Demerger Information Memorandum
Hydro's Board of Directors resolved in June 2003 to launch preparations with a view to establishing the Agri business area as a separate listed company. This resolution was passed in order to provide Agri with a better platform to pursue further value creation, leaving Hydro to concentrate its attention and financial resources on development opportunities in the Oil and Energy and Aluminium business areas. The enclosed Information Memorandum describes the transaction itself, the new company and Hydro's two remaining business areas. The considerable scope of the document is due to the different legal requirements applicable in the countries where Hydro is listed on the stock exchange.