix) reduce the percentage in principal amount of the Outstanding Securities, the consent of whose Holders is required for any modification of or waiver of compliance
with any provision of the Indenture or defaults under the Indenture and their consequences; and (x) modify the provisions of the Indenture regarding the quorum required at any meeting of Holders. 

(17)    DEFAULTS AND REMEDIES. Each of the following is an “Event of Default”: 

(1)    default in any payment of principal or any premium on any Security of a series when due (at
Maturity, including upon redemption, or otherwise), which continues for 15 days; 
 (2)    default in the
payment of interest (if any) and Additional Amounts (if any) on any Security of a series when due, which continues for 30 days; 

(3)    the Company’s failure to comply with any other obligation contained in the Indenture (other
than a covenant default in whose performance or whose breach is elsewhere in Section 5.01 of the Base Indenture specifically dealt with), and continuance of such default or breach for a period of 60 days after there has been given to the
Company by the Trustee or the Securities Administrator written notice, as provided in accordance with Section 1.05 of the Base Indenture, specifying such default or breach and requiring it to be remedied; 

(4)    the Company’s failure, or the failure of any Material Subsidiary, (a) to pay the principal
of any indebtedness for borrowed money, including obligations evidenced by any mortgage, indenture, bond, debenture, note, guarantee or other similar instruments on the scheduled or original date due (following the giving of such notice, if any, as

  
 A-7 

 
required under the document governing such indebtedness and as extended by any applicable cure period) or (b) to observe or perform any agreement or condition relating to such indebtedness
such that such indebtedness has come due prior to its stated maturity and such acceleration has not been cured, unless (in the case of clauses (a) and (b)) (i) the aggregate amount of such indebtedness is less than €100,000,000 or
(ii) the question of whether such indebtedness is due has been disputed in good faith by appropriate proceedings and such dispute has not been finally adjudicated against the Company or the Material Subsidiary, as the case may be; 

(5)    if the Company is (or is deemed by law or a court to be) insolvent or bankrupt or presents a request
for controlled management (gestion contrôlée) or is granted a moratorium on payments or is unable to pay its debts, stops, suspends or threatens to stop or suspend payment of all or a material part of (or of a particular type of)
its debts within the meaning of any applicable law, proposes or makes any agreement for the deferral, rescheduling or other readjustment of all of (or all of a particular type of) its debts (or of any part which it will or might otherwise be unable
to pay when due), proposes or makes a general assignment or any arrangement or composition with or for the benefit of the relevant creditors in respect of any of such debts or a moratorium is agreed or declared in respect of or affecting all or any
part of (or of a particular type of) the debts of the Company or any event occurs which under the laws of any relevant jurisdiction has an analogous effect to any of the foregoing events; or 

(6)    if any Material Subsidiary is (or is deemed by law or a court to be) insolvent or bankrupt or
presents a request for controlled management (gestion contrôlée) or is granted a moratorium on payments or is unable to pay its debts, stops, suspends or threatens to stop or suspend payment of all or a material part of (or of a
particular type of) its debts within the meaning of any applicable law, proposes or makes any agreement for the deferral, rescheduling or other readjustment of all of (or all of a particular type of) its debts (or of any part which it will or might
otherwise be unable to pay when due), proposes or makes a general assignment or any arrangement or composition with or for the benefit of the relevant creditors in respect of any of such debts or a moratorium is agreed or declared in respect of or
affecting all or any part of (or of a particular type of) the debts of any such Material Subsidiary or any event occurs which under the laws of any relevant jurisdiction has an analogous effect to any of the foregoing events (in each case, a
“Material Subsidiary Insolvency Event”), provided that no Event of Default under this paragraph (ii) will occur in relation to any such Material Subsidiary Insolvency Event unless (x) the credit rating assigned by any Rating
Agency to the long-term, unsecured and unsubordinated indebtedness of the Company within the period of 60 days immediately following such Material Subsidiary Insolvency Event is less than the credit rating assigned by such agency to the long-term,
unsecured and unsubordinated indebtedness of the Company immediately prior to or on the effective date of such Material Subsidiary Insolvency Event and (y) a Rating Agency making a Rating Downgrade publicly announces or confirms that such
Rating Downgrade was the result of any event or circumstance comprised in or arising as a result of, or in respect of, such Material Subsidiary Insolvency Event. 

  
 A-8 

 Upon the occurrence and continuation of any Event of Default, then in every such case the
Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Securities of the affected series may declare the principal amount of the outstanding Securities of that series to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders), in accordance with Section 1.05 of the Base Indenture. Upon any such declaration, the Securities of such series shall become due and payable immediately. 

At any time after such a declaration of acceleration with respect to outstanding Securities of any series has been made and before a judgment
or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if: 
 (1)    the Company has paid
or deposited with the Trustee a sum sufficient to pay 
 (a)    all overdue interest on all Securities of
that series, 
 (b)    the principal of (and premium (if any) on) any Securities of that series which
have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities, 

(c)    to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or
rates prescribed therefor in such Securities, and 
 (d)    all sums paid or advanced by either of the
Trustee or the Securities Administrator hereunder and the reasonable and documented compensation, expenses, disbursements and advances of each of the Trustee and the Securities Administrator, its agents and counsel; 

and 

(2)    all Events of Default with respect to Securities of that series, other than the non-payment of the principal and other amounts of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.04 of the Base
Indenture. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 

The Holders of a majority in aggregate principal amount of the outstanding Securities of any series by notice to the Trustee may waive any
past default under the Indenture affecting such series, except an uncured default in the payment of principal of or interest on such series of Securities or an uncured default relating to a covenant or provision of the Indenture that cannot be
modified or amended without the consent of each affected Holder. 
 Holders of a majority in aggregate principal amount of the outstanding
Securities of a series will have the right to direct the time, method and place of conducting any proceeding for 

  
 A-9 

 
exercising any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, in each case with respect to such series and subject to the limitations specified herein.
Subject to Article 6 of the Base Indenture relating to the Trustee’s duties, neither of the Trustee nor the Securities Administrator will be under any obligation to exercise any of its rights and powers under the Indenture unless such Holder
has offered an indemnity to its reasonable satisfaction against any loss, costs, expenses and liabilities it may incur. 
 No Holder of
Securities of any series will have any right to institute any proceeding with respect to the Indenture or the Securities of the series or for any remedy thereunder, unless: 

(1)    such Holder has previously given written notice to the Trustee at its Corporate Trust Office of a
continuing Event of Default under the Securities of the series has occurred; 
 (2)    Holders of not
less than 25% in aggregate principal amount of the outstanding Securities of the relevant series have made a written request to the Trustee to institute the proceedings in respect of the Event of Default in its own name as Trustee under the
Indenture; 
 (3)    the Holders of the Securities of the relevant series have offered to the Trustee
reasonable indemnity against the cost and other liabilities of instituting a proceeding and provided a written request to the Trustee at its Corporate Trust Office; 

(4)    the Trustee for 60 days thereafter has failed to institute any such proceeding; 

(5)    during such 60-day period, the Holders of a majority in
aggregate principal amount of the outstanding Securities of the relevant series have not given the Trustee a direction that is inconsistent with such written request; and 

(6)     the terms of such series of Securities do not prohibit such remedy to be sought by the Trustee
and/or the Holders, 
 it being understood and intended that no one or more Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under
the Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Holders 
 Notwithstanding any other
provision of the Indenture, the right of any Holder of a Security to receive payment of principal of, and interest (if any) and Additional Amounts (if any) on the Security, on or after the respective due dates expressed in the Security (including in
connection with a Change of Control Offer), or to institute a suit for the enforcement of any such payment on or after such respective dates, shall not be impaired without the consent of such Holder. 

  
 A-10 

 (18)    TRUSTEE AND SECURITIES ADMINISTRATOR DEALINGS
WITH COMPANY. Each of the Trustee and the Securities Administrator, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or any Affiliate of the Company with the same
rights it would have if it were not Trustee or Securities Administrator, as applicable. However, in the event that the Trustee acquires any conflicting interest as defined under the Trust Indenture Act, it must eliminate such conflict within 90
days, or resign. 
 (19)    NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee,
incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

(20)    AUTHENTICATION. This Security will not be valid until authenticated by the manual signature of the
Securities Administrator or an authenticating agent. 
 (21)    ABBREVIATIONS. Customary abbreviations may be
used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act). 
 (22)    CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities, and each of the Trustee and the Securities Administrator may use CUSIP numbers in notices of redemption as a convenience
to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

(23)    GOVERNING LAW. THE INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK. FOR THE AVOIDANCE OF DOUBT, THE PROVISIONS OF ARTICLES 470-1 to 470-19 OF THE LUXEMBOURG LAW OF AUGUST 10, 1915 ON COMMERCIAL
COMPANIES, AS AMENDED, SHALL NOT APPLY TO THE SECURITIES. 
 (24)     JURISDICTION. TO THE FULLEST EXTENT
PERMITTED BY LAW AS APPLICABLE, THE COMPANY IRREVOCABLY AGREES THAT ANY LEGAL SUIT, ACTION OR PROCEEDING BROUGHT BY ANY HOLDER OR BY ANY PERSON WHO CONTROLS SUCH HOLDER OR THE TRUSTEE OR SECURITIES ADMINISTRATOR ON BEHALF OF SUCH HOLDER ARISING OUT
OF OR RELATING TO THE INDENTURE OR THE SECURITIES MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, NEW YORK, AND IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
THE VENUE OF ANY SUCH SUIT, ACTION OR 

  
 A-11 

 
PROCEEDING AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, AND IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. 
 The Company
will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 
 ArcelorMittal 

24-26 boulevard d’Avranches 

L-1160 Luxembourg 
 Grand
Duchy of Luxembourg 
 Attention: Group Funding Department 

And copy to 
 Immeuble Le Cézanne 

6 rue André Campra 
 93212 La Plaine St. Denis, France 

Facsimile: +33 1 71 92 10 05 
 Attention: Group Funding Department

  
 A-12 

 ASSIGNMENT FORM 
  

			
	 To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to:

 
	  	
		  	(Insert assignee’s legal name)
	 (Insert assignee’s soc. sec. or tax I.D. no.)

 (Print or type assignee’s name, address and zip code) 

 

					
	and irrevocably appoint to transfer this Security on the books of the Company. The agent may substitute another to act for him.	  		  	
	 Date:
	  		  	

  

			
	Your Signature:	 	
		 	(Sign exactly as your name appears on the face of this Security)

  

					
	 Signature
 Guarantee*:
	  	

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee or the Securities Administrator, as applicable). 

  
 A-13 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of

decrease in
 Principal
Amount
 of this Global Note
	  	 Amount of

increase in
 Principal
Amount
 of this Global Note
	  	 Principal Amount of

this Global Note
 following
such
 decrease (or increase)
	  	 Signature of

authorized officer of

Trustee or Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-14 

 Exhibit B 

THIS SECURITY IS A BOOK-ENTRY SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE
OF A DEPOSITORY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A
TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

CUSIP No.: 03938L BC7 
 ISIN No.:
US03938LBC72 
 4.250% Notes due 2029 
  

					
	 No. R-
	  	$	             	 

 ARCELORMITTAL 

promises to pay to Cede & Co. or registered assigns, 

the principal sum of $            on July 16, 2029. 

Interest Payment Dates: January 16 and July 16 of each year, commencing on January 16, 2020. 

Record Dates: January 1 and July 1 of each year, commencing on January 1, 2020. 

Reference is hereby made to the further provisions of the Security evidenced hereby set forth on the reverse hereof, which further provisions shall have the
same effect as if set forth at this place. 
  
  

  
 B-1 

 Unless the Certificate of Authentication has been duly executed by the Securities Administrator by manual
signature, this Security shall not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 
 Dated: July 16, 2019

  

			
	 ARCELORMITTAL

 

 
			
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	By:	 	  

	Name:	 	
	Title:	 	

 This is one of the Securities referred to 

in the within-mentioned Indenture: 
 Dated: July 16, 2019

 CITIBANK, N.A., not in its individual capacity but solely as Securities Administrator 

 

			
	By:	 	  

  
 B-2 

 4.250% Notes due 2029 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1)    INTEREST. ArcelorMittal, a société anonyme organized under Luxembourg law will pay
interest on the principal amount of the Securities at 4.250% per annum from July 16, 2019 until Maturity. The Company will pay interest and Additional Amounts (if any) pursuant to Section 10.11 of the Base Indenture, semi-annually in
arrears on January 16 and July 16 of each year (each an Interest Payment Date) commencing on January 16, 2020, to the Holders of Securities registered as such as of close of business on January 1 and July 1 (each a Regular
Record Date), immediately preceding the relevant Interest Payment Date, or on the maturity date, or date of redemption, as applicable. 

If an Interest Payment Date, the maturity date, or date of redemption in respect of the Securities is a Legal Holiday, we will
pay interest or principal, as the case may be, on the next succeeding day that is not a Legal Holiday. Payments postponed to the next Business Day in this situation will be treated under this Indenture as if they were made on the original due date.
Postponement of this kind will not result in a default under the Securities or this Indenture, and no interest will accrue on the postponed amount from the original due date to the next day that is a Business Day. 

Interest on the Securities will accrue from the Closing Date or, if interest has already been paid, from the date it was most
recently paid to (but excluding) the relevant interest payment date (each such period, an “Interest Period”). Interest on the Securities will be calculated in accordance with Section 3.10 of the Base Indenture. 

Interest will cease to accrue on the Securities on the due date for their redemption, unless, upon such due date, payment of
principal is improperly withheld or refused or if default is otherwise made in respect of payment of principal, in which case interest will continue to accrue on the Securities at the rates set forth above, as the case may be, until the earlier of
(a) the day on which all sums due in respect of such Securities up to that day are received by the relevant Holder or (b) the day falling seven days after the Securities Administrator has notified the Holders of receipt of all sums due in
respect of the such Securities up to that seventh day, except to the extent that there is failure in the subsequent payment to the relevant Holders following such notification. 

(2)    DEFAULTED INTEREST. Any interest on the Securities which is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice whereof shall be given to Holders of Securities of this series not more than 15 days and not less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture. 

  
 B-3 

 (3)    METHOD OF PAYMENT. The Company will pay interest on the
Securities (except Defaulted Interest) and Additional Amounts (if any) to the Persons who are registered Holders of Securities at the close of business in New York City on January 1 or July 1 (whether or not a Business Day) immediately
preceding the Interest Payment Date, except as provided in Section 3.07 of the Base Indenture with respect to Defaulted Interest. The Securities will be payable as to principal, interest and Additional Amounts (if any) at the office or agency
of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of interest and Additional Amounts (if any) may be made by check mailed to the Holders at their addresses set
forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of, interest and Additional Amounts (if any) on, all Securities the Holders of which will have
provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

(4)    PAYING AGENT AND SECURITY REGISTRAR. Initially, Citibank, N.A., the Securities Administrator under the
Indenture, will act as Paying Agent and Security Registrar. The Company may appoint one or more Co-Registrars and one or more additional Paying Agents. The Company may change any Paying Agent or Security
Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

(5)    INDENTURE. The Company issued the Securities under an Indenture dated as of June 1, 2015, as
supplemented by the Third Supplemental Indenture dated July 16, 2019, between the Company, the Securities Administrator and the Trustee. The terms of the Securities include those stated in the Indenture and those expressly made part of the Indenture
by reference to the Trust Indenture Act as in effect on the date of the Indenture and, to the extent required by any amendment after such date, as so amended. The Securities are subject to all such terms, and Holders are referred to the Indenture
and the U.S. Trust Indenture Act for a statement of such terms. To the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

(6)    REDEMPTION FOR TAXATION REASONS. The Securities may be redeemed, at the Company’s option, in whole but
not in part, upon giving not less than 30 days’ nor more than 60 days’ notice to the Holders (which notice will be irrevocable), at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest
(including any Additional Amounts), if any, up to but excluding the Tax Redemption Date if, as a result of: 
 (a) any change in, or
amendment to, the laws (or any regulations or rulings promulgated thereunder) of a Relevant Jurisdiction affecting taxation; or 
 (b) any
change in, or amendment to, an official position regarding the application or written interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), 

which change or amendment becomes effective or, in the case of an official position, is announced (i) in the case of the Company, on or
after the Closing Date or (ii) in the case of any successor entity, on or after the date such successor entity becomes obligated under the 

  
 B-4 

 
Securities or the Indenture, with respect to any payment due or to become due under the Securities or the Indenture, the Company or its successor entity, as the case may be, is, or on the next
Interest Payment Date would be, required to pay Additional Amounts, and such requirement cannot be avoided by the Company or its successor entity, as the case may be, taking reasonable measures available to it (including, for the avoidance of doubt,
the appointment of a new paying agent where this would be reasonable); provided that for the avoidance of doubt changing the jurisdiction of the Company or any successor entity is not a reasonable measure for the purposes of this section; and
provided, further that no such notice of redemption will be given earlier than 60 days prior to the earliest date on which we, or any successor entity, as the case may be, would be obligated to pay such Additional Amounts if a payment in
respect of the Securities were then due. 
 Any Securities that are redeemed will be cancelled. 

(7)    REDEMPTION AT THE OPTION OF THE COMPANY. Section 11.03 of the Base Indenture shall be applicable to the
Securities. The Company will have the right to redeem the Securities of this series, in whole at any time, or in part from time to time, at the Company’s option, on at least 30 days’ but no more than 60 days’ prior written notice
given to the registered Holders of such Securities to be redeemed. Upon redemption of the Securities, the Company will pay a redemption price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed and (2) the
sum of the present values of the Remaining Scheduled Payments of the Securities to be redeemed, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points (which shall be the Additional Basis Points for the Securities), in each case plus accrued and unpaid interest thereon up to but excluding the Redemption
Date. The Reference Treasury Dealer means for the Securities: (i) each of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and RBC Capital Markets, LLC (or their respective
affiliates that are primary U.S. Government securities dealers), and their respective successors, or if at any time any of the above is not a primary U.S. Government securities dealer, one other nationally recognized investment banking firm selected
by the Company that is a primary U.S. Government securities dealer; and (iii) one other leading primary U.S. Government securities dealer designated by the Company. 

(8)    MANDATORY REDEMPTION. The Company is not required to make mandatory redemption or sinking fund payments with
respect to the Securities. 
 (9)    NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 30 days
but not more than 60 days before the Redemption Date to each Holder at its registered address. 
 (10)    OFFER TO
PURCHASE UPON A CHANGE OF CONTROL. Section 10.12 of the Base Indenture shall be applicable to the Securities. Upon the occurrence of a Change of Control, unless the Company has exercised its right to redeem the Securities under
Section 3.1 or under Section 3.2 of the Third Supplemental Indenture, or unless the Change of Control Payment Date would fall on or after the maturity date of the Securities, the Company will make an offer to purchase all or a portion of
each Holder’s Securities pursuant to the Change of Control Offer, at a purchase price equal to 101% of the principal amount tendered plus accrued and unpaid interest, if any, up to but excluding the date of purchase, subject to the provisions
of the Indenture. 

  
 B-5 

 (11)    LEGAL DEFEASANCE AND DISCHARGE. Section 4.02 of the
Base Indenture shall be applicable to the Securities. 
 (12)    COVENANT DEFEASANCE. Section 4.03 of the
Base Indenture shall be applicable to the Securities. 
 (13)    SATISFACTION AND DISCHARGE. The Indenture
specifies the means by which it may be discharged and cease to be of further effect with respect to the Securities. 

(14)    DENOMINATIONS, TRANSFER, EXCHANGE. The Securities are in registered form without coupons in a minimum
denomination of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Security Registrar, the Securities Administrator and the
Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange
or register the transfer of any Security or portion of a Security selected for redemption. Also, the Company need not exchange or register the transfer of any Securities for a period of 15 days before a selection of Securities of such series to be
redeemed or selected for redemption or during the period between a record date and the corresponding Interest Payment Date. 

(15)    PERSONS DEEMED OWNERS. The registered Holder of a Security may be treated as its owner for all purposes.

 (16)    AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Securities Administrator and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As set
forth in the Indenture, the Indenture may be amended or modified without the consent of any Holder of Securities in order, among other things: (i) to cure any ambiguity, defect or inconsistency; (ii) to provide for the issuance of
additional Securities in accordance with the limitations set forth in the Indenture; (iii) to add to the covenants of the Company, for the benefit of holders of the Securities or to surrender any power or right conferred upon the Company;
(iv) to add or modify for the benefit of holders of the Securities any events of default; 

  
 B-6 

 
(v) to provide for the assumption by a successor company of the Company’s obligations under the Securities and the Indenture in the case of a merger or consolidation or sale of all or
substantially all of the Company’s assets; (vi) to comply with any requirements of the United States Securities and Exchange Commission in connection with qualifying the Indenture under the Trust Indenture Act; (vii) to correct or add
any other provisions with respect to matters or questions arising under the Indenture, provided that correction or added provision will not adversely affect the interests of the Holders of the Securities in any material respect; or (viii) to
conform the provisions of the Indenture and the Notes to the “Description of Notes” section of the prospectus supplement dated July 11, 2019 or the “Description of Senior Debt Securities” section of the prospectus dated
March 2, 2018, as applicable. 
 As set forth in the Indenture, without the consent of each Holder of an Outstanding Security affected,
no amendment may, among other things: (i) modify the Stated Maturity of the Securities or the dates on which interest is payable in respect of the Securities; (ii) change the method in which amounts of payments of principal or any interest
thereon is determined; (iii) reduce the principal amount of, or interest on, the Securities; (iv) reduce the premium payable upon redemption; (v) change the obligation of the Company to pay Additional Amounts; (vi) change the
currency of payment of the Securities; (vii) change the obligation of the Company to maintain an office or agency in the places and for the purposes specified in the Indenture, (viii) impair the right of the Holders of Securities to
institute suit for the enforcement of any payment on or after the date due; (ix) reduce the percentage in principal amount of the Outstanding Securities, the consent of whose Holders is required for any modification of or waiver of compliance
with any provision of the Indenture or defaults under the Indenture and their consequences; and (x) modify the provisions of the Indenture regarding the quorum required at any meeting of Holders. 

(17)    DEFAULTS AND REMEDIES. Each of the following is an “Event of Default”: 

(1)    default in any payment of principal or any premium on any Security of a series when due (at
Maturity, including upon redemption, or otherwise), which continues for 15 days; 
 (2)    default in the
payment of interest (if any) and Additional Amounts (if any) on any Security of a series when due, which continues for 30 days; 

(3)    the Company’s failure to comply with any other obligation contained in the Indenture (other
than a covenant default in whose performance or whose breach is elsewhere in Section 5.01 of the Base Indenture specifically dealt with), and continuance of such default or breach for a period of 60 days after there has been given to the
Company by the Trustee or the Securities Administrator written notice, as provided in accordance with Section 1.05 of the Base Indenture, specifying such default or breach and requiring it to be remedied; 

(4)    the Company’s failure, or the failure of any Material Subsidiary, (a) to pay the principal
of any indebtedness for borrowed money, including obligations evidenced by any mortgage, indenture, bond, debenture, note, guarantee or other similar instruments on the scheduled or original date due (following the giving of such notice, if any, as

  
 B-7 

 
required under the document governing such indebtedness and as extended by any applicable cure period) or (b) to observe or perform any agreement or condition relating to such indebtedness
such that such indebtedness has come due prior to its stated maturity and such acceleration has not been cured, unless (in the case of clauses (a) and (b)) (i) the aggregate amount of such indebtedness is less than €100,000,000 or
(ii) the question of whether such indebtedness is due has been disputed in good faith by appropriate proceedings and such dispute has not been finally adjudicated against the Company or the Material Subsidiary, as the case may be; 

(5)    if the Company is (or is deemed by law or a court to be) insolvent or bankrupt or presents a request
for controlled management (gestion contrôlée) or is granted a moratorium on payments or is unable to pay its debts, stops, suspends or threatens to stop or suspend payment of all or a material part of (or of a particular type of)
its debts within the meaning of any applicable law, proposes or makes any agreement for the deferral, rescheduling or other readjustment of all of (or all of a particular type of) its debts (or of any part which it will or might otherwise be unable
to pay when due), proposes or makes a general assignment or any arrangement or composition with or for the benefit of the relevant creditors in respect of any of such debts or a moratorium is agreed or declared in respect of or affecting all or any
part of (or of a particular type of) the debts of the Company or any event occurs which under the laws of any relevant jurisdiction has an analogous effect to any of the foregoing events; or 

(6)    if any Material Subsidiary is (or is deemed by law or a court to be) insolvent or bankrupt or
presents a request for controlled management (gestion contrôlée) or is granted a moratorium on payments or is unable to pay its debts, stops, suspends or threatens to stop or suspend payment of all or a material part of (or of a
particular type of) its debts within the meaning of any applicable law, proposes or makes any agreement for the deferral, rescheduling or other readjustment of all of (or all of a particular type of) its debts (or of any part which it will or might
otherwise be unable to pay when due), proposes or makes a general assignment or any arrangement or composition with or for the benefit of the relevant creditors in respect of any of such debts or a moratorium is agreed or declared in respect of or
affecting all or any part of (or of a particular type of) the debts of any such Material Subsidiary or any event occurs which under the laws of any relevant jurisdiction has an analogous effect to any of the foregoing events (in each case, a
“Material Subsidiary Insolvency Event”), provided that no Event of Default under this paragraph (ii) will occur in relation to any such Material Subsidiary Insolvency Event unless (x) the credit rating assigned by any Rating
Agency to the long-term, unsecured and unsubordinated indebtedness of the Company within the period of 60 days immediately following such Material Subsidiary Insolvency Event is less than the credit rating assigned by such agency to the long-term,
unsecured and unsubordinated indebtedness of the Company immediately prior to or on the effective date of such Material Subsidiary Insolvency Event and (y) a Rating Agency making a Rating Downgrade publicly announces or confirms that such
Rating Downgrade was the result of any event or circumstance comprised in or arising as a result of, or in respect of, such Material Subsidiary Insolvency Event. 

  
 B-8 

 Upon the occurrence and continuation of any Event of Default, then in every such case the
Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Securities of the affected series may declare the principal amount of the outstanding Securities of that series to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders), in accordance with Section 1.05 of the Base Indenture. Upon any such declaration, the Securities of such series shall become due and payable immediately. 

At any time after such a declaration of acceleration with respect to outstanding Securities of any series has been made and before a judgment
or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if: 
 (1)    the Company has paid
or deposited with the Trustee a sum sufficient to pay 
 (a)    all overdue interest on all Securities of
that series, 
 (b)    the principal of (and premium (if any) on) any Securities of that series which
have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities, 

(c)    to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or
rates prescribed therefor in such Securities, and 
 (d)    all sums paid or advanced by either of the
Trustee or the Securities Administrator hereunder and the reasonable and documented compensation, expenses, disbursements and advances of each of the Trustee and the Securities Administrator, its agents and counsel; 

and 

(2)    all Events of Default with respect to Securities of that series, other than the non-payment of the principal and other amounts of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.04 of the Base
Indenture. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 

The Holders of a majority in aggregate principal amount of the outstanding Securities of any series by notice to the Trustee may waive any
past default under the Indenture affecting such series, except an uncured default in the payment of principal of or interest on such series of Securities or an uncured default relating to a covenant or provision of the Indenture that cannot be
modified or amended without the consent of each affected Holder. 
 Holders of a majority in aggregate principal amount of the outstanding
Securities of a series will have the right to direct the time, method and place of conducting any proceeding for 

  
 B-9 

 
exercising any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, in each case with respect to such series and subject to the limitations specified herein.
Subject to Article 6 of the Base Indenture relating to the Trustee’s duties, neither of the Trustee nor the Securities Administrator will be under any obligation to exercise any of its rights and powers under the Indenture unless such Holder
has offered an indemnity to its reasonable satisfaction against any loss, costs, expenses and liabilities it may incur. 
 No Holder of
Securities of any series will have any right to institute any proceeding with respect to the Indenture or the Securities of the series or for any remedy thereunder, unless: 

(1)    such Holder has previously given written notice to the Trustee at its Corporate Trust Office of a
continuing Event of Default under the Securities of the series has occurred; 
 (2)    Holders of not
less than 25% in aggregate principal amount of the outstanding Securities of the relevant series have made a written request to the Trustee to institute the proceedings in respect of the Event of Default in its own name as Trustee under the
Indenture; 
 (3)    the Holders of the Securities of the relevant series have offered to the Trustee
reasonable indemnity against the cost and other liabilities of instituting a proceeding and provided a written request to the Trustee at its Corporate Trust Office; 

(4)    the Trustee for 60 days thereafter has failed to institute any such proceeding; 

(5)    during such 60-day period, the Holders of a majority in
aggregate principal amount of the outstanding Securities of the relevant series have not given the Trustee a direction that is inconsistent with such written request; and 

(6)     the terms of such series of Securities do not prohibit such remedy to be sought by the Trustee
and/or the Holders, 
 it being understood and intended that no one or more Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under
the Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Holders 
 Notwithstanding any other
provision of the Indenture, the right of any Holder of a Security to receive payment of principal of, and interest (if any) and Additional Amounts (if any) on the Security, on or after the respective due dates expressed in the Security (including in
connection with a Change of Control Offer), or to institute a suit for the enforcement of any such payment on or after such respective dates, shall not be impaired without the consent of such Holder. 

  
 B-10 

 (18)    TRUSTEE AND SECURITIES ADMINISTRATOR DEALINGS
WITH COMPANY. Each of the Trustee and the Securities Administrator, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or any Affiliate of the Company with the same
rights it would have if it were not Trustee or Securities Administrator, as applicable. However, in the event that the Trustee acquires any conflicting interest as defined under the Trust Indenture Act, it must eliminate such conflict within 90
days, or resign. 
 (19)    NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee,
incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

(20)    AUTHENTICATION. This Security will not be valid until authenticated by the manual signature of the
Securities Administrator or an authenticating agent. 
 (21)    ABBREVIATIONS. Customary abbreviations may be
used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act). 
 (22)    CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities, and each of the Trustee and the Securities Administrator may use CUSIP numbers in notices of redemption as a convenience
to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

(23)    GOVERNING LAW. THE INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK. FOR THE AVOIDANCE OF DOUBT, THE PROVISIONS OF ARTICLES 470-1 to 470-19 OF THE LUXEMBOURG LAW OF AUGUST 10, 1915 ON COMMERCIAL
COMPANIES, AS AMENDED, SHALL NOT APPLY TO THE SECURITIES. 
 (24)     JURISDICTION. TO THE FULLEST EXTENT
PERMITTED BY LAW AS APPLICABLE, THE COMPANY IRREVOCABLY AGREES THAT ANY LEGAL SUIT, ACTION OR PROCEEDING BROUGHT BY ANY HOLDER OR BY ANY PERSON WHO CONTROLS SUCH HOLDER OR THE TRUSTEE OR SECURITIES ADMINISTRATOR ON BEHALF OF SUCH HOLDER ARISING OUT
OF OR RELATING TO THE INDENTURE OR THE SECURITIES MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, NEW YORK, AND IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
THE VENUE OF ANY SUCH SUIT, ACTION OR 

  
 B-11 

 
PROCEEDING AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM, AND IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. 
 The Company
will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 
 ArcelorMittal 

24-26 boulevard d’Avranches 

L-1160 Luxembourg 
 Grand
Duchy of Luxembourg 
 Attention: Group Funding Department 

And copy to 
 Immeuble Le Cézanne 

6 rue André Campra 
 93212 La Plaine St. Denis, France 

Facsimile: +33 1 71 92 10 05 
 Attention: Group Funding Department

  
 B-12 

 ASSIGNMENT FORM 
  

			
	 To assign this Security, fill in the form below:
(I) or (we) assign and transfer this Security to:

 
	  	
		  	 (Insert assignee’s legal name)

	(Insert assignee’s soc. sec. or tax I.D. no.)

 (Print or type assignee’s name, address and zip code) 

 

			
	and irrevocably appoint to transfer this Security on the books of the Company. The agent may substitute another to act for him.	  	
	 Date:
	  	

  

			
	Your Signature:	 	
		 	(Sign exactly as your name appears on the face of this Security)

  

					
	 Signature

Guarantee*:
	  		  	

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee or the Securities Administrator, as applicable). 

  
 B-13 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of

decrease in
 Principal
Amount
 of this Global Note
	  	 Amount of

increase in
 Principal
Amount
 of this Global Note
	  	 Principal Amount of

this Global Note
 following
such
 decrease (or increase)
	  	 Signature of

authorized officer of

Trustee or Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 B-14

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