Nel ASA

Major Shareholding Notification • Sep 29, 2020

DISCLOSURE OF LARGE SHAREHOLDING IN NEL ASA (“the Company”) UNDER SECTION 4 OF THE SECURITIES TRADING ACT

DISCLOSURE OF LARGE SHAREHOLDING IN NEL ASA (“the Company”) UNDER SECTION 4 OF THE SECURITIES TRADING ACT

This notification relates to the ordinary shares and voting rights (the “shares”) of the Company.

We hereby notify you that on 28th September 2020 Morgan Stanley & Co. International plc (“MSIP”) disposed of 1,167,827 shares of the Company. Following the disposal, MSIP no longer has a notifiable interest in the shares of the Company due to the application of the exemption available under Section 4-4 (2) of the Norwegian Securities Trading Regulations.

In addition and as at the same date, Morgan Stanley & Co. LLC held an interest of 7,126,952 shares, being approximately 0.51% of the issued share capital of the Company and Morgan Stanley Smith Barney LLC held an interest of 10,000 shares, being approximately 0.001% of the issued share capital of the Company.

As a result, Morgan Stanley held a total interest of 7,136,952 shares being approximately 0.51% of the issued share capital of the Company, and therefore no longer holds a notifiable interest in the Company.

Morgan Stanley & Co. LLC is a direct holder and is a subsidiary of Morgan Stanley Domestic Holdings, Inc. Morgan Stanley Domestic Holdings, Inc. is an indirect holder and is a subsidiary of Morgan Stanley Capital Management, LLC. Morgan Stanley Capital Management, LLC is an indirect holder and is a subsidiary of the beneficial owner Morgan Stanley (parent company).

Morgan Stanley Smith Barney LLC is a direct holder and is a subsidiary of Morgan Stanley Domestic Holdings, Inc. Morgan Stanley Domestic Holdings, Inc. is an indirect holder and is a subsidiary of Morgan Stanley Capital Management, LLC. Morgan Stanley Capital Management, LLC is an indirect holder and is a subsidiary of the beneficial owner Morgan Stanley (parent company).