U.S. delisting and deregistration

With effect on November 23, 2007, Hydro's Ordinary Shares and ADSs were delisted from the New York Stock Exchange (NYSE). Hydro was orginally listed on NYSE on June 25, 1986. The main reason for the delisting was the low trading volumes on NYSE as an increasing share of the trading volumes in the Hydro share occur on Oslo Børs (Oslo Stock Exchange) in Norway. In 2007 about 96 percent of the worldwide trading volume in the Hydro share occured on Oslo Børs.

On November 29, 2007, Hydro filed Form 15F with the U.S. Securities and Exchange Commission to deregister and terminate its reporting obligations under the U.S. Securities Exchange Act of 1934. The deregistration became effective February 27, 2008.

Hydro will maintain its ADR facility as a Level 1 program. This means Hydro’s American Depositary Shares (ADSs) will be traded on the U.S. over-the-counter market (PinkSheets).

Hydro plans to continue publishing its annual report and other documents and communications in accordance with Exchange Act Rule 12g3-2(b) on its website www.hydro.com.

As a result of the delisting from NYSE and the move of trading to PinkSheets Hydro's ticker symbol in the U.S. was changed from NHY to NHYDY.