Hydro has completed the USD 1.11 billion transaction for the sale of 30 percent
interest in the Brazilian alumina refinery Hydro Alunorte and Hydro's 5 percent
interest in the bauxite producer Mineracão Rio do Norte (MRN), together with
Vale's 40 percent stake in MRN.

"We are looking forward to work with Glencore to further develop Alunorte.
Glencore has broad industrial experience within metals and mining, which adds to
the significant progress our bauxite and alumina area has made to bring down the
footprint of alumina production. This enables Hydro to strengthen our position
in low-carbon aluminium," says President and CEO, Hilde Merete Aasheim.

Hydro and Glencore will continue efforts to reduce carbon emissions from
Alunorte through the fuel switch project that aims to substitute fuel oil with
LNG, and the electrification of boilers. This will bring Alunorte to the first
decile on the global carbon curve already in 2025, positioning Alunorte as a
leading supplier of low-carbon alumina. The partners are committed to continuing
the development of social projects to improve the lives and livelihoods of
nearby communities.

"This transaction is an important step to deliver on Hydro's strategy. Alunorte
remains a core strategic asset for Hydro and is a key source of low-carbon
alumina supply to our primary aluminum smelters," says Aasheim.

The total enterprise value for the transaction is USD 1.11 billion, which was
adjusted by USD 244 million for 30 percent of Alunorte's net debt and deviation
from normalized working capital as of June 30, 2023. The enterprise value and
net debt exclude asset retirement obligations of USD 40 million on a 30 percent
basis. The parties have agreed to a post-closing price adjustment based on the
financial performance of Alunorte and Hydro expects to pay the full capped
amount of USD 55 million in Q1 2024.

Alunorte will continue to be consolidated in Hydro's financial accounts. There
will be no remeasurement or recognized gain related to this transaction.

Following the sale, Hydro remains the largest shareholder of Alunorte with 62
percent ownership. Glencore owns 30 percent of Alunorte, while the remaining
four minority shareholders collectively own 8 percent.

Investor contact:
Martine Rambøl Hagen
+47 91708918

Media contact:
Halvor Molland
+47 92979797

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