Result up on higher volumes and prices

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1 Result up on higher volumes and prices First quarter presentation 2013 (1)

2 highlights Underlying EBIT NOK million Higher sales volumes driven by seasonality Increased realized alumina and aluminium prices Higher production and prices in Energy Continued challenging markets (2)

3 Increased global macro uncertainty Momentum of US recovery? Solution for sovereign debt crisis in EU? Chinese growth? (3)

4 Balanced primary aluminium market World outside China (quarterly annualized) mt Seasonally stronger demand in, resulting in balanced market 2-4 % aluminium demand growth expected in world outside China in Balanced market expected in 2013, given announced closures and new production 0 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Oct-11 Jul-11 Apr-11 Jan-11 Oct-10 Jul-10 Apr-10 Jan-10 Oct-09 Jul-09 Apr-09 Jan-09 Oct-08 Jul-08 Apr-08 Jan-08 Demand Production Source: CRU/Hydro (4)

5 Ingot premiums stable at high levels World reported primary aluminium inventories mt Days 8,000 7,000 6,000 5,000 4,000 3,000 2, Regional ingot premiums USD per mt , Source: CRU/Hydro IAI Other LME SHFE Global inventory days Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 US Mid West Japan Europe (duty-paid) Source: Metal Bulletin, MW/MJP: Platts (5)

6 Aluminium prices remain at low levels USD per tonne Decreasing aluminium prices towards end of Reflecting increased global macro uncertainty Partly offset by weaker NOK Primary aluminium LME USD/mt NOK/mt average 2013 end Q average Q end LME (3-month avg.) LME forw ard April 22, 2013 Source: Reuters Ecowin (6)

7 Alumina price retracting, holding up relative to LME Platts index * USD per mt 450 Alumina price % of LME Percent 20 Average Platts alumina index rose to USD 340 per mt in 2013 from USD 327 per mt in Q Alumina price dropped towards end of quarter, on the back of macro uncertainty and easing supply concern Alumina index price as percentage of LME around 17% 250 Aug- 10 Oct- 10 Jan- 11 Mar- 11 Jun- 11 Aug- Nov- Jan- Apr Jun- Aug- Nov- Jan Apr- 13 (7)

8 Increased bauxite imports into China Annualized aluminium equivalents*, million mt Import to China ** Bauxite and alumina Significant increased imports of bauxite after removal of temporary export restrictions from Indonesia Slight drop in alumina imports Export from China Primary aluminium No significant import or export expected in 2013 Semis and fabricated Stable export of semis and fabricated products Bauxite Alumina Scrap Primary aluminium Fabricated Semis Source: CRU/Antaike/Hydro * Bauxite/alumina to aluminium conversion factor: 5.0/1.925 **January and February annualized, except for Bauxite and Alumina where March data is included. (8)

9 Operational focus in Bauxite & Alumina Stable production volume in Paragominas at 9 million tonnes yearly run rate Weak Alunorte production Continued production effects from power outage end 2012 Operational issues with coal boilers «From B to A» program target to reach NOK 1 billion improvements by end compared to 2011 (9)

10 USD 300 program to reach target by end-2013 Estimated primary aluminium cash cost and margin USD/mt 1) Improvement program progressing according to plan Downward trend in cash cost Improved casthouse margins Increased contribution from Qatalum Estimated cash cost excluding LME-linked alumina cost 2) Estimated LME-linked alumina cost 2) Estimated EBITDA margin 1) Realized aluminium price minus EBITDA margin per mt primary aluminium. Includes net earnings from primary casthouses, Qatalum included from ) ~13.5% of LME 3 month price with 2.5 months delay (10)

11 Seasonally higher shipments in Rolled Products Rolled Products sales by segment 13 vs Q Rolled Products total sales Foil & Can Litho & Auto General engineering & Other 10% 9% 2013 vs Q % 2013 vs % -4% (11)

12 Energy: Increased prices, low reservoir levels Market price Southwestern Norway (NO2) NOK/MWh Week Water reservoir levels Southwestern Norway (NO2) Percent Week Price NOK/MWh 2013 Q Reservoir levels Mar 31, 2013 Dec 31, 2012 System Norway 31.7 % 70.4 % Southwestern Norway (NO2) Southwestern Norway (NO2) 39.3 % 77.8 % Source: Nordpool and NVE (12)

13 Taking measures in challenging markets Ambitious improvement programs From B to A USD 300 per mt program Announced Sapa JV Creating stronger extrusion company Positioned for restructuring and value creation Reduced remelt production To improve margins 200 kt reduction in 2012 Expanded automotive capacity Shift towards high-margin products, by adjusting portfolio Increased demand from light-weighting of cars (13)

14 Underlying EBIT NOK million 2011 Q Q Q Q Q Q Bauxite & Alumina Primary Metal Metal Markets Rolled Products Energy Other and eliminations (344) (65) (73) (39) (144) (108) (188) (136) (386) (4) (35) (73) (275) (63) (38) Total 1) 2) ) Extruded Products classified as discontinued operations and excluded from underlying EBIT for all periods. 2) Figures for 2012 are adjusted reflecting IAS 19R. (14)

15 High-level quarterly result development NOK billion Underlying EBIT Q Energy volume and price Alumina and aluminium volume/price Other Underlying EBIT 2013 (15)

16 Key financials NOK million 2013 Q Revenue Underlying EBIT Items excluded from underlying EBIT 372 (532) (132) 725 Reported EBIT Financial income (expense) Income (loss) before tax (171) 535 (152) (629) (58) Income tax expense (281) (217) (499) (759) Income (loss) from continuing operations Income (loss) from discontinued operations (247) 587 (11) (817) (514) Net income (loss) (1 331) Underlying net income (loss) 648 (24) Reported EPS, NOK (0.65) Underlying EPS, NOK 0.30 (0.01) (16)

17 Financial income (expense) Finance NOK million Interest income Dividends received and net gain (loss) on securities Financial income Interest expense (93) (393) Net foreign exchange gain (loss) (115) (280) Net interest on pension liability (32) (282) Other (32) (93) Financial expense (272) (1 047) Net financials (171) (629) The net currency loss for the first quarter is primarily related to USD debt. (17)

18 Items excluded from underlying EBIT NOK million 2013 Q Year 2012 Underlying EBIT Unrealized effects on power and raw material contracts Unrealized derivative effects on LME related contracts Metal effect, Rolled Products Rationalization charges and closure costs Impairment charges Gains (losses) on divestments Other (269) (30) 5 (78) (151) (60) (112) (30) (64) (617) (1 215) Reported EBIT (18)

19 Bauxite & Alumina Key figures 2013 Q Alumina production, kmt Total alumina sales, kmt Realized alumina price, USD/mt Apparent alumina cash cost, USD/mt Bauxite production, kmt Underlying EBITDA, NOK million Underlying EBIT, NOK million (63) (73) (144) Underlying EBIT NOK million (791) (63) results Increased realized alumina price Higher energy and sourcing costs Paragominas production stable at 9 million tonnes yearly run rate, weak, but stable daily production at Alunorte Outlook (144) (188) (386) (73) (63) Stable production volumes, increased maintenance activity Alumina priced with approximately one-month lag to LME (19)

20 Primary Metal Key figures 2013 Q Primary aluminium production, kmt Total sales, kmt Realized LME price, USD/mt Realized LME price, NOK/mt Underlying EBITDA, NOK million Underlying EBIT, NOK million Underlying EBIT NOK million results Price and volume lifted result by NOK 300 million Qatalum results improved by NOK 100 million Higher costs lowered result by NOK 70 million (4) Outlook About 50% of primary production affecting Q2 results priced at ~USD per mt, excluding Qatalum Reduced sales volumes, reduction of inventory in Somewhat increased maintenance activity in Qatalum (20)

21 Improved result for Qatalum Key figures Qatalum (50%) 2013 Q High and stable production volumes Revenue, NOK million Underlying EBITDA, NOK million Underlying net income up NOK 103 million from Q Underlying EBIT, NOK million (14) Underlying net income (loss), NOK million 65 (39) (64) Primary aluminium production, kmt Higher sales price, including higher premiums Somewhat lower maintenance activity Casthouse sales, kmt All numbers on 50% basis. (21)

22 Metal Markets Key figures 2013 Q Remelt production, kmt Metal products sales, kmt Underlying EBITDA, NOK million Underlying EBIT excl currency and inventory valuation effects, NOK million Underlying EBIT, NOK million Underlying EBIT NOK million results Increased volumes and margins from remelters Improved contribution from sourcing and trading activities NOK 36 million in positive currency and ingot valuation effects vs NOK 30 million positive in Q Outlook Stable remelt volumes Volatile trading and currency effects (22)

23 Rolled Products Key figures 2013 Q External sales volumes, kmt Underlying EBITDA, NOK million Underlying EBIT, NOK million Underlying EBIT NOK million results Seasonally higher shipments compared to previous quarter for most products Somewhat higher average margin Positive productivity and cost development Outlook Margins remain under pressure Fairly stable volumes at weak levels (23)

24 Energy Key figures 2013 Q Power production, GWh Net spot sales, GWh Southwest Norway spot price (NO2), NOK/MWh Underlying EBITDA, NOK million Underlying EBIT, NOK million Underlying EBIT NOK million results Result up on increased production and prices Cold and dry weather led to somewhat constrained hydrological situation in western Norway Outlook Seasonally lower production, affected by low snow levels Volume and price uncertainty (24)

25 Discontinued operations Extruded Products Underlying income from discontinued operations NOK 49 million Pro-forma underlying EBIT negative NOK 22 million 1) Higher volumes compared to Q4 2012, although below 2012 levels Continued weak European extrusion markets 1) Pro-forma underlying EBIT includes full depreciation charges as if Extruded Product would have been continuing operations (25)

26 Net cash/(debt) development 2013 NOK billion Net cash flow from operations NOK 0.5 billion Net cash Q Underlying EBITDA Operating capital Other adjustments Investments Discontinued operations Financial lease Other Net cash 2013 (26)

27 Ambitious improvement efforts across Hydro Global macro uncertainty Balanced primary aluminium market (27)

28 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. (28)

29 Additional information (29)

30 Items excluded from underlying results NOK million (+=loss/()=gain) 2013 Unrealized derivative effects on LME related contracts Bauxite & Alumina 13 Total impact Bauxite & Alumina 13 Unrealized derivative effects on LME related contracts Primary Metal 72 Unrealized derivative effects on power contracts (Søral) Primary Metal 16 Unrealized derivative effects on power contracts Primary Metal 251 Unrealized derivative effects on raw material contracts Primary Metal 6 Total impact Primary Metal 346 Unrealized derivative effects on LME related contracts Metal Markets (82) Total impact Metal Markets (82) Unrealized derivative effects on LME related contracts Rolled Products 45 Metal effect Rolled Products (5) Total impact Rolled Products 41 Unrealized derivative effects on power contracts Energy 4 Total impact Energy 4 Unrealized derivative effects on power contracts Other and eliminations (9) Unrealized derivative effects on LME related contracts Other and eliminations (19) Rationalization charges and closure costs Other and eliminations 78 Total impact Other and eliminations 51 Total EBIT Hydro 372 Net foreign exchange (gain)/loss Hydro 115 Income (loss) before tax Hydro 487 Calculated income tax effect Hydro (141) Items excluded from discontinued operations Hydro 40 Net income (loss) Hydro 385 (30)

31 Items excluded from underlying results NOK million (+=loss/()=gain) 2012 Q Q Q Unrealized derivative effects on LME related contracts Bauxite & Alumina (8) 11 1 (11) (8) Total impact Bauxite & Alumina (8) 11 1 (11) (8) Unrealized derivative effects on LME related contracts Primary Metal 113 (84) 220 (151) 98 Unrealized derivative effects on power contracts (Søral) Primary Metal 11 3 (1) 2 15 Unrealized derivative effects on power contracts Primary Metal (152) 72 (221) 61 (240) Unrealized derivative effects on raw material contracts Primary Metal Impairment charges Primary Metal (110) Impairment charges Qatalum Primary Metal Rationalization charges and closure costs Primary Metal Total impact Primary Metal (54) Unrealized derivative effects on LME related contracts Metal Markets (68) (126) 11 Impairment charges Metal Markets (Gains)/losses on divestments Metal Markets (15) (15) Total impact Metal Markets (68) (141) 73 Unrealized derivative effects on LME related contracts Rolled Products (78) 52 (179) (27) (232) Metal effect Rolled Products 60 (9) 53 (41) 64 Rationalization charges and closure costs Rolled Products Total impact Rolled Products (18) 43 (126) (51) (151) Unrealized derivative effects on power contracts Energy (1) 11 Total impact Energy (1) 11 Unrealized derivative effects on power contracts Other and eliminations (126) (424) 24 (239) (764) Unrealized derivative effects on LME related contracts Other and eliminations (1) 6 48 (32) 22 Impairment charges Other and eliminations (Gains)/losses on divestments Other and eliminations (40) (4) 6 (4) (42) Pension Other and eliminations - - (68) - (68) Total impact Other and eliminations (166) (422) 74 (274) (788) Total EBIT Hydro (132) (532) 725 Net foreign exchange (gain)/loss Hydro (419) 880 (282) Income (loss) before tax Hydro (551) (34) (430) Calculated income tax effect Hydro 199 (164) Items excluded from discontinued operations Hydro Net income (loss) Hydro (345) (112) (31)

32 Operating segment information Underlying EBIT NOK million 2011 Q Q Q Q Q Q Year 2011 Year 2012 Bauxite & Alumina (144) (188) (386) (73) (63) 969 (791) Primary Metal (4) Metal Markets (39) Rolled Products Energy Other and eliminations (344) (65) (73) 92 (108) (136) (35) (275) (38) (389) (553) Total Underlying EBITDA NOK million 2011 Q Q Q Q Q Q Year 2011 Year 2012 Bauxite & Alumina Primary Metal Metal Markets (13) Rolled Products Energy Other and eliminations (328) (62) (57) 106 (92) (120) 19 (258) (24) (341) (452) Total and Year 2011 are pro forma numbers after Vale transaction, for Bauxite & Alumina and Primary Metal 2012 are adjusted to reflect IAS19R (32)

33 Operating segment information EBIT NOK million 2011 Q Q Q Q Q Q Year 2011 Year 2012 Bauxite & Alumina (136) (199) (387) (62) (76) (783) Primary Metal (760) (91) (1 227) (48) (1 254) Metal Markets (187) (246) Rolled Products 349 (12) (223) (49) Energy Other and eliminations (405) (25) (108) (1) (89) (116) 235 Total (610) (232) EBITDA NOK million 2011 Q Q Q Q Q Q Year 2011 Year 2012 Bauxite & Alumina Primary Metal Metal Markets (161) (145) Rolled Products (113) Energy Other and eliminations (389) (55) 16 (74) Total and Year 2011 are pro forma numbers after Vale transaction, for Bauxite & Alumina and Primary Metal 2012 are adjusted to reflect IAS19R (33)

34 Operating segment information Total revenue NOK million 2011 Q Q Q Q Q Q Year 2011 Year 2012 Bauxite & Alumina Primary Metal Metal Markets Rolled Products Energy Other and eliminations (14 135) (14 964) (13 728) (11 279) (11 668) (10 997) (9 653) (8 157) (9 770) (54 106) (40 476) Total External revenue NOK million 2011 Q Q Q Q Q Q Year 2011 Year 2012 Bauxite & Alumina Primary Metal Metal Markets Rolled Products Energy Other and eliminations Total (34)

35 Operating segment information Internal revenue NOK million 2011 Q Q Q Q Q Q Year 2011 Year 2012 Bauxite & Alumina Primary Metal Metal Markets Rolled Products 118 (34) (189) (97) (17) (95) 80 Energy Other and eliminations (14 208) (15 040) (13 791) (11 331) (11 712) (11 049) (9 677) (8 225) (9 797) (54 369) (40 663) Total Share of profit /(loss) in equity accounted investments NOK million 2011 Q Q Q Q Q Q Year 2011 Year 2012 Bauxite & Alumina 13 (3) (5) Primary Metal (6) (7) 43 (17) (105) (5) (137) (73) (320) Metal Markets - 1 (1) 1 - (1) Rolled Products (22) (14) (22) (19) (14) (16) (16) (21) (14) (76) (67) Energy (2) Other and eliminations (15) (74) (14) (132) 2 2 (63) (2) - (235) (61) Total (23) (92) 5 (166) (117) (20) (218) (95) 19 (276) (450) (35)

36 Operating segment information Depreciation, amortization and impairment NOK million 2011 Q Q Q Q Q Q Year 2011 Year 2012 Bauxite & Alumina Primary Metal Metal Markets Rolled Products Energy Other and eliminations Total Capital employed upstream focus Extruded Products, 7% Energy, 3% NOK million Mar 31, 2013 Bauxite & Alumina Primary Metal Metal Markets Rolled Products Extruded Products (discontinued operations) Energy Other and eliminations (6 208) Total Graph excludes NOK 6.2 billion in negative capital employed in Other and eliminations Rolled Products, 10% Metal Markets, 3% Primary Metal, 34% Bauxite & Alumina, 43% (36)

37 Income statements NOK million 2013 Q Year 2012 Revenue Share of the profit (loss) in equity accounted investments Other income, net (95) (117) (450) 853 Total revenue and income Raw material and energy expense Employee benefit expense Depreciation, amortization and impairment Other expenses Earnings before financial items and tax (EBIT) Financial income Financial expense (290) (1 047) Income (loss) from continuing operations before tax Income taxes Tax rate 535 (281) 53% 552 (217) 39% (499) 46% (58) (759) N/A Income (loss) from continuing operations Income (loss) from discontinued operations (247) 587 (11) (817) (514) Net income (loss) (1 331) Net income (loss) attributable to minority interest Net income (loss) attributable to Hydro shareholders (24) 287 (31) (13) (1 318) Earnings per share attributable to Hydro shareholders (0.65) NOK million 2011 Q Q Q Q Q Q Year 2011 Year 2012 Net income (loss) (749) 575 (1 737) (256) (1 331) Underlying net income (loss) (44) (24) Earnings per share (0.36) 0.24 (0.80) (0.15) (0.65) Underlying earnings per share (0.01) (0.01) are adjusted to reflect IAS19R (37)

38 Balance sheets NOK million Mar Dec Sep Jun Mar Cash and cash equivalents Short-term investments Accounts receivable Inventories Other current assets Assets held for sale Property, plant and equipment Intangible assets Investments accounted for using the equity method Prepaid pension Other non-current assets Total assets Bank-loans and other interest-bearing short-term debt Trade and other payables Other current liabilities Liabilities included in disposal group Long-term debt Provisions Pension obligation Deferred tax liabilities Other non-current long-term liabilities Equity attributable to Hydro shareholders Minority interest Total liabilities and equity (38)

39 Operational data Pro forma Bauxite & Alumina 2011 Q Q Q Q Q Q Year 2011 Year 2012 Alumina production (kmt) Sourced alumina (kmt) Total alumina sales (kmt) Realized alumina price (USD) 1) Apparent alumina cash cost (USD) 2) Bauxite production (kmt) 3) Sourced bauxite (kmt) 4) Pro forma Primary Metal 6) 2011 Q Q Q Q Q Q Year 2011 Year 2012 Realized aluminium price LME, USD/mt Realized aluminium price LME, NOK/mt Realized premium above LME, USD/mt 7) Realized premium above LME, NOK/mt 7) Realized NOK/USD exchange rate Primary aluminium production, kmt Casthouse production, kmt Casthouse sales, kmt ) 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) Apparent integrated alumina cash production cost based on cost of produced alumina and cost of alumina sourced on contracts. Paragominas bauxite included at cost and MRN bauxite included at contract price. 3) Paragominas on wet basis. 4) 40 percent MRN offtake from Vale and 5 percent Hydro share on wet basis.. 6) 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. 7) Average realized premium above LME for casthouse sales from Primary Metal. (39)

40 Operational data Metal Markets 2011 Q Q Q Q Q Q Year 2011 Year 2012 Remelt production (1 000 mt) Third-party metal products sales (1 000 mt) Metal products sales excl. ingot trading (1 000 mt) 1) Hereof external sales excl. ingot trading (1 000 mt) External revenue (NOK million) Rolled Products 2011 Q Q Q Q Q Q Year 2011 Year 2012 Rolled Products external shipments (1 000 mt) Rolled Products Underlying EBIT per mt, NOK Extruded Products Discontinued operations 2011 Q Q Q Q Q Q Year 2011 Year 2012 Extruded external shipments (1 000 mt) Extruded underlying EBIT per mt, NOK 2) (743) (670) (187) Energy 2011 Q Q Q Q Q Q Year 2011 Year 2012 Power production, GWh Net spot sales, GWh Nordic spot electricity price, NOK/MWh , Southern Norway spot electricity price (NO2), NOK/MWh ) Includes external and internal sales from primary casthouse operations, remelters and third party metal sources. Volumes from Albras casthouse (51 percent) as of March 1, ) EBIT used for calculations in Q4 2012, Year 2012 and 2013, are pro forma 2012 are adjusted to reflect IAS19R (40)

41 Price and currency sensitivities Commodity price sensitivity +10%* Currency sensitivities +10%* NOK million EBIT NOK million EBIT Financial items Income before tax Net income** Aluminium USD (890) Oil (180) BRL (760) 700 (60) (20) Pet coke (210) EUR (140) (1 100) (1 240) (880) Caustic soda (130) Coal (40) Annual sensitivities based on expected business volumes for 2013, LME USD per mt, Oil USD 500 per mt, petroleum coke USD 450 per mt, caustic soda USD 400 per mt, coal USD 80 per mt, NOK/USD 5.80, NOK/BRL 2.75, NOK/EUR Aluminium price sensitivity is net of aluminium price indexed costs and excluding unrealized effects related to operational hedging Currency sensitivity on financial items includes effects from intercompany positions *Excluding Extruded Products *Net Income attributable to majority shareholders (41)

42 Investor Relations in Hydro Rikard Lindqvist Head of Investor Relations t: e: Pål Kildemo Investor Relations Officer t: e: Next events Annual General Meeting May 8, 2013 & Second Quarter Results July 18, 2013 For more information see (42)

43 (43)

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