Reference is made to the stock exchange announcement on November 21, 2022.

Norsk Hydro ASA has today completed a successful placement of new senior unsecured sustainability linked bonds with a total amount of NOK 3,000 million. The transaction is split between two tranches:

- 6 year NOK 1,500 million with a floating rate of 3m Nibor + 2.000% p.a.

- 6 year NOK 1,500 million with a fixed rate of 5.257% p.a.

"We are very pleased to be the first investment grade Norwegian company having issued sustainability linked bonds. This is the first issuance under Hydro's Green and sustainability linked financing framework and EMTN Programme and a proof of our commitment to deliver on our ambitious roadmap to reduce our greenhouse gas emissions and increase our recycling of post-consumer scrap. These are key pillars to deliver on our strategy of strengthening our position in low-carbon aluminium and maintaining our strong competitive industry position. Interest from investors has been very strong and we have accomplished competitive terms given current market conditions," says CFO Pål Kildemo.

The proceeds from the bond issuances are for general corporate purposes. An application will be made for the bonds to be listed at the Oslo Stock Exchange. Danske Bank, Nordea and SEB have acted as Joint Bookrunners for the bond issuance.

Norsk Hydro ASA established a Euro Medium Term Note (EMTN) programme on November 7, 2022. The EMTN programme provides a framework for issuance of euro medium term notes up to an aggregate amount of EUR 5 billion. The prospectus, which has been prepared by Norsk Hydro ASA in connection with the establishment of the EMTN programme, has been approved by Euronext Dublin and the Central Bank of Ireland.

For further information, please contact:

Investors:
Line Haugetraa
+47 41406376
Line.Haugetraa@hydro.com

Media:
Halvor Molland
+47 92979797
Halvor.Molland@hydro.com

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act