OPTIONS TO HYDRO'S TOP MANAGEMENT

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OPTIONS TO HYDRO'S TOP MANAGEMENT
02 September 2004 - Hydro Aluminium

As a continuation of the company's short- and long-term incentive systems, Hydro's Board has agreed to allocate options to around 35 persons in Hydro's top management.

The distribution will be as follows: 15,000 options for the President and CEO, 7000 - 10,000 for the remaining four members of Corporate Management, and 2500 - 3500 for the other top executives in this scheme.

The share price for the option scheme for 2004 has been set at NOK 476 per share. These options can be exercised from 1 July 2007, at the earliest, up to 30 June 2010, at the latest. The exercise of options is conditional on a commitment to a long-term shareholding in the company.

A maximum limit on the gain from exercising options has been set for options allocated in 2004 and after. This is equivalent to the basic salary of the executive in question for the year in which the gain is realized.

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