Press release

Nel ASA: Exercise of employee share options and issue of shares

(Oslo, 21 October 2022) Nel ASA (the Company) today has resolved, in accordance with the authorization granted by the extraordinary general meeting on 2 August 2022, to issue 34,200 new shares to fulfil the Company's obligations in the groupwide share option program comprising all employees in Nel fulfilling certain criteria, specified in the Company's annual report (note 2.5), thereby increasing the Company's share capital by NOK 6,840. In total 2 employees in the group exercised options at the strike price of NOK 7.80. The options were granted in 2019.

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