Norsk Hydro ASA — Earnings Release 2014

Apr 30, 2014

Higher sales volumes and power production lift results

First quarter presentation

Cautionary note

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, startup 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.

Svein Richard Brandtzæg

President and CEO

• •Underlying EBIT rises to NOK 772 million
• •Seasonally higher sales volumes
• •Increased power production
• •World ex-China primary aluminium demand continues to exceed production
• •Investment in new automotive line and in new recycling capacity

Demand expected to exceed production in 2014

World outside China

• •Seasonally stronger demand
• • 2014 aluminium demand expected to grow 2-4 % in world outside China
• • New curtailments and delays partly offsetting ramp-ups

Standard ingot premiums rise to record highs

Regional standard ingot premiums

USD per mt 050100150200250300350400450500Jan-08 Oct-08 Jul-09 Apr-10 Jan-11 Oct-11 Jul-12 Apr-13 Jan-14 US Mid WestJapan Europe (duty-paid)

• • US and European standard ingot premiums rose sharply in Q1 2014
• • US premiums ~405 USD/mt, EU premiums (duty-paid) ~375 USD/mt at end-April
• • Proposed changes to LME warehousing rules not implemented from April 1, due to UK court ruling

Source: Metal Bulletin, MW/MJP: Platts

Aluminium prices decrease through the quarter

Source: Reuters Ecowin

• • Aluminium price declining to range of USD 1 700 - 1 800 per mt in Q1
• • Minor decrease in average USD/mt price, partly offset by weaker NOK

im in ium Pr lum L M E ar a y	S /m U D t	/m N O K t
Q 1 2 0 1 4 av er ag e Q 1 2 0 1 4 d en	1 7 5 2 1 7 7 4	1 0 6 7 1 1 0 6 2 0
Q 4 2 0 1 3 av er ag e Q 4 2 0 1 3 d en	1 8 1 5 1 8 1 1	1 0 9 8 1 1 0 9 8 6

All-in aluminium price rising

Slight reduction in reported inventories world ex-China

World outside China reported primary aluminium inventories

Higher average alumina prices, falling through Q1

Platts alumina index (PAX)

• • Average PAX increased both in USD/mt and percentage of LME
• Average price 328 USD/mt, up 5 USD/mt from Q4
• Alumina as % of LME rose to close to 20 % mid-quarter, highest since PAX introduction
• PAX and alumina as % of LME decreased through the quarter, following smelter curtailments in the world outside China and increased LME price

Indonesia bauxite export ban taking effect

• • Complete ban on bauxite exports from mid-January 2014
• •Closures by bauxite miners in Indonesia
• • Uncertainty around possibility of getting export license for those with plans to build alumina capacity in Indonesia

Chinese bauxite import by origin (monthly)

Source: China customs

China bauxite imports decreasing through Q1

Indonesia export ban taking effect

**January and February annualized, except for Bauxite and Alumina where March is included

• • Bauxite and alumina
• Significant drop in bauxite imports during Q1 as Indonesia export ban starts
• Q1 alumina imports at highest level since Q1 2010
• •Primary aluminium

•

• No significant import or export expected in 2014
• Semis and fabricated Export of semis and fabricated products slightly down in Jan/Feb

Strong improvement focus in Brazil

• • Annualized alumina production stable from Q4
• • Higher hydrate production at Alunorte, increased production at Paragominas
• • "From B to A" improvement program progressing according to plan
• Target NOK 1 billion by end-2015, of which NOK 600 million by end-2014
• • Continued and close dialogue on ICMS taxes and framework conditions

Implied alumina cost and margin, USD/mt 1)

• 2) Realized alumina price
• 3) Realized alumina price as % of three month LME price with one month lag

Primary Metal operational improvements continue

Implied primary cost and margin, USD/mt 1)

• • Primary cost continues downward trend
• Improvement efforts with bottom-line effect
• Favorable exchange rate development
• Increasing premiums
• • USD 180 JV program on track, to be concluded by end-2016
• Positive contribution from continued reduced cost at Qatalum

Higher shipments in Rolled Products

Rolled Products sales by segment

1%10%14%8%Q1 2014 vs. Q4 2013 Q1 2014 vs. Q1 2013 Packaging & Building Litho, Auto & Heat exchanger General engineering Total Rolled Products

Expanding capacity for automotive growth market

• • Regulations forcing light-weighting of vehicles to reduce CO2 emissions
• Substitution gaining momentum
• • New body-in-white production line at Grevenbroich
• Brings total capacity to 200kmt
• Completion by end 2016
• EUR 130 million

Expanding recycling capacity

• • New recycling line for used beverage cans (UBC) at Neuss in Germany
• Reduces cost of metal production
• Increases capacity to more than 100kmt
• Completion by end-2015
• EUR 45 million
• • In line with strategy to increase recycling capacity and become carbon neutral by 2020

Seasonally stronger demand for extruded products

• • Seasonal demand increases from Q4
• Increases in North America and Europe
• Signs of weakening in South America
• • Increased demand compared to same quarter previous year in US and Europe
• • Global demand for precision tubing supported by strong automotive market

Improved reservoir levels, lower prices

Market price Southwestern Norway (NO2)

En ice N O K / M W h er g y p r	Q 1 2 0 1 4	Q 4 2 0 1 3
So t hw ter No ( N O 2 ) u es n rw ay	2 4 9	2 8 7
Sy tem s	2 2 5	2 9 6

( ) Re ir lev ls % Po int se rv o e s bo / ( be low ) 1 0 y a ve ea r a ve ra g e	Ma 3 1, 2 0 1 4 r	De 3 1, 2 0 1 3 c
So t hw ter No ( N O 2 ) * u es n rw ay	1 0. 5	5. 5
No rw ay	0. 2	0. 2

* Due to change in the geographical definition of the price areas historic information on reservoir levels have been updated to reflect this. Source: Nordpool and NVE

Eivind Kallevik

Executive VicePresident and CFO

High-level quarterly result development

NOK billion

Figures for 2013 throughout the presentation have been adjusted reflecting IFRS 11

Key financials

N O K i l l ion m	Q 1 2 0 1 4	Q 4 2 0 1 3	Q 1 2 0 1 3	2 0 1 3
Re ve nu e	1 8 2 8 2	1 6 5 7 0	1 6 1 0 9	6 4 8 7 7
Un de ly ing E B I T r	2 7 7	4 1 7	1 0 6 7	2 2 5 7
I tem lu de d fro de ly ing E B I T s e xc m un r	5 0	( 4 8 5 )	( 3 7 2 )	( 1 0 6 3 )
Re te d E B I T p or	8 2 2	( ) 1 4	7 0 4	1 6 6 3
F ina ia l inc ( ) nc om e ex p en se	9 2	( 7 7 2 )	( 1 7 7 )	( 2 5 7 6 )
( ) fo Inc los be tax om e s re	9 1 4	( ) 7 8 6	5 2 8	( ) 9 1 3
Inc tax om e es	( 4 5 2 )	2 9	( 2 7 4 )	( 1 1 5 )
Inc ( los ) fro t inu ing t ion om e s m co n o p era s	4 6 2	( 7 5 8 )	2 5 4	( 1 0 2 9 )
Inc ( los ) fro d isc inu d o ion t t om e s m on e p era s	-	-	9	1 8 9
Ne inc ( los ) t om e s	4 6 2	( 7 5 8 )	2 6 3	( 8 3 9 )
ing inc ( ) Un de ly t los r n e om e s	3 8 8	1 4 0	6 4 9	1 6 1 0
Re te d E P S, N O K p or	0. 1 9	( 0. 3 9 )	0. 1 4	( 0. 4 5 )
Un de ly ing E P S, N O K r	0. 1 6	0. 0 2	0. 3 0	0. 6 5

Items excluded from underlying EBIT

N O K i l l ion m	Q 1 2 0 1 4	Q 4 2 0 1 3	Q 1 2 0 1 3	2 0 1 3
Un de ly ing E B I T r	2 7 7	4 1 7	1 0 6 7	2 2 5 7
Un l ize d e f fec ts d r ter ia l c tra ts rea on p ow er an aw m a on c	1 7 5	1 4	( 2 6 9 )	( 1 0 7 )
Un l ize d de iva t ive f fec ts L M E la te d c tra ts rea r e on re on c	( 5 )	( 7 8 )	( 3 0 )	( 2 0 2 )
f fec Me ta l e t, Ro l le d Pr du ts o c	-	( ) 8 7	5	( ) 2 8 9
Ra ion l iza ion ha d c los t t ts a c rg es a n ure co s	-	( 3 2 4 )	( 7 8 )	( 4 7 9 )
Im irm t c ha p a en rg es	( 3 3 )	( 8 0 )	-	( 8 0 )
Ga ins ( los ) d ive tm ts se s on s en	-	( 6 9 )	-	-
O he f fec t ts r e	-	3 1 1	-	3 1 1
I tem lu de d in i ty te d inv tm t ( Sa ) s e xc eq ac co un es en p a u	( 8 6 )	( 1 7 2 )	-	( 2 1 7 )
Re d E B I T te p or	8 2 2	( 1 4 )	7 0 4	1 6 6 3

Bauxite & Alumina

Ke f ig y ur es	Q 1 2 0 1 4	Q 4 2 0 1 3	Q 1 2 0 1 3
A lum ina du t ion km t p ro c ,	1 4 2 8	1 4 5 2	1 3 6 1
To l a lum ina les km ta t sa ,	1 9 0 6	1 9 5 9	1 8 7 4
Re l ize d a lum ina ice U S D /m t a p r ,	2 6 9	2 6 3	2 9 6
S /m * Im l ie d a lum ina t, U D t p co s	2 5 8	2 5 9	2 6 1
Ba i te du t ion km t p ro c ux ,	2 2 2 4	2 0 8 0	2 2 1 0
O Un de ly ing E B I T D A, N K i l l ion r m	1 2 2	4 5	3 6 6
Un de ly ing E B I T, N O K i l l ion r m	( 2 8 8 )	( 3 7 9 )	( 6 3 )

NOK million

(1 057)

Q1 results

• Underlying EBIT Stable alumina production, increased bauxite production at Paragominas
• •Increased realized alumina price
• •Largely stable implied alumina cost

Outlook

• Gradually increasing alumina production
• •Full quarter of ICMS charges on fuel oil and electricity

* Implied alumina cost (based on EBITDA and sales volume) replaces previous apparent alumina cash cost

Primary Metal

Ke f ig y ur es	Q 1 2 0 1 4	Q 4 2 0 1 3	Q 1 2 0 1 3
Pr im lum in ium du t ion km t ary a p ro c ,	4 8 4	4 9 2	4 8 7
To ta l s les km t a ,	5 9 3	5 1 5	5 4 1
S /m Re l ize d L M E ice U D t a p r ,	1 9 7 4	1 8 0 2	2 0 3 4
Re l ize d L M E ice N O K /m t a p r ,	1 0 7 0 2	1 0 9 1 6	1 1 5 3 3
Im l ie d p im t U S D /m t p r ary co s	1 4 0 0	1 3 7 5	1 6 2 5
Un de ly ing E B I T D A, N O K i l l ion r m	7 5 3	9 4 0	8 3 8
Un de ly ing E B I T, N O K i l l ion r m	3 1 2	4 8 4	3 6 4

Underlying EBIT

NOK million

Q1 results

• •Costs lowered result by NOK ~150 million
• •Realized premiums increased results by NOK ~120 million
• •Qatalum insurance included in Q4 with NOK ~150 million

Outlook

• • About 50 % of primary production affecting Q2 results priced at ~USD 1 725 per mt, excluding Qatalum
• Higher premiums
• •Lower sales volumes

Qatalum result improved when adjusting for insurance settlement

f i Q ( ) K t lu 5 0 % e g r e s a a m y u –	Q 1 2 0 1 4	Q 4 2 0 1 3	Q 1 2 0 1 3
Re N O K i l l io ve nu e, m n	1 0 8 7	1 0 7 2	1 1 2 5
U d ly in E B I T D A N O K i l l io n e r g m n ,	3 4 2	5 0 4	3 4 9
U d ly in E B I T, N O K i l l io n e r g m n	1 1 5	2 3 7	1 0 6
U d ly in Ne t in ( lo ), n e r g c o m e s s O N K i l l io m n	7 5	2 0 3	6 5
Pr im lu in iu du t io km t a ry a m m p ro c n,	7 6	7 7	7 4
C ho le km t t a s s e s a s, u	8 3	8 0	8 2

All numbers on 50% basis.

•Stable production

• • Underlying net income down NOK 128 million from Q4 2013
• Insurance settlement in Q4 2013 related to fire in cooling tower NOK ~150 million
• • Decreasing LME offset by higher premiums

Metal Markets

Ke f ig y ur es	Q 1 2 0 1 4	Q 4 2 0 1 3	Q 1 2 0 1 3
Re l t p du t ion km t me ro c ,	1 3 9	1 2 3	1 3 5
Me l p du les km * ta ts t ro c sa ,	7 2 0	6 4 8	6 9 7
Un de ly ing E B I T D A, N O K i l l ion r m	1 5 7	2 1 4	1 6 3
Un de ly ing E B I T l c d inv tor r ex c urr en cy a n en y lua ion f fec N O K i l l ion t ts, va e m	1 6 1	1 4 4	1 1 0
Un de ly ing E B I T, N O K i l l ion r m	1 4 1	1 9 0	1 4 6

Underlying EBIT

NOK million

* Sales volumes for 2013 revised due to change of definition

Q1 results

• •Seasonally higher volumes
• •Improved result from sourcing and trading activities
• • NOK 20 million in negative currency and ingot valuation effects vs. NOK 46 million positive in Q4

Outlook

• •Largely stable remelt volumes
• •Volatile trading and currency effects

Rolled Products

Ke f ig y ur es	Q 1 2 0 1 4	Q 4 2 0 1 3	Q 1 2 0 1 3
Ex ter l s les lum km t na a vo es ,	2 4 3	2 2 6	2 3 6
Un de ly ing E B I T D A, N O K i l l ion r m	3 5 1	2 8 4	3 1 1
Un de ly ing E B I T, N O K i l l ion r m	1 8 1	1 0 0	1 5 2

Underlying EBIT

NOK million

Q1 results

• •Seasonally higher shipments
• • Lower costs due to efficiency gains and seasonal maintenance in Q4
• •Slightly lower margins, partly due to rising premiums

Outlook

• •Seasonally higher sales
• •Continued margin pressure from rising premiums

*Figures adjusted for 2013 reflecting IFRS 11

Energy

Ke f ig y ur es	Q 1 2 0 1 4	Q 4 2 0 1 3	Q 1 2 0 1 3
Po du t ion G W h we r p ro c ,	2 9 6 4	2 4 1 1	2 9 0 4
Ne les G W h t s t s p o a ,	1 8 1 5	1 0 8 9	1 1 8 5
So t hw t No t p ice ( N O 2 ), u es rw ay sp o r O / N K M W h	2 4 9	2 8 7	3 1 1
Un de ly ing E B I T D A, N O K i l l ion r m	4 7 4	4 2 0	5 5 7
Un de ly ing E B I T, N O K i l l ion r m	4 3 5	3 8 3	5 1 7

Underlying EBIT Q1 results

NOK million

• •Results up on higher production
• Low prices on wet and mild weather

Outlook

• •Seasonally lower production
• •Preparing for Rjukan outage starting in June
• •Volume and price uncertainty

Sapa joint venture

S ( ) K f i 5 0 % e y g u r e s a p a –	Q 1 2 0 1 4	Q 4 2 0 1 3
O Re N K i l l io ve nu e, m n	6 3 5 7	0 6 6 5
U d ly in E B I T D A N O K i l l io n e r g m n ,	2 2 0	( 2 2 )
O U d ly in E B I T, N K i l l io n e r g m n	8 7	( 1 0 ) 7
U d ly in Ne in ( lo ), t n e r g c o m e s s N O K i l l io m n	3 5	( 1 4 0 )
S le lu ( km ) t a s vo m e s	1 8 0	1 5 7

• • Seasonally stronger quarter Higher sales volumes in all areas compared to Q4 2013
• • Underlying net income up NOK 175 million from Q4 2013
• • Restructuring agenda progressing according to plan

All numbers on 50% basis.

Other and Eliminations

O h d E l i i i t t e r a n m n a o n s	Q 1 2 0 1 4	Q 4 2 0 1 3	Q 1 2 0 1 3
S J V a p a	3 5	( 1 4 0 )	-
O t he r	( 1 2 ) 7	( 1 3 4 )	( 1 2 ) 5
E l im in t io a ns	8 4	( 3 1 )	8 7
i i i O t h d E l t e r a n m n a o n s	( 8 )	( 3 0 6 )	( 3 8 )

Net cash/(debt) development Q1 2014

NOK billion

• • Lift and stabilize bauxiteand alumina production
• • Deliver on improvement programs
• • Demand expected to exceed production in primary aluminium market

Items excluded from underlying results - 2014

NO K m illio n (+ =lo ss/ ( )=g ain )		Q1 20 14
Un lize d d eriv ativ ffec ts o n L ME late d c ont ts rea e e re rac	Ba uxi te & alu min a	( 4)
To tal imp act	Ba uxi & a lum ina te	( 4)
Un lize d d eriv ativ ffec ts o n L ME late d c ont ts rea e e re rac	Pri eta l ma ry m	( 12)
Un lize d e ffec ts o hys ica l po ntra cts rea n p we r co	Pri eta l ma ry m	4
Un lize d d eriv ativ ffec ts o ont ts rea e e n p ow er c rac	Pri eta l ma ry m	40
Un lize d d eriv ativ ffec ts o ont ts ( Sø ral) rea e e n p ow er c rac	Pri eta l ma ry m	( 33)
ffec Un lize d d eriv ativ ts o ate rial ntra cts rea e e n ra w m co	Pri eta l ma ry m	10
To tal imp act	Pri tal ma ry me	8
Un lize d d eriv ativ ffec n L ME late d c ts o ont ts rea e e re rac	Me tal rke ts ma	35
Imp airm ch ent arg es	Me tal rke ts ma	33
To tal imp act	Me tal rke ts ma	69
Un lize d d eriv ativ ffec n L ME late d c ts o ont ts rea e e re rac	Ro lled odu cts pr	( 16)
To tal imp act	Ro lled od uct pr s	( 16)
Un lize d d eriv ativ ffec ts o ont ts rea e e n p ow er c rac	Ene rgy	3
To tal imp act	En erg y	3
Un lize d d eriv ativ ffec ts o ont ts rea e e n p ow er c rac	Oth nd elim ina tion er a s	( 198 )
Un lize d d eriv ativ ffec ts o n L ME late d c ont ts rea e e re rac	Oth nd elim ina tion er a s	1
Item xcl ude d in uity nte d in tme nt ( Sa ) s e eq ac cou ves pa	Oth nd elim ina tion er a s	86
To tal imp act	Oth and eli min atio er ns	( 111 )
To tal EB IT	Hy dro	( 50)
t fo e (g ) /los Ne reig xch ain n e ang s	Hy dro	( ) 193
Inc e ( los s) bef tax om ore	Hy dro	( 244 )
Ca lcu late d in ffec e ta t com x e	Hy dro	170
Item xcl ude d fr dis tinu ed rati s e om con ope ons	Hy dro	-
Ne t in e ( los s) com	Hy dro	( 74)

Items excluded from underlying results - 2013

NO K m illio n (+ =lo ss/ ( )=g ain )		Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	20 13
ffec Un lize d d eriv ativ ts o n L ME late d c ont ts rea e e re rac	te & Ba uxi Al ina um	13	( 3)	-	3	12
Leg al s ettl ent em s	Ba uxi te & Al ina um	-	-	-	109	109
To tal imp act	Ba uxi te & A lum ina	13	( 3)	-	112	12 1
Un lize d d eriv ativ ffec ts o n L ME late d c ont ts rea e e re rac	Pri Me tal ma ry	72	55	( 70)	23	81
Un lize d d eriv ativ ffec ts o ont ts ( Sø ral) rea e e n p ow er c rac	Pri Me tal ma ry	16	88	40	45	189
Un lize d d eriv ativ ffec ts o ont ts rea e e n p ow er c rac	Pri Me tal ma ry	25 1	( 42)	19	57	285
Un lize d d eriv ativ ffec ts o ate rial ntra cts rea e e n ra w m co	Pri Me tal ma ry	6	8	10	12	36
Ra tion aliz atio har d c los sts n c ges an ure co	Pri Me tal ma ry	-	7	-	-	7
Ins atio n ( Qa talu m) ura nce co mp ens	Pri Me tal ma ry	-	-	-	( 30)	( 30)
To tal imp act	Pri Me tal ma ry	346	116	( 1)	107	568
Un lize d d eriv ativ ffec ts o n L ME late d c ont ts rea e e re rac	Me tal Ma rke ts	( 82)	26	49	( 5)	( 12)
( Ga ins ) /Lo n d ive stm ent sse s o s	Me tal Ma rke ts	-	-	( 53)	-	( 53)
Pe nsi on	Me tal Ma rke ts	-	-	-	( 7)	( 7)
To tal imp act	Me tal Ma rke ts	( 82)	26	( 4)	( 12)	( 73)
ffec Un lize d d eriv ativ ts o n L ME late d c ont ts rea e e re rac	Ro lled Pr odu cts	45	58	( 28)	59	134
Me tal effe ct	Ro lled Pr odu cts	( 5)	100	107	87	289
Ra tion aliz atio har d c los sts n c ges an ure co	Ro lled Pr odu cts	-	45	28	12	85
( Ga ins ) /Lo n d ive stm ent sse s o s	Ro lled Pr odu cts	-	-	-	69	69
Pe nsi on	Ro lled Pr odu cts	-	-	-	( 45)	( 45)
To tal imp act	Ro lled Pr od uct s	41	202	107	182	532
Un lize d d eriv ativ ffec ts o ont ts rea e e n p ow er c rac	En erg y	4	( 3)	4	( 8)	( 4)
imp To tal act	En erg y	4	( 3)	4	( 8)	( 4)
Un lize d d eriv ativ ffec ts o ont ts rea e e n p ow er c rac	Oth nd elim ina tion er a s	( 9)	( 205 )	( 66)	( 119 )	( 399 )
Un lize d d eriv ativ ffec ts o n L ME late d c ont ts rea e e re rac	Oth nd elim ina tion er a s	( 19)	( 6)	15	( 2)	( 13)
Imp airm cha ent rge s	Oth nd elim ina tion er a s	-	-	-	80	80
Pe nsi on	Oth nd elim ina tion er a s	-	-	-	( 338 )	( 338 )
( Ga ins ) /Lo n d ive stm ent sse s o s	Oth nd elim ina tion er a s	-	( 16)	-	-	( 16)
Ra tion aliz atio har d c los sts n c ges an ure co	Oth nd elim ina tion er a s	78	34	( 37)	312	386
nt ( Sa ) Item xcl ude d in uity nte d in tme s e eq ac cou ves pa	Oth nd elim ina tion er a s	-	-	45	172	217
To tal imp act	Ot her d e lim ina tio an ns	51	( 193 )	( 43)	104	( 81)
To tal EB IT	Hy dro	372	144	62	485	1 0 63
Ne t fo reig xch e (g ain ) /los n e ang s	Hy dro	114	1 2 91	152	688	2 2 46
Inc e ( los s) bef tax om ore	Hy dro	486	1 4 35	214	1 1 73	3 3 09
Ca ffec lcu late d in e ta t com x e	Hy dro	( 141 )	( 406 )	( 66)	( 276 )	( 889 )
Item xcl ude d fr dis tinu ed rati s e om con ope ons	Hy dro	40	64	( 75)	-	30
( 3 6 ) ( s) Ne t in los co me	Hy dro	385	1 0 92	73	898	2 4 50

Underlying EBIT

NO K m illi on	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
& A Ba ite lum ina ux	( 144 )	( 18 8)	( 38 6)	( 73 )	( 63 )	( 24 4)	( 37 0)	( 37 9)	( 28 8)	( 79 1)	( 1 0 57 )
Pri Me tal ma ry	36	24 5	( 4)	58	36 4	23 7	33 7	48 4	31 2	33 5	1 4 22
Me tal M ark ets	88	45	8	70	14 6	14 7	11 1	19 0	14 1	21 0	59 4
Ro lled Pr od uct s	15 0	20 3	21 3	70	15 2	18 3	18 1	10 0	18 1	63 7	61 5
En erg y	55 6	36 2	22 0	32 2	51 7	26 8	48 5	38 3	43 5	1 4 59	1 6 53
Ot he nd el im ina tio r a ns	( 10 8)	( 13 6)	( 35 )	( 27 5)	( 38 )	( 70 )	( 87 )	( 30 6)	( 8)	( 55 3)	( 50 2)
To tal	57 8	53 1	16	17 2	1 0 76	52 0	65 8	47 1	77 2	1 2 97	2 7 25

Underlying EBITDA

illi NO K m on	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
& A Ba ite lum ina ux	33 1	25 0	42	33 6	36 6	20 3	47	45	12 2	95 9	66 2
Pri Me tal ma ry	58 2	74 1	48 2	52 8	83 8	71 3	80 2	94 0	75 3	2 3 32	3 2 93
Me tal M ark ets	114	70	33	92	16 3	16 5	14 9	21 4	15 7	30 8	69 1
Ro lled Pr od uct s	26 2	31 5	32 4	18 9	31 1	34 6	35 1	28 4	35 1	1 0 90	1 2 93
En erg y	58 4	39 1	25 0	36 3	55 7	30 2	52 3	42 0	47 4	1 5 88	1 8 03
Ot he nd el im ina tio r a ns	( 92 )	( 12 0)	19	( 25 8)	( 24 )	( 55 )	( 72 )	( 28 5)	4	( 45 2)	( 43 5)
To tal	1 7 80	1 6 48	1 1 49	1 2 50	2 2 12	1 6 74	1 8 01	1 6 19	1 8 61	5 8 27	7 3 06

2012 are adjusted to reflect IAS19R 2013 are adjusted to reflect IFRS11

EBIT

NO K m illi on	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Ba ite & A lum ina ux	( 13 6)	( 19 9)	( 38 7)	( 62 )	( 76 )	( 24 1)	( 37 0)	( 49 1)	( 28 4)	( 78 3)	( 1 1 78 )
Pri Me tal ma ry	( 91 )	( 1 2 27 )	( 48 )	11 2	19	12 2	33 8	37 7	30 3	( 1 2 54 )	85 5
Me tal M ark ets	15 6	17	( 24 6)	21 1	22 8	12 1	11 6	20 2	73	13 8	66 6
Ro lled Pr od uct s	16 8	16 0	33 9	12 1	11 0	( 19 )	74	( 83 )	19 7	78 8	83
En erg y	55 4	35 3	21 7	32 3	51 3	27 1	48 1	39 1	43 1	1 4 48	1 6 57
Ot he nd el im ina tio r a ns	59	28 6	( 10 8)	( 1)	( 89 )	12 2	( 43 )	( 41 0)	10 2	23 5	( 42 0)
To tal	71 0	( 61 0)	( 23 2)	70 4	70 4	37 6	59 6	( 14 )	82 2	57 1	1 6 63

EBITDA

NO K m illi on	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Ba ite & A lum ina ux	33 9	24 0	41	34 7	35 3	20 7	47	( 67 )	12 5	96 7	54 0
Pri Me tal ma ry	45 6	42 3	43 8	47 2	49 2	59 7	80 3	83 3	74 5	1 7 89	2 7 26
Me tal M ark ets	18 2	42	( 14 5)	23 2	24 5	13 9	15 3	22 6	12 2	31 2	76 4
Ro lled Pr od uct s	28 0	27 1	45 0	24 0	27 0	144	24 5	10 2	36 7	1 2 41	76 1
En erg y	58 2	38 3	24 8	36 4	55 3	30 6	51 9	42 9	47 1	1 5 77	1 8 07
Ot he nd el im ina tio r a ns	74	30 2	( 55 )	16	( 74 )	13 8	( 28 )	( 30 9)	11 5	33 7	( 27 4)
To tal	1 9 13	1 6 61	97 7	1 6 72	1 8 39	1 5 31	1 7 39	1 2 14	1 9 44	6 2 22	6 3 23

2012 are adjusted to reflect IAS19R 2013 are adjusted to reflect IFRS11

Total revenue

NO K m illi on	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Ba ite & A lum ina ux	3 1 95	3 5 73	3 0 32	3 4 65	3 3 04	3 1 47	3 3 54	3 5 46	3 5 11	13 26 5	13 35 0
Pri Me tal ma ry	58 7 4	78 7 5	6 1 69	85 5 4	5 9 45	5 8 96	5 8 84	5 5 54	6 6 18	26 69 0	23 27 9
Me tal M ark ets	11 46 1	10 83 6	8 9 68	8 6 66	9 8 53	9 8 80	9 0 61	8 9 96	10 29 2	39 93 1	37 79 1
Ro lled Pr od uct s	5 1 43	4 9 88	5 0 63	4 8 85	5 0 15	5 2 05	5 0 05	4 8 68	5 2 38	20 08 0	20 09 2
En erg y	1 4 54	85 2	1 1 44	1 2 40	1 7 62	1 2 46	1 6 74	1 5 96	1 5 39	4 6 91	6 2 79
Ot he nd el im ina tio r a ns	( 11 66 8)	( 10 99 7)	( 9 6 53 )	( 8 1 ) 57	( 9 7 70 )	( 9 3 22 )	( 8 8 33 )	( 7 9 90 )	( 8 9 17 )	( 40 47 6)	( 35 91 4)
To tal	17 04 4	16 82 9	14 72 2	15 58 5	16 10 9	16 05 2	16 14 5	16 57 0	18 28 2	64 18 1	64 87 7

External revenue

NO K m illi on	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Ba ite & A lum ina ux	1 9 54	2 2 17	1 9 21	2 3 67	1 9 82	1 8 94	2 0 77	2 1 71	2 2 08	8 4 59	8 1 24
Pri Me tal ma ry	1 1 27	1 2 37	1 0 72	1 0 43	81 3	1 0 40	1 0 25	98 8	1 2 27	4 4 79	3 8 66
Me tal M ark ets	8 0 43	7 7 76	6 4 66	6 6 75	7 4 29	7 3 21	7 2 28	7 6 68	8 7 19	28 96 0	29 64 6
Ro lled Pr od uct s	5 1 13	5 0 85	4 9 55	4 8 46	5 0 32	5 2 84	5 0 02	4 9 68	5 2 90	20 00 0	20 28 6
En erg y	76 2	46 2	28 5	58 6	82 6	48 9	77 9	73 7	80 7	2 0 95	2 8 30
Ot he nd el im ina tio r a ns	44	52	24	68	28	24	34	38	31	18 7	124
To tal	17 04 4	16 82 9	14 72 2	15 58 5	16 10 9	16 05 2	16 14 5	16 57 0	18 28 2	64 18 1	64 87 7

2013 are adjusted to reflect IFRS 11

Internal revenue

NO K m illi on	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Ba ite & A lum ina ux	1 2 41	1 3 56	1 1 11	1 0 98	1 3 22	1 2 53	1 2 77	1 3 75	1 3 04	4 8 06	5 2 26
Pri Me tal ma ry	6 3 31	6 3 41	5 0 97	4 4 42	5 1 32	4 8 56	4 8 60	4 5 66	5 3 91	22 21 0	19 41 3
Me tal M ark ets	3 4 18	3 0 60	2 5 02	1 9 92	2 4 24	2 5 59	1 8 33	1 3 28	1 5 73	10 97 1	8 1 44
Ro lled Pr od uct s	30	( ) 97	10 8	39	( ) 17	( ) 80	3	( 1) 10	( ) 52	80	( ) 194
En erg y	69 1	39 1	85 9	65 4	93 6	75 8	89 5	86 0	73 2	2 5 95	3 4 49
Ot he nd el im ina tio r a ns	( 2) 11 71	( 9) 11 04	( ) 9 6 77	( ) 8 2 25	( ) 9 7 97	( ) 9 3 45	( ) 8 8 67	( ) 8 0 28	( ) 8 9 48	( 3) 40 66	( 8) 36 03
To tal	-	-	-	-	-	-	-	-	-	-	-

Share of profit /(loss) in equity accounted investments

NO K m illi on	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Ba ite & A lum ina ux	-	-	-	-	-	-	-	-	-	-	-
Pri Me tal ma ry	( 10 5)	( 5)	( 13 7)	( 73 )	35	( 70 )	( 19 )	16 2	92	( 32 0)	10 8
Me tal M ark ets	-	( 1)	-	1	-	-	-	-	-	-	-
Ro lled Pr od uct s	( 14 )	( 16 )	( 16 )	( 21 )	-	-	-	-	-	( 67 )	-
En erg y	-	-	-	-	-	-	-	-	-	( 2)	-
Ot he nd el im ina tio r a ns	2	2	( 63 )	( 2)	-	( 1)	( 35 )	( 31 2)	( 51 )	( 61 )	( 34 8)
To tal	( 11 7)	( 20 )	( 21 8)	( 95 )	34	( 70 )	( 54 )	( 15 0)	40	( 45 0)	( 24 0)

2013 are adjusted to reflect IFRS 11

Depreciation, amortization and impairment

NO K m illi on	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Ba ite & A lum ina ux	47 5	43 9	42 8	40 9	42 9	44 8	41 7	42 4	41 0	1 7 50	1 7 18
Pri Me tal ma ry	54 2	1 6 45	48 2	35 6	47 0	47 2	46 1	45 2	43 7	3 0 26	1 8 55
Me tal M ark ets	26	26	10 1	22	18	18	38	24	49	17 4	98
Ro lled Pr od uct s	98	98	98	10 6	16 0	16 3	17 0	18 4	17 0	40 1	67 7
En erg y	28	30	30	41	40	35	37	37	39	12 9	15 0
Ot he nd el im ina tio r a ns	16	16	15	17	15	15	15	10 1	13	63	14 6
To tal	1 1 84	2 2 54	1 1 55	95 1	1 1 31	1 1 50	1 1 39	1 2 23	1 1 17	5 5 44	4 6 44

Capital employed – upstream focus

NO K m illi on	Ma r 3 1, 20 14
& A Ba ite lum ina ux	34 27 3
Pri Me tal ma ry	27 31 9
Me tal M ark ets	2 0 67
Ro lled Pr od uct s	8 9 75
En erg y	3 1 54
Ot he nd el im ina tio r a ns	1 2 84
To tal	77 07 2

Graph excludes NOK 1.28 billion in capital employed in Other and eliminations 2013 are adjusted to reflect IFRS 11

Income statements

NO K m illi on						Q1 20 14		Q4 20 13	Q1 20	13	Ye 20 13 ar
Re ve nu e Sh of rof it ( s) th los in e ity ted are e p qu ac co un Ot he r in et co me , n	in stm ts ve en					18 28 2 40 13 2		16 57 0 ( 0) 15 10 3	16	10 9 34 23 7	64 87 7 ( 0) 24 80 1
To tal nd in re ve nu e a co me						18 45 4		16 52 3	16	38 0	65 43 8
Ra ter ial d e w ma an ne rgy ex pe ns e Em loy be fit p ee ne ex pe ns e De cia tio ort iza tio nd im irm t pre n, am n a pa en Ot he r e xp en se s						12 28 7 2 0 33 1 1 17 2 1 94		11 28 8 1 5 82 1 2 23 2 4 44	10 1 9 1 1 1 9	64 7 86 31 12	43 17 5 7 3 60 4 6 44 8 5 96
Ea rni s b efo fin cia l it nd ta x ( ng re an em s a	EB IT)					82 2		( ) 14		70 4	1 6 63
Fin cia l in an co me Fin cia l ex an pe ns e						63 29		12 2 ( 89 5)	( 27	10 1 8)	40 2 ( 2 9 78 )
Inc e ( los s) fro nti ing tio be for om m co nu op era ns Inc e t om ax es			91 4 ( 45 2)		( 78 6) 29	( 27	52 8 4)	( 91 3) ( 11 5)
e ( s) fro Inc los nti ing tio om m co nu op era ns Inc e ( los s) fro dis nti ed tio om m co nu op era ns						46 2 -		( 8) 75 -		25 4 9	( ) 1 0 29 18 9
Ne t in ( los s) co me						46 2		( 75 8)		26 3	( 83 9)
Ne t in ( los s) rib ble ino rity in att uta to ter co me m Ne t in ( los s) att rib uta ble to Hy dro sh co me are	t es ho lde rs					69 39 3		35 ( 79 3)	(	24 ) 28 7	81 ( 92 0)
Ea rni sh at tri bu tab le to Hy dro ng s p er are	sh ho lde are rs					0.1 9		( 9) 0.3		0.1 4	( 5) 0.4
NO K m illi on	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Ne t in ( los s) co me	57 5	( 1 7 37 )	( 25 6)	87	26 3	( 66 5)	32 1	( 75 8)	46 2	( 1 3 31 )	( 83 9)
ing t in ( s) Un de rly los ne co me	( ) ( 23 3 24 3 44 24						39 3	14 0	38 8	40 8	1 6 10
Ea rni sh ng s p er are	0.2 4	( 0.8 0)	( 0.1 5)	0.0 6	0.1 4	( 0.3 1)	0.1 1	( 0.3 9)	0.1 9	( 0.6 5)	( 0.4 5)
Un de rly ing rni sh ea ng s p er are	0.1 2	0.1 1	( 0.0 1)	( 0.0 1)	0.3 0	0.1 9	0.1 4	0.0 2	0.1 6	0.2 1	0.6 5

2012 are adjusted to reflect IAS19R

2013 are adjusted to reflect IFRS 11

Balance sheets

NO K m illi on	Ma r 3 1 2 01 4	De c 3 1 2 01 3	Se 30 20 13 p	Ju n 3 0 2 01 3	Ma r 3 1 2 01 3
Ca sh d c h e iva len ts an as qu Sh ort -te in stm ts rm ve en Ac ts eiv ab le co un rec Inv tor ies en Ot he t a ts r c urr en sse	6 4 76 3 0 81 11 11 6 9 5 99 32 5	8 4 12 2 4 80 9 5 39 10 07 0 18 1	8 3 97 1 4 33 10 76 9 9 7 58 37 5	7 3 99 1 2 73 9 8 11 9 6 69 44 8	6 4 11 3 5 72 10 07 0 10 26 6 42 9
As ts he ld f le se or sa	-	-	-	10 91 5	10 35 5
Pro rty lan t a nd uip nt pe , p eq me Int ible ts an g as se Inv ted fo sin the uity eth od tm ts es en ac co un r u g eq m Pre id ion pa pe ns Ot he nt ts r n on -cu rre as se	52 55 9 5 5 98 16 77 5 3 8 01 6 3 94	52 85 5 5 5 62 17 14 8 3 5 95 6 4 83	53 37 4 5 6 47 17 06 0 3 3 07 6 4 23	54 95 2 5 7 43 9 9 78 3 3 13 6 6 82	56 54 7 5 9 94 9 6 47 3 3 20 6 7 52
To tal ts as se	11 5 7 24	11 6 3 24	11 6 5 41	12 0 1 82	12 3 3 64
Ba nk- loa d o the r in t-b rin ho de bt ter rt-t ns an es ea g s erm Tra de d o the ab les an r p ay Ot he t li ab iliti r c urr en es	6 2 55 9 0 73 3 0 02	6 2 20 9 1 97 3 4 33	6 2 20 8 4 65 2 9 46	5 8 05 8 5 39 2 7 43	5 3 45 9 2 94 3 2 54
Lia bili tie s in clu de d i n d isp al g os rou p	-	-	-	3 7 48	3 5 32
Lo -te de bt ng rm Pro vis ion s Pe ion ob liga tio ns n De fer red ta x l iab iliti es Ot he nt lon ter liab iliti r n on -cu rre g- m es	3 9 41 2 7 14 9 7 98 2 8 33 2 1 33	3 9 86 2 6 84 9 8 58 2 8 53 2 8 28	4 1 48 2 5 19 9 3 02 3 7 01 3 1 41	4 1 78 2 5 28 9 1 05 3 9 10 3 2 14	4 2 45 2 5 48 8 7 60 4 3 26 3 3 04
Eq uity at trib uta ble to Hy dro sh ho lde are rs Mi rity in ter t no es	70 53 3 5 4 43	69 98 1 5 2 83	70 41 7 5 6 82	70 66 3 5 7 48	72 58 4 6 1 72
To tal lia bil itie nd uit s a eq y	11 5 7 24	11 6 3 24	11 6 5 41	12 0 1 82	12 3 3 64

2013 are adjusted to reflect IFRS 11

Operational data

Ba ite & Alu mi ux na	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Alu mi od ion ( km t) uct na pr	1 4 64	1 4 91	1 4 41	1 3 97	1 3 61	1 2 48	1 3 16	1 4 52	1 4 28	5 7 92	5 3 77
So ed al ina ( km t) urc um	32 4	33 2	39 9	33 5	47 6	42 7	71 1	39 5	55 0	1 3 90	2 0 09
To tal al ina les ( km t) um sa	1 7 76	1 8 88	1 6 83	1 8 80	1 8 74	1 6 96	1 8 79	1 9 59	1 9 06	7 2 27	7 4 08
1) Re aliz ed al ina ice ( US D) um pr	29 3	29 6	27 0	28 5	29 6	27 5	26 7	26 3	26 9	28 6	27 5
2) Im lied al ina ( US D) st p um co	26 1	27 4	26 6	25 3	26 1	25 4	26 3	25 9	25 8	26 3	26 0
3) Ba ite du ctio n ( km t) ux pro	2 2 90	2 1 15	2 4 39	2 3 78	2 2 10	1 7 65	1 5 13	2 0 80	2 2 42	9 2 21	7 5 67
4) So ed ba ite ( km t) urc ux	1 8 41	2 1 42	2 1 66	2 5 43	1 2 65	2 4 31	2 3 53	2 4 74	1 8 74	8 6 92	8 5 23
5) Pr im M eta l ary	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Re aliz ed al iniu ice LM E, US D/m t um m pr	2 1 55	2 1 67	2 0 22	1 9 40	2 0 43	1 9 26	1 8 22	1 8 02	1 7 49	2 0 80	1 9 02
7) Re aliz ed al iniu ice LM E, NO K/m t um m pr	12 40 4	12 63 7	11 85 6	11 06 9	11 53 3	11 21 7	10 93 8	10 91 6	10 70 2	12 04 7	11 16 0
6) Re aliz ed ium ab e L ME US D/m t pr em ov ,	28 6	28 1	29 3	31 3	34 5	35 8	37 4	37 1	42 2	29 4	36 2
6) 7 ) Re aliz ed ium ab e L ME NO K/m t pr em ov ,	1 6 44	1 6 39	1 7 16	1 7 88	1 9 45	2 0 87	2 2 47	2 2 46	2 5 83	1 6 91	2 1 24
7) Re aliz ed N OK /U SD ch te ex an ge ra	5.7 5	5.8 3	5.8 6	5.7 1	5.6 4	5.8 2	6.0 0	6.0 6	6.1 2	5.7 9	5.8 7
Re aliz ed N OK /U SD ch te clu din he dg ex an ge ra ex g e	5.7 5	5.8 3	5.8 6	5.7 1	5.6 4	5.8 2	6.0 1	6.0 6	6.1 2	5.7 9	5.8 7
8) Im lied ima st ( US D) p pr ry co	1 9 00	1 8 75	1 7 50	1 6 50	1 6 25	1 5 75	1 4 50	1 3 75	1 4 00	1 7 75	1 5 00
Pri alu mi niu du ctio km t ma ry m pro n,	51 4	50 2	48 4	48 5	47 8	48 3	49 1	49 2	48 4	1 9 85	1 9 44
9) Ca sth du ctio km t ou se pro n,	59 2	57 9	54 0	50 4	49 5	51 3	51 6	52 2	52 5	2 2 15	2 0 46
10) To tal les km t sa ,	62 7	61 5	55 7	50 5	54 1	53 1	54 0	51 5	59 3	2 3 04	2 1 27

1) Weighted average of own production and third party contracts, excluding hedge results. The majority of the alumina is sold linked to the LME prices with a one month delay.

2) Implied alumina cost (based on EBITDA and sales volume) replaces previous apparent alumina cash cost

3) Paragominas on wet basis.

4) 40 percent MRN offtake from Vale and 5 percent Hydro share on wet basis.

5) Operating and financial information includes Hydro's proportionate share of production and sales volumes in equity accounted investments. Realized prices, premiums and exchange rates exclude equity accounted investments.

6) Average realized premium above LME for casthouse sales from Primary Metal. Historical premiums for 2012 and 2013 have been revised due to change of definition.

7) Including strategic hedges /hedge accounting applied

8) Realized aluminium price minus EBITDA margin per mt primary aluminium. Includes net earnings from primary casthouses

9) Production volumes for 2012 and 2013 have been revised, due to change of definition

10) Total sales replaces previous casthouse sales due to change of definition

Operational data

Me tal M ark ets	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Re lt p rod uct ion ( 1 0 00 t) me m	15 2	14 2	13 6	11 9	13 5	13 2	12 7	12 3	13 9	54 8	51 7
Th ird rty eta l p rod uct ale s ( 1 0 00 t) -pa m s s m	76	82	81	85	84	78	76	78	84	32 3	31 7
1) 2 ) Me tal od ale l. in ad ing ( 1 0 00 t) uct t tr pr s s s e xc go m	78 1	3 77	71 3	65 7	69 7	67 8	66 8	64 8	72 0	2 9 24	2 6 91
2) He f e xte l sa les cl. ing ot tra din ( 1 0 00 t) reo rna ex g m	65 0	63 4	60 6	56 2	58 3	57 6	57 9	62 6	69 9	2 4 52	2 3 64
e ( NO n) Ex ter l re K m illio na ve nu	8 0 43	7 7 76	6 4 66	6 6 75	7 4 29	7 3 21	7 2 28	7 6 68	8 7 19	28 96 0	29 64 6
Ro lle d P rod ts uc	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Ro lled Pr od l sh ipm ( 1 0 00 t) uct xte ts s e rna en m	22 7	22 8	22 8	22 6	23 6	24 5	23 4	22 6	24 3	90 9	94 1
Ro lled Pr od uct Un de rly ing EB IT t, NO K s – pe r m	66 5	89 5	94 0	31 0	64 1	74 5	77 6	44 2	74 4	70 1	65 6
Ex de d P rod – D isc tin d o ion tru ts rat uc on ue pe s	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Ju l/A ug 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Ex de d e l sh ipm ( 1 0 00 t) tru xte ts rna en m	13 3	13 7	12 5	11 2	11 9	12 7	78	-	-	50 8	32 4
NO 3) Ex tru de d – de rly ing EB IT t, K un pe r m	10 5	38 7	21 6	( 0) 67	( 7) 18	39 2	11 5	-	-	39	11 3
En erg y	Q1 20 12	Q2 20 12	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14	Ye 20 12 ar	Ye 20 13 ar
Po rod uct ion GW h we r p ,	3 1 90	2 5 13	2 1 57	2 4 48	2 9 04	2 0 90	2 8 38	2 4 11	2 9 64	10 30 7	10 24 3
Ne ale GW h t s t s po s,	1 8 79	1 2 84	98 9	1 0 99	1 5 18	82 9	1 6 73	1 0 89	1 5 81	5 2 51	5 1 10
No rdi t e lec tric ity ice NO K/M Wh c s po pr ,	29 1.0	21 5.0	154 .0	27 5.0	31 3.0	29 4.0	28 4.0	29 6.0	25 2.0	23 4.0	29 7.0
So ( NO 2), OK /M uth No t e lec tric ity ice N Wh ern rwa y s po pr	27 2.0	20 3.0	13 1.0	26 8.0	31 1.0	29 6.0	26 7.0	28 7.0	24 9.0	21 8.0	29 0.0

1) Includes external and internal sales from primary casthouse operations, remelters and third party metal sources..

2) Sales volumes for 2012 and 2013 have been revised due to change of definition

3) EBIT used for calculations in Q4 2012, Year 2012 and 2013, are pro forma

2012 are adjusted to reflect IAS19R

2013 are adjusted to reflect IFRS 11

Sapa joint venture information

Sapa JV (100 % basis), underlying (unaudited)

NO K m illi ale olu t s on , e xc ep s v me s	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14
Sa les lum e ( 10 00 t) vo m	34 3	31 1	34 6	36 0	34 6	31 4	35 9
Re ve nu es	10 41 4	9 6 54	10 36 7	10 97 4	10 79 7	10 13 2	11 34 6
Un de rly ing EB ITD A	36 5	15 4	30 4	50 8	32 8	( 43 )	44 0
Un de rly ing EB IT	76	( 14 2)	16	21 3	24	( 33 9)	15 5
( s) Un de rly ing t in los ne co me						( 28 1)	69

Sapa JV (100 % basis), reported (unaudited)

NO K m illi on	Q3 20 12	Q4 20 12	Q1 20 13	Q2 20 13	Q3 20 13	Q4 20 13	Q1 20 14
Re rte d E BIT po	( 95 4)	( 61 8)	( 14 8)	( 1 0 96 )	( 1 9 85 )	( 78 7)	( 3)
Re rte d n et inc e ( los s) po om						( 62 4)	( 10 3)

Pro forma figures before Q4 2013

Price and currency sensitivities

Commodity price sensitivity +10%* Currency sensitivities +10%*

N O K i l l io m n	E B I T
A lu in iu m m	2 5 3 0
O i l	( 1 8 ) 5
Pe t c ke o	( 1 9 0 )
C t ic d au s s o a	( 1 0 0 )
C l o a	( 3 5 )

N O K i l l io m n	E B I T	F in ia l i te an c m s
S U D	2 0 8 0	( ) 1 2 0 0
B R L	( 8 4 0 )	8 5 5
E U R	( ) 1 5 5	( ) 1 8 0

Annual sensitivities based on normal annual business volumes, LME USD 1 800 per mt, Oil USD 500 per mt, petroleum coke USD 400 per mt, caustic soda USD 300 per mt, coal USD 70 per mt, NOK/USD 6.10, NOK/BRL 2.70, NOK/EUR 8.20

• • Aluminium price sensitivity is net of aluminium price indexed costs and excluding unrealized effects related to operational hedging
• • Excludes effects of priced contracts in currencies different from underlying currency exposure (transaction exposure)
• Excludes effects from BRL/USD hedge
• Currency sensitivity on financial items includes effects from intercompany positions

* Excluding Sapa JV

Investor Relations in Hydro

Pål Kildemo

Head of Investor Relations

t: +47 970 96 711e: pal.kildemo@hydro.com

Next eventsAnnual General Meeting May 7, 2014 &Second Quarter Results July 22, 2014

For more information seewww.hydro.com/ir