Nel ASA: Mandatory Notification of Trade

(Oslo, 18 May 2020) Reference is made to the stock exchange notice made on 18 May 2020 regarding the exercise of 6,000,000 share options by Jon André Løkke, the CEO of Nel ASA (the “Company” or “Nel”). To settle shares and pay taxes, Mr. Løkke has today sold 4,500,000 shares in the Company at a price of 11.77 per share. Following the transaction, Mr. Løkke and related parties has more than doubled the number of shares in the Company from 1,200,634 to 2,700,634 shares. Mr. Løkke has thus retained 60-65% of the net exposure after tax from the option exercise and 75-80% of his total net