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Preliminary subscription result for Hydro's offering of Yara shares

Mar 24, 2004
At the end of the offering period, Wednesday 24 March 2004 at 1600 CET, the Managers had registered orders with a total value of approximately NOK 48 billion. This implies an oversubscription of the total maximum number of shares by approximately 18 times.
Final details relating to the 20% offering of Yara shares will be given in a separate news release before the opening of the Oslo Stock Exchange tomorrow.
Allotment to each institution will among other factors be based upon the assumed quality of the institution, assumed time-frame for the investment and the order size considering sector focus. Other factors may include investment history, indications given in the pre-marketing period, level of price indications, and the timing of the order placement(s). In addition, shareholdings in Hydro may have a positive impact on the allotment.  All subscribers in the retail offering that have subscribed for an amount up to NOK 200,000 will receive full allocation.
This announcement does not constitute, or form part of, an offer or invitation to sell or issue, or any solicitation of an offer to purchase or subscribe for securities and any subscription for or purchase of, or application for, shares in Yara to be issued or sold in connection with the offering should only be made on the basis of information contained in the prospectus issued in connection with the offering and any supplements thereto. The prospectus will contain certain detailed information about Yara and its management, as well as financial statements and other financial data.
This announcement does not contain or constitute an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration thereunder.  No public offering of the securities referred to herein is being made in the United States.
This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "relevant persons").  The shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such shares will be engaged in only with, relevant persons.  Any person who is not a relevant person should not act or rely on this document or any of its contents.
This announcement and the information contained herein is not for publication, distribution or release in, or into, the United States, Canada, Australia or Japan. 
Peik Norenberg
(+47) 22 53 34 40
(+47) 917 61 556
Kjetil Bakken
+47 22 53 23 13
+47 91 889 889
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