Nel ASA

Major Shareholding Notification • Dec 22, 2014

Disclosure of large shareholdings Nel ASA

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 74,185,063

shares in Nel ASA, representing 18.6% (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).