Press release

Nel ASA: Share capital increase registered

(Oslo, October 5, 2017) Reference is made to the stock exchange announcement from Nel ASA (the "Company") on September 27, 2017 regarding the issue of 88 million new shares upon completion of a private placement of shares.

The share capital increase pertaining to the issuance of the 88,000,000 new shares under the private placement has now been registered with the Norwegian Register of Business Enterprises. The Company's new registered share capital is NOK 197,742,990.40, divided on 988 714 952 shares, each with a nominal value of NOK 0.20 per share.

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