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After the conclusion of the transaction, assuming that the additional purchase option will not be exercised, Vale reduced its shares, through its wholly-owned subsidiary, from 447,834,465 shares to 40,712,224 shares, thus changing to a participation from 21.6% to 2.0% of the shares authorized and issued by Hydro and, consequently, reducing its shares in Hydro to less than 5% of the minimum required in art. 4-2 of the Norwegian Securities Issuance and Distribution Law.

If the additional purchase right is fully exercised, Vale will not be allowed to hold shares in Hydro.

The shares sold by Vale were purchased by several investors.

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