Nel ASA

Major Shareholding Notification • Feb 7, 2025

Date:22 October 2015 ESMA/2015/1597

Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the competent authority)i

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: NEL ASA

LEI: 549300G6XN5IXMRKEG37

2. Reason for the notification (please tick the appropriate box or boxes):

[ ] An acquisition or disposal of voting rights

[X] An acquisition or disposal of financial instruments

[ ] An event changing the breakdown of voting rights

[ ] Other (please specify)iii:

3. Details of person subject to the notification obligationiv :

Name: The Goldman Sachs Group, Inc. City and country of registered office (if applicable): Corporation Trust Centre, 1209 Orange Street, Wilmington DE 19801, USA

4. Full name of shareholder(s) (if different from 3.)v :

5. Date on which the threshold was crossed or reachedvi: 05/02/2025

6. Total positions of person(s) subject to the notification obligation:

	% of voting rights at tached to shares (to tal of 7.A)	% of voting rights through financial instru ments (total of 7.B.1 + 7.B.2)	Total of both in % (7.A + 7.B)	Total number of voting rights of is suervii
Resulting situation on the date on which threshold was crossed or reached	0.21%	4.62%	4.83%	1,671,325,304
Position of previous notification (if appli cable)	0.21%	4.91%	5.12%

7. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii:

A: Voting rights attached to shares
Class/type of shares ISIN code (if possi ble)	Number of voting rightsix		% of voting rights
	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)	Direct (Art 9 of Directive 2004/109/EC)	Indirect (Art 10 of Directive 2004/109/EC)
NO0010081235		3,539,273		0.21%
SUBTOTAL A	3,539,273		0.21%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC
Type of financial in strument	Expiration datex	Exercise/ Conversion Periodxi	Number of voting rights that may be acquired if the instrument is exer cised/ converted.	% of voting rights
Securities Lending	Open		33,892,349	2.03%
		SUBTOTAL B.1	33,892,349	2.03%

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC
Type of financial instrument	Expiration datex	Exercise/ Conversion Pe riod x i	Physical or cash settlementxii	Number of voting rights	% of voting rights
Swap	20/10/2033		Cash	6,414,318	0.22%
Swap	21/10/2027		Cash	6,237,954	0.22%
Swap	21/10/2027		Cash	5,536,478	0.17%
Swap	21/10/2027		Cash	3,714,107	0.15%
Swap	21/10/2027		Cash	3,674,114	0.14%
Swap	07/03/2029		Cash	2,512,121	0.11%
Swap	30/04/2025		Cash	2,312,605	0.10%
Swap	07/11/2029		Cash	1,893,290	0.09%
Swap	26/04/2033		Cash	1,629,068	0.09%

Swap	03/03/2025	Cash	1,499,639	0.07%
Swap	20/11/2026	Cash	1,435,747	0.06%
Swap	17/08/2026	Cash	1,296,521	0.05%
Swap	24/03/2031	Cash	1,230,587	0.03%
Swap	10/07/2034	Cash	1,056,818	0.02%
Swap	15/01/2030	Cash	891,999	0.02%
Swap	21/02/2033	Cash	436,096	0.02%
Swap	02/10/2034	Cash	384,308	0.02%
Swap	01/10/2027	Cash	320,023	0.01%
Swap	01/10/2027	Cash	295,429	0.01%
Swap	10/01/2028	Cash	214,955	0.00%
Swap	27/04/2033	Cash	101,615	0.003%
Swap	19/07/2028	Cash	57,227	0.003%
Swap	03/05/2033	Cash	45,708	0.003%
Swap	22/08/2034	Cash	39,925	0.002%
Swap	17/08/2026	Cash	29,951	0.002%
Swap	17/08/2026	Cash	13,999	0.002%
Swap	28/04/2025	Cash	5,031	0.0003%
Swap	28/04/2025	Cash	21	0.000001%
		SUBTOTAL B.2	43,279,653	2.59%

8. Information in relation to the person subject to the notification obligation (please tick the applicable box):

[ ] Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.xiii

[X] Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv:

Namexv	% of voting rights if it equals or is higher than the notifiable thresh old	% of voting rights through financial instruments if it equals or is higher than the notifiable thresh old	Total of both if it equals or is higher than the notifiable threshold
The Goldman Sachs Group, Inc.
Goldman Sachs (UK) L.L.C.
Goldman Sachs Group UK Limited
Goldman Sachs International
The Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC
The Goldman Sachs Group, Inc.
Goldman Sachs Bank USA
Goldman Sachs Bank Europe SE
The Goldman Sachs Group, Inc.
GSAM Holdings LLC
Goldman Sachs Asset Management, L.P.

9. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]

10. Additional informationxvi:

Please note, the total amount of voting rights have been rounded to 2 decimal places therefore there is a possibility of a rounding error.

General email contact: gs-rrc-emea-position-enquiries@gs.com

Done at Warsaw on 06/02/2025