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 each subscribed for 411 shares:

• President and CEO Svein Richard Brandtzæg, new holding is 26,528 shares
• Executive Vice President John Ove Ottestad, new holding is 79,118 shares
• Executive Vice President Hilde Merete Aasheim, new holding is 547 shares
• Executive Vice President Jørgen C. Arentz Rostrup, new holding is 7,073 shares
• Executive Vice President Tom Røtjer, new holding is 16,943 shares
• Executive Vice President Arvid Moss, new holding is 61,268 shares
• Executive Vice President Odd Ivar Biller, new holding is 19,283 shares
• Employee representative to the Board of Directors Billy Fredagsvik, new holding is 1,003 shares
• Employee representative to the Board of Directors Jørn B. Lilleby, new holding is 938 shares
• Employee representative to the Board of Directors Sten Roar Martinsen, new holding is 1,813 shares
• Company Secretary Hans Martin Heikvam, new holding is 1,928 shares

Press contact
Contact     Erik Brynhildsbakken
Telephone   +47 22538301
Cellular    +47 41751271
E-mail      Erik.Brynhildsbakken@hydro.com

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

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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.