Nel ASA

Share Issue/Capital Change • Oct 10, 2014

Completed Private Placement

Completed Private Placement

Oslo, 10 October 2014

Reference is made to the stock exchange announcement made by Diagenic

ASA ("Diagenic" or the "Company") yesterday, 9 October 2014, regarding

the Minutes from the Extraordinary General Meeting and the resolved

acquisition of New NEL Hydrogen Holding AS (the "Acquisition"), the

private placement of NOK 35 million (the "Private Placement") and the

new share issue of NOK 35 million, with preemptive rights for

shareholders of the Company (the "Rights Issue").

The Company today announces that it has raised NOK 35 million in gross

proceeds through the Private Placement of 53,846,154 new shares, each

with a par value of NOK 0.20, at a price of NOK 0.65 per share.

The net proceeds from the Private Placement will secure growth capital

for the new business area resulting from the acquisition of New NEL

Hydrogen Holding AS ("NEL Hydrogen") and serve as means to settle the

cash consideration in the acquisition.

Notification of allotment and payment instructions for the Private

Placement will be sent to the applicants today through a notification to

be issued by the Manager. The new shares are expected to be delivered to

the subscribers and listed on the Oslo Stock Exchange on or about 17

October 2014, subject to approval of a prospectus.  After completion of

the Private Placement, the Company will have 285,082,950 shares

outstanding (including 123,076,923 new shares to be issued in connection

with the Acquisition), each with a par value of NOK 0.20. The Private

Placement was managed by Carnegie AS.

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

This information is subject of the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act.