Press release

Nel ASA: Completion of Subsequent Offering, registration of new share capital

(Oslo, 29 November 2017) Reference is made to the stock exchange announcements dated 21 November 2017 regarding the result of the subsequent offering of up to 10,000,000 new shares (the "Offer Shares") in Nel ASA ("Nel" or the "Company") at a subscription price of NOK 2.50 per share (the "Subsequent Offering"). As set out in said announcement, the Subsequent Offering was fully subscribed, and the Company consequently issued 10,000,000 Offer Shares at a subscription price of NOK 2.50 per share.

The share capital increase pertaining to the Subsequent Offering has now been registered in the Norwegian Register of Business Enterprises. The new share capital of the Company is NOK 199,742,990.40 divided into 998,714,952 shares, each with a nominal value of NOK 0.20.

The new shares issued in the Subsequent Offering are listed on Oslo Børs.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Arctic Securities and Carnegie acted as joint bookrunners in the Subsequent Offering. Advokatfirmaet Schjødt AS acted as Norwegian legal counsel to the Company.

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