NHY Norsk Hydro A S

Norsk Hydro Prices USD Bond Tender Offers OSLO, Sweden, Nov. 10 /PRNewswire-FirstCall/ -- Norsk Hydro ASA (NYSE:NHY) announced today that it priced the tender of its USD 350,000,000 9.000% bonds due 2012 and USD 300,000,000 7.500% bonds due 2016. Pricing Details of the Tender Offers USD 9.000% 2012 bonds 2012 Benchmark Rate (4.875% UST due Feb 2012): 3.976% Tender Spread: 55 bps over the 2012 Benchmark Rate Tender Price: 1,279.15 per USD 1,000 principal amount USD 7.500% 2016 bonds 2016 Benchmark Rate (4.250% UST due Aug 2014): 4.249% Tender Spread: 85 bps over the 2016 Benchmark Rate Tender Price: 1,211.86 per USD 1,000 principal amount The tender offer will expire at 5.00 pm New York City Time on Friday, November 12, 2004. Settlement is expected on November 15, 2004. Deutsche Bank and JPMorgan are acting as Dealer Managers in this transaction. Global Bondholder Services Corporation is acting as Depository Agent. For further information: Norsk Hydro ASA: Knut-Ivar Odegard Tor Steinum Tel: +47 22 53 21 67 +47 22 53 27 31 e.mail: Further details on the transactions can be obtained from: Dealer Managers: Deutsche Bank Securities Inc. J.P. Morgan Securities Inc. Liability Management Group Liability Management Group Tel: + 1 (866) 627 0391 Tel: + 1 (866) 834 4666 Depository Agent: USA: Global Bondholder Services Corporation Tel: +1 (212) 430 3774 OFFER RESTRICTIONS Neither this Announcement nor the Tender Offer Memorandum constitutes an invitation to participate in the Tender Offer in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such invitation under applicable securities laws. The distribution of this Announcement or the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this Announcement or the Tender Offer Memorandum come are required by each of the Company, the Dealer Managers and the Depository Agents to inform themselves about, and to observe, any such restrictions. Republic of Italy With respect to all of the notes, the solicitations of offers to sell are not being made in the Republic of Italy and the solicitation memoranda in relation to the bonds have not been submitted to the clearance procedure of Commissione Nazionale Per Le Societa E La Borsa (CONSOB) pursuant to Italian laws and regulations and may not be used in the Republic of Italy in connection with the solicitations of offers to sell. Accordingly, noteholders are hereby notified that, to the extent such noteholders are Italian residents, the solicitations of offers to sell are not available to them and, as such, any offers to sell received from such persons shall be void and neither the solicitation memoranda nor any other material relating to the solicitations of offers to sell may be distributed or made available in the Republic of Italy. Belgium In Belgium, the Offers will not, directly or indirectly, be made to, or for the account of, any person other than to professional or institutional investors referred to in article 3, 2 of the Belgian royal decree of 7 July 1999 on the public character of financial operations (the "Public Decree"), each acting on their own account. This Announcement has not been and will not be submitted to nor approved by the Belgium Banking, Finance and Insurance Commission (Commission Bancaire, Financiere et des Assurances/Commissie voor het Bank, Financie en assurantiewezen) and accordingly may not be used in connection with any offer if Belgium except as may otherwise be permitted by law. France The Offers are not being made, directly or indirectly, to the public in France and only qualified investors ("Investisseurs Qualifies") as defined in Article L. 411-2 of the French Code Monetaire et Financier and decree no. 98-880 dated 1 October 1998 are eligible to accept the Offer. United Kingdom The Offers are for circulation to noteholders and other persons in the United Kingdom to whom it may lawfully be issued in accordance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001, any person satisfying this criteria being referred to as a "relevant person". This communication may not be acted upon by anyone in the United Kingdom who is not a relevant person. DATASOURCE: Norsk Hydro ASA CONTACT: Knut-Ivar Odegard, +47-22-53-21-67, , or Tor Steinum, +47-22-53-27-31, , both of Norsk Hydro ASA; or Further details on the transactions can be obtained from: Dealer Managers - Deutsche Bank Securities Inc., Liability Management Group, +1-866-627-0391; or J.P. Morgan Securities Inc., Liability Management Group, +1-866-834-4666; or Depository Agent - USA, Global Bondholder Services Corporation, +1-212-430-3774

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