Nel ASA

Major Shareholding Notification • Jul 17, 2024

Standard form for notification of major holdings

applicable)

rights

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the NOR-FSA)

1. Identity of the issuer: NEL ASA Karenslyst alle 49 Oslo 0279 Norway LEI: 549300G6XN5IXMRKEG37 2. Reason for the notification (please tick the appropriate box or boxes): ☒ An acquisition or disposal of shares or voting rights ☐ An acquisition or disposal of financial instruments ☐ An event changing the breakdown of shares or voting rights ☐ Other (please specify): 3. Details of person subject to the notification obligation: Name: BlackRock, Inc. City and country of residence: Wilmington, DE U.S.A 4. Full name of shareholder(s) (if different from 3.): 5. Date on which the threshold was crossed or reached: 16.7.2024 6. Total positions of person(s) subject to the notification obligation: % of shares and voting rights (total of 7.A) % of shares and voting rights through financial instruments (total of 7.B) Total of both in % (7.A + 7.B) Total number of shares and voting rights of issuer Resulting situation on the date on which threshold was crossed or reached 0.43% shares 0.43% voting rights 4.57% shares 4.57% voting rights 5.00% shares 5.00% voting rights 1,671,325,304 shares 1,671,325,304 voting rights Position of previous notification (if Below 5% shares Below 5% voting Below 5% shares Below 5% shares Below 5% voting

Below 5% voting rights

rights

7. Notified details of the resulting situation on the date on which the threshold was crossed or reached:

A: Shares and voting rights
		% of shares and voting rights
Direct (SMA 9:5)	Indirect (SMA 9:6 and 9:7)	Direct (SMA 9:5)	Indirect (SMA 9:6 and 9:7)
	7,219,661 shares 7,219,661 voting rights		0.43% shares 0.43% voting rights
7,219,661 shares		0.43% shares 0.43% voting rights
		Number of shares and voting rights 7,219,661 voting rights

B: Financial Instruments according to SMA 9:6a
Type of financial instrument	Expiration date	Exercise/ Conversion Period	Physical or cash settlement	Number of shares and voting rights	% of shares and voting rights
Securities Lent	N/A	N/A	Physical	76,506,908 shares	4.57% shares
				76,506,908 voting rights	4.57% voting rights
				76,506,908 shares	4.57% shares
			SUBTOTAL B	76,506,908 voting rights	4.57% voting rights

8. Information in relation to the person subject to the notification obligation (please tick the applicable box):

☐ Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.

☒ Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity:

Name	% of shares and voting rights	% of shares and voting rights through financial instruments	Total of both
See Annex

9. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of

10. Additional information:

The disclosure obligation arose due to total holding in shares and votes for BlackRock, Inc. going above 5%.

Done at 12 Throgmorton Avenue, London, EC2N 2DL, U.K. on 17 July 2024

Annex

Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity;

Name	% of shares and voting rights	% of shares and voting rights through financial instruments	Total of both
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock Holdco 3, LLC
BlackRock Cayman 1 LP
BlackRock Cayman West Bay Finco Limited
BlackRock Cayman West Bay IV Limited
BlackRock Group Limited
BlackRock Finance Europe Limited
BlackRock Investment Management (UK) Limited			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock Australia Holdco Pty. Ltd.
BlackRock Investment Management (Australia) Limited			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock Holdco 4, LLC
BlackRock Holdco 6, LLC
BlackRock Delaware Holdings Inc.
BlackRock Institutional Trust Company, National Association			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock Holdco 4, LLC
BlackRock Holdco 6, LLC
BlackRock Delaware Holdings Inc.
BlackRock Fund Advisors			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.

BlackRock Canada Holdings ULC
BlackRock Asset Management Canada Limited		Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock Holdco 3, LLC
BlackRock Cayman 1 LP
BlackRock Cayman West Bay Finco Limited
BlackRock Cayman West Bay IV Limited
BlackRock Group Limited
BlackRock Finance Europe Limited
BlackRock Advisors (UK) Limited		Below 5%

A: Identity of the person subject to the notification obligation

Full name (including legal form for legal entities) BlackRock, Inc.

Contact address (registered office for legal entities) c/o 12 Throgmorton Avenue, London, EC2N 2DL, U.K.

E-Mail

emeadisclosures@blackrock.com

Phone number / Fax number

+44 (0) 20 7743 3650 / +44 (0) 20 7668 4045

Other useful information (at least a contact person for legal persons) Jana Blumenstein

B: Identity of the notifier, if applicable

Full name

Jana Blumenstein

Contact address

12 Throgmorton Avenue, London, EC2N 2DL, U.K.

E-Mail

emeadisclosures@blackrock.com

Phone number / Fax number

+44 (0) 20 7743 3650 / +44 (0) 20 7668 4045

Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information: