KPS Capital Partners to Acquire Aluminum Rolling Business from Norsk Hydro ASA

Global Leader in Aluminum Rolling to Become Independent Company

KPS to Leverage Successful Track Record Investing in Metals to Accelerate Growth

NEW YORK,March 5,2021 -- KPS Capital Partners,LP ("KPS") today announced that it has signed a definitive agreement to acquire the global aluminum rolling business ("Rolling" or the "Company") from Norsk Hydro ASA (NHY.OL,"Hydro") for €1.38 billion (approximately $1.67 billion).Completion of the transaction is expected mid-year 2021 and is subject to customary closing conditions and approvals.

The Company is one of the largest global manufacturers of aluminum rolled products,serving customers across a diversified set of end-markets including beverage can,automotive,foil packaging,and building and construction.The Company's assets consist of seven manufacturing facilities and one R&D center across Germany and Norway,including Alunorf,the world's largest aluminum rolling mill,and Grevenbroich,the world's largest rolled aluminum finishing mill. The Company employs approximately 5,000 employees mainly in Germany and Norway.

Michael Psaros,Co-Founder and Co-Managing Partner of KPS,said,"The size and global scale of the Rolling business,the quality of its assets,coupled with the breadth of its products and technology capabilities,form the foundation of a tremendous investment platform.KPS Partner Kyle Mumford will lead a KPS team who will work closely with the Company's management team to accelerate growth opportunities driven by substantial investment in the Company's assets and operations. Our focus will be on innovation and new product development.We look forward to creating value by leveraging KPS' very successful,multidecade experience investing in the metals and automotive industries."

Einar Glomnes,Executive Vice President of Rolling said,"We are excited to operate under KPS' ownership as an independent company.This is a great day for all stakeholders of our Rolling business,especially our customers and employees.KPS has a demonstrated track record of creating and building industry-leading companies,and has enjoyed tremendous success investing in the metals and automotive industries. KPS' global reach,commitment to manufacturing excellence and safety and significant financial resources will enable our company to accelerate growth and invest in industry-leading technologies,while maintaining our focus on quality and customer service."

Perella Weinberg Partners acted as advisor and Paul,Weiss,Rifkind,Wharton & Garrison LLP served as legal counsel to KPS and its affiliates. Goldman Sachs acted as advisor and Clifford Chance LLP served as legal counsel to Hydro.

About Rolling

Rolling is a leading manufacturer of advanced rolled aluminum products,producing approximately one million tonnes per year,with over a century of experience. Rolling operates seven manufacturing plants,an R&D center,nine sales offices globally,and has approximately 5,000 employees mainly across Germany and Norway.Rolling is proud to serve some of the most well-known brands in the automotive,packaging,printing,engineering,building and construction industries.

About Hydro

Hydro is a leading industrial company that builds businesses and partnerships for a more sustainable future. The company develops industries that matter to people and society. Since 1905,Norway-based Hydro has turned natural resources into valuable products for people and businesses,creating a safe and secure workplace for its 34,000 employees in more than 140 locations and 40 countries. Today,Hydro owns and operates various businesses and has investments with a base in sustainable industries.Hydro is,through its businesses,present in a broad range of market segments for aluminum,energy,metal recycling,renewables and batteries. Hydro is committed to leading the way towards a more sustainable future,creating more viable societies by developing natural resources into products and solutions in innovative and efficient ways.

About KPS Capital Partners

KPS,through its affiliated management entities,is the manager of the KPS Special Situations Funds,a family of investment funds with over $12.3 billion of assets under management (as of December 31,2020).For nearly three decades,the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries,including basic materials,branded consumer,healthcare and luxury products,automotive parts,capital equipment and general manufacturing.KPS creates value for its investors by working constructively with talented management teams to make businesses better,and generates investment returns by structurally improving the strategic position,competitiveness and profitability of its portfolio companies,rather than primarily relying on financial leverage. The KPS Funds' portfolio companies have aggregate annual revenues of approximately $10.6 billion,operate 159 manufacturing facilities in 22 countries,and have approximately 34,000 employees,directly and through joint ventures worldwide.The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

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