Under this authorization, Hydro has repurchased and redeemed 7,846,738 shares for a total of NOK 274 million. From September to October 2008, 4,408,000 shares were bought back in the market at an average price of NOK 33.90 per share. An agreement was made with the Norwegian State, Hydro`s largest shareholder, that the State would participate with a proportional part of its shares, in order to leave its ownership interest unchanged. This amounts to 3,438,738 shares, which have now been redeemed at a price of NOK 36.15 per share. The price paid per share to the State includes interest compensation for delayed settlement compared to the purchases in the market.

After the capital reduction, the total number of issued and authorized shares has been reduced to 1,240,110,211, each at par value of NOK 1.098. Hydro holds 35,324,266 own shares, and the number of outstanding shares is reduced to 1,204,785,945.

The Certificate of Registration has been forwarded to the Oslo Stock Exchange.

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