In accordance with tender offer regulations, the increased price of PLN 82.00 per share will be paid to all Alumetal shareholders who subscribe for the sale of shares in the ongoing tender offer, including those who subscribed prior to the price increase (with the exception that approximately 32.7 percent of the shares owned by IPO30 UNIPESSOAL LDA will be acquired by Hydro under a separate agreement at PLN 78.69 per share).

More than 80 percent of the company's shares have already been subscribed, which means once the transaction is completed, Hydro will have a sufficient majority to make all strategic decisions regarding Alumetal, including possible changes to the company's articles of association. It also brings Hydro closer to its intention to de-list Alumetal shares from the Warsaw Stock Exchange.

Subscriptions for the sale of shares in the tender offer will be accepted until June 30, 2023.

In early May, Hydro received unconditional approval from the European Commission for the proposed acquisition of Alumetal, so there are no outstanding regulatory conditions to complete the transaction.

In mid-June, another important condition of the tender offer was fulfilled, namely that existing Alumetal shareholders had subscribed for at least 50 percent of the shares.

This announcement is for informational purposes only and cannot be treated as an offer or proposal to purchase shares, nor as a recommendation regarding investment decisions in relation to the tender offer for the sale of shares in Alumetal S.A., announced on May 25, 2023 by Hydro Aluminium AS (the “Tender Offer”) through Bank Pekao – Biuro Maklerskie Pekao and Pekao Investment Banking S.A. as intermediary brokers. The Tender Offer document (as amended thereafter) is the only legally binding source of information on the terms of the Tender Offer and is the only legally binding document relating to the Tender Offer process. At the same time, the Tender Offer should not be considered as a recommendation or forecast from Hydro Aluminium AS, any Hydro group entity or Bank Pekao S.A., Pekao Investment Banking S.A. and entities from Bank Pekao S.A.'s capital group.