Nel ASA

Share Issue/Capital Change • Nov 5, 2014

Final result of the Rights Issue

Final result of the Rights Issue

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART

DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Oslo, 5 November 2014

Reference is made to the stock exchange announcement by NEL ASA (the

"Company" or "NEL") on 17 October 2014 regarding approved prospectus and

commencement of the subscription period in the NOK 35 million rights

issue (the "Rights Issue").

The subscription period for the Rights Issue expired on 4 November 2014

at 16:30 CET.

The Rights Issue was oversubscribed, resulting in gross proceeds of

approximately NOK 35 million through the issuance of 53,846,154 new

shares at a subscription price of NOK 0.65.

The new shares were allocated based upon exercised subscription rights.

As not all subscription rights were used, the remaining shares were

allocated pro rata based upon number of subscription rights held by each

of the subscribers who subscribed for more new shares than the number of

subscription rights held.

All subscribers being allocated shares will receive a letter confirming

the number of shares allocated and the corresponding amount to be paid

by each subscriber. Payment for the allocated shares falls due on 10

November 2014.

The new shares may not be transferred or traded before they are fully

paid and the share capital increase has been registered with the

Norwegian Register of Business Enterprises, expected on or about 12

November 2014. Expected listing and delivery of the new shares is 13

November 2014.

Following the registration of the new share capital with the Norwegian

Register of Business Enterprises, the Company will have 338,929,104

shares outstanding, each with a nominal value of NOK 0.20 per share.

The Rights Issue is managed by Carnegie AS.

This information is subject of the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act.

Important information:

The release is not for publication or distribution, in whole or in part

directly or indirectly, in or into Australia, Canada, Japan or the

United States (including its territories and possessions, any state of

the United States and the District of Columbia).

This release is an announcement issued pursuant to legal information

obligations, and is subject of the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act. It is issued for

information purposes only, and does not constitute or form part of any

offer or solicitation to purchase or subscribe for securities, in the

United States or in any other jurisdiction. The securities mentioned

herein have not been, and will not be, registered under the United

States Securities Act of 1933, as amended (the "Securities Act"). The

securities may not be offered or sold in the United States except

pursuant to an exemption from the registration requirements of the

Securities Act. The Company does not intend to register any portion of

the offering of the securities in the United States or to conduct a

public offering of the securities in the United States. Copies of this

announcement are not being made and may not be distributed or sent into

Australia, Canada, Japan or the United States. The subscription or

purchase of shares in the Company is subject to specific legal or

regulatory restrictions in certain jurisdictions. Neither the Company

nor the Manager assumes any responsibility in the event there is a

violation by any person of such restrictions.

The distribution of this release may in certain jurisdictions be

restricted by law. Persons into whose possession this release comes

should inform themselves about and observe any such restrictions. Any

failure to comply with these restrictions may constitute a violation of

the securities laws of any such jurisdiction. The Manager is acting for

the Company and no one else in connection with the Rights Issue and will

not be responsible to anyone other than the Company for providing the

protections afforded to their respective clients or for providing advice

in relation to any other matter referred to in this release.

Forward-looking statements:

This release and any materials distributed in connection with this

release may contain certain forward-looking statements. By their nature,

forward-looking statements involve risk and uncertainty because they

reflect the Company's current expectations and assumptions as to future

events and circumstances that may not prove accurate. A number of

material factors could cause actual results and developments to differ

materially from those expressed or implied by these forward-looking

statements.

For further information, please contact:

Lars Christian Stugaard

Acting CEO

+47 23 01 49 06 / +47 47 63 05 22

lars.christian.stugaard@diagenic.com