Press release

Nel ASA: Exercise of options and issue of shares

(Oslo, 3 July 2019) Today, Nel ASA (the "Company") resolved, in accordance with the authorization granted by the general meeting on 28 March 2019,  to issue 285,576 new shares to fulfil the Company's obligations, specified in the Company's annual report (note 6), towards employees of the Company's US subsidiary Proton Energy Systems, Inc. ("Proton OnSite"), thereby increasing the Company's share capital by NOK 57,115.20.

The shares were subscribed at a total subscription/exercise price of NOK 547,449.19.

The Nel options held by the employees are options in Proton OnSite converted to options in Nel as part of the acquisition as of 30 June 2017.

Following the share capital increase, the share capital of Nel ASA will be NOK 243,475,381.20, divided into 1,217,376,906 shares, each with a par value of NOK 0.20. The share capital increase will be registered with the Norwegian Register of Business Enterprises (Nw.: Foretaksregisteret) as soon as practically possible after the share contribution has been fully paid.

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