After the completion of the transaction, assuming no exercise of the over-allotment option, Vale has reduced its shareholding, through its wholly-owned subsidiary, from 447,834,465 shares to 40,712,224 shares, thereby reducing its ownership share in Hydro from 21.6% to 2.0% of the shares authorized and issued, thus reducing its shareholding in Hydro below the 5% threshold set out in the Norwegian Securities Trading Act, Section 4-2.

If the over-allotment option is exercised in full, Vale will not hold any shares in Hydro.

The shares sold from Vale have been purchased by several investors.