Nel ASA

Major Shareholding Notification • Dec 23, 2014

Corr* Disclosure of large shareholdings Nel ASA

Corr* Disclosure of large shareholdings Nel ASA

FENEL AS, a shareholder of Nel ASA, was resolved

finally liquidated on 22 December 2014.

As part of the liquidation, 15,692,308 shares in Nel

ASA will be distributed to Strata Marine & Offshore

AS, a company controlled by Mr. Øystein Stray

Spetalen, board member of Nel ASA. Further, 15,384,615

shares will be distributed to Ferncliff Maris AS, also

controlled by Mr. Spetalen, and 15,692,308 shares will

be distributed to Gross Management AS, associated with

Mr. Spetalen.

After the transaction Øystein Stray Spetalen and

associated companies have a holding of * 74 901 607

shares in Nel ASA, representing * 18.8% (based on 398

929 104 outstanding shares).

Further, 9,230,769 shares in Nel ASA will be

distributed through the liquidation to Dallas Asset

Management, a company controlled by Mr. Jan Christian

Opsahl, board member of Nel ASA.

After the transaction Jan Christian Opsahl and

associated companies have a holding of 20,700,394

shares in Nel ASA, representing 5.2% (based on

398,929,104 outstanding shares).