The allocation will be in the form of a sale of Hydro’s own shares and the actual allocation is expected to be done in the beginning of May.

The following primary insiders have under the above mentioned scheme subscribed for shares:

- President and CEO Eivind Reiten,
subscribed for 266 shares, new holding is 80,722 shares.

- Executive Vice President John Ove Ottestad,
subscribed for 266 shares, new holding is 61,707 shares.

- Executive Vice President Torstein Dale Sjøtveit,
subscribed for 266 shares, new holding is 20,378 shares.

- Executive Vice President Svein Richard Brandtzæg,
subscribed for 266 shares, new holding is 22,117 shares.

- Executive Vice President Jørgen C. Arentz Rostrup,
subscribed for 266 shares, new holding is 1,662 shares.

- Executive Vice President Tom Røtjer,
subscribed for 266 shares, new holding is 8,532 shares.

- Executive Vice President Odd Ivar Biller,
subscribed for 266 shares, new holding is 13,872 shares.

- Executive Vice President Anne Harris,
subscribed for 266 shares, new holding is 6,402 shares.

- Company Secretary Hans Martin Heikvam,
subscribed for 266 shares, new holding is 517 shares.

- Employee representative to the Board of Directors Billy Fredagsvik,
subscribed for 266 shares, new holding is 592 shares.

- Employee representative to the Board of Directors Jørn B. Lilleby,
subscribed for 266 shares, new holding is 767 shares.

- Employee representative to the Board of Directors Sten Roar Martinsen, subscribed for 266 shares, new holding is 402 shares.

Any closely related parties are included.

Press contact
Contact     Inger Sethov
Telephone   +47 22532036
Cellular    +47 95022359
E-mail      Inger.Sethov@hydro.com

Investor contact
Contact     Stefan Solberg
Telephone   +47 22539280
Cellular    +47 91727528
E-mail      Stefan.Solberg@hydro.com

Certain statements included within this announcement contain forward-looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management’s plans, objectives and strategies for Hydro, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro’s markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by “expected”, “scheduled”, “targeted”, “planned”, “proposed”, “intended” or similar statements.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty.  Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized.  Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream aluminium business; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro’s key markets and competition; and legislative, regulatory and political factors.

No assurance can be given that such expectations will prove to have been correct.  Hydro disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.