Norsk Hydro ASA — Earnings Release 2014

Jul 17, 2014

Norsk Hydro: Sapa (joint venture)- Announcement of results for the second quarter 2014

Norsk Hydro: Sapa (joint venture)- Announcement of results for the second quarter 2014

Underlying EBIT for Sapa improved compared to the first quarter, partly

influenced by seasonally stronger sales volumes.

Sapa's restructuring agenda is progressing according to plan and reported EBIT

is affected by related restructuring charges.

+---------------------------------------+-------------------+------------------+

|Key Figures - Sapa (50%) |Second quarter 2014|First quarter 2014|

+---------------------------------------+-------------------+------------------+

|NOK million, except sales volumes |  |  |

+---------------------------------------+-------------------+------------------+

|Revenue | 5 772| 5 673|

+---------------------------------------+-------------------+------------------+

|Underlying EBITDA | 321| 220|

+---------------------------------------+-------------------+------------------+

|Underlying EBIT | 175| 78|

+---------------------------------------+-------------------+------------------+

|Underlying Net Income (loss) | 131| 35|

+---------------------------------------+-------------------+------------------+

|Sales volumes (kmt) | 184| 180|

+---------------------------------------+-------------------+------------------+

|Earnings before financial items and tax| 84| (2)|

|(EBIT) | | |

+---------------------------------------+-------------------+------------------+

Market

Demand for extruded products in North America improved by 7 percent compared to

the first quarter, mainly due to seasonality. Compared to the same quarter of

the previous year, demand grew 5 percent, supported by automotive and building

and construction. Extruded demand in South America continued to show signs of

weakening.

In Europe, extruded products demand increased by 6 percent from the first

quarter, primarily driven by seasonality. Demand improved 2 percent compared to

the second quarter of 2013, supported by automotive, but somewhat offset by weak

building markets in Southern-Europe.

Global demand for precision tubing continued to be driven by increased demand

from the automotive sector.

Investor contact

Contact Pål Kildemo

Cellular +47 97096711

E-mail Pal.Kildemo@hydro.com

Press contact

Contact Halvor Molland

Cellular +47 92979797

E-mail Halvor.Molland@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.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1828010]