(Oslo, 28 February 2017) Reference is made to announcement by Nel ASA (the "Company" or "NEL") on 27 February 2017 concerning a private placement of new shares and a subsequent offering with non-tradable subscription rights for eligible shareholders.

+-------------------------------+----------------+
|Date on which the terms of the |27 February 2017|
|subsequent offering was | |
|announced: | |
+-------------------------------+----------------+
|Last day including right to |27 February 2017|
|receive subscription rights: | |
+-------------------------------+----------------+
|First day excluding right to |28 February 2017|
|receive subscription | |
|rights:         | |
+-------------------------------+----------------+
|Record date: |1 March 2017 |
+-------------------------------+----------------+
|Maximum number of new shares in|10,000,000 |
|the subsequent | |
|offering:            | |
+-------------------------------+----------------+
|Subscription price:       |NOK 2.72 |
|         | |
+-------------------------------+----------------+
|Shall the rights be listed:    |NO |
+-------------------------------+----------------+

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