Nel ASA

Major Shareholding Notification • Sep 28, 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 24th September 2020 Morgan Stanley & Co. International plc held a total interest in 71,283,975 shares, being approximately 5.06% of the issued share capital of the Company.

In addition and as at the same date, Morgan Stanley & Co. LLC held an interest of 4,052,564 shares, being approximately 0.29% 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 75,346,539 shares being approximately 5.35% of the issued share capital of the Company, and now holds a notifiable interest in the Company.

Morgan Stanley & Co. International plc is a direct holder and is a subsidiary of Morgan Stanley Investments(UK). Morgan Stanley Investments (UK) is an indirect holder and is a subsidiary of Morgan Stanley International Limited. Morgan Stanley International Limited is an indirect holder and is a subsidiary of Morgan Stanley International Holdings Inc. Morgan Stanley International Holdings Inc. is an indirect holder and is a subsidiary of the beneficial owner Morgan Stanley (parent 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).