Hydro publishes information memorandum on take-over of majority of Vale's aluminium business

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

Norsk Hydro ASA has today published an information memorandum in connection with Hydro's takeover of the majority of Vale S.A.'s bauxite, alumina and aluminium business in Brazil referred to as Vale Aluminium.

The main sections of the information memorandum are: risk factors, description of the transaction, description of Hydro, brief description of Vale Aluminium, information regarding Hydro after the transaction, financial information for Hydro and unaudited pro forma condensed combined financial information for Hydro and Vale Aluminium.

Hydro is publishing the information memorandum in accordance with section 3.5 of the continuing obligations for companies listed on the Oslo Stock Exchange.

The information memorandum is attached.

Investor contact

Contact     Stefan Solberg

Cellular    +47 91727528

E-mail     Stefan.Solberg@hydro.com <mailto:Stefan.Solberg@hydro.com>

Press contact

Contact     Halvor Molland

Cellular    +47 92979797

E-mail     Halvor.Molland@hydro.com <mailto:Halvor.Molland@hydro.com>

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This announcement is not an offer for sale of securities in the United States or any other country. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Hydro does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Any offering of securities will be made by means of a prospectus that may be obtained from Hydro and that will contain detailed information about the company and management, as well as financial statements. Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia, Japan or any other  jurisdiction in which such distribution would be unlawful or would require registration or other measures.

In any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any member State, the "Prospectus Directive"), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive. This announcement is only directed at (a) persons who are outside the United Kingdom; or (b) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (c) persons falling within Article 49(2)(a) to (d) of the Order; or (d) persons to whom any invitation or inducement to engage in investment activity can be communicated in circumstances where Section 21(1) of the Financial Services and Markets Act 2000 does not apply. 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.