Q3 2018

Jon André Løkke Chief Executive Officer This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Nel ASA and Nel ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Nel's businesses, raw material prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the Presentation. Although Nel ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those

expectations will be achieved or that the actual results will be as set out in the Presentation. Nel ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Nel ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

This presentation was prepared in connection with the Q3 release on November 1st, 2018. Information contained within will not be updated. The following slides should be read and considered in connection with the information given orally during the presentation.

The Nel shares have not been registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.

Q3 highlights
Nel in brief & segment updates
Nel Hydrogen Electrolyser
Nel Hydrogen Fueling
Nel Hydrogen Solutions
H2BusEurope
Hydrogen train opportunity
Summary/Outlook

Q3 highlights

Financial results and financing

Revenues of NOK 116.0 million in Q3'18, up from NOK 111.7 million in Q3'17, representing a growth of 4 %:
Customers experience certain project delays, pushes revenue recognition out in time
Lower demand for hydrogen as cooling gas to traditional power generation, i.e. fewer HydroPowerGen projects, working to switch and replace
All-time high pipeline
Order backlog of approximately NOK 365 million, exclusive any commercial station orders from Nikola
Cash-balance of NOK 434.1 million (Q3 2017: NOK 252.8 million)

Operations and sales

Received purchase order for two additional fueling stations in Norway and two in Germany
Granted NOK 7.5 million in funding for hydrogen fueling stations in Denmark
Constructing the world's largest electrolyzer plant at Notodden, bringing name plate capacity to 360 MW/year, approx. 10 times current annual production capacity
Invested USD 5 million into Nikola as part of their C-round financing
Received purchase order for first Power-to-Gas (P2G) project in Australia
Officially opened new Nel H2Station® factory in Herning, Denmark, with nameplate capacity of 300 H2Stations per year
H2BusEurope selected for proposed award of approx. EUR 40 million by the Connecting Europe Facility Program (CEF)
PDC legal and other related costs of NOK 19.0 million
Substantial efforts undertaken by Nel, legal council and technical experts to support case
Parties have decided to settle and look forward, continue to work together on upcoming opportunities
Experienced cost overrun related to two specific projects, negative Q3'18 effect of NOK 7.0 million
Working to implement new routines and recourses related to project execution
Extraordinary VAT charge in Norway of NOK 3.4 million, related to earlier periods/years
Ramp-up and other non-recurring costs of NOK 4.5 million
Non-cash share option costs of NOK 2.6 million
Q3'18 total non-recurring and other cost of NOK 36.5 million

Financial highlights

(NOK million)	2018 Q3 Adj*	2018 Q3	2017 Q3	2017 Q1-Q4	2016 Q1-Q4
Operating revenue	116.0	116.0	111.7	298.4	114.5
Total operating costs	182.2	182.2	145.0	415.6	169.8
EBITDA	-16.8*	-53.3	-18.5	-81.2	-44.9
EBIT	-29.8	-66.3	-33.3	-117.2	-55.3
Pre-tax loss	-30.9	-67.4	-36.4	-124.4	-62.6
Net loss	-29.0	-65.5	-32.6	-52.4	-55.8
Net cash flow from operating activities	-37.4	-37.4	-90.9	-113.0	-34.2
Cash balance at end of period	434.1	434.1	252.8	295.0	225.5

* EBITDA negatively impacted in Q3'18, total non-recurring and other cost of NOK 36.5 million (see previous page)

Nel in brief & segment updates

Nel ASA Q3 2018

Global, listed pure-play hydrogen company facilities in Norway, Denmark and the U.S.
Significant foothold in fast-growing markets with several breakthrough contracts
World-leading on hydrogen electrolyzers and fueling equipment unrivalled performance and track-record
Capable of delivering solutions to produce, store and distribute hydrogen from renewable energy
3,500 hydrogen solutions delivered in ~80 countries world wide since 1927
~40 hydrogen fueling stations delivered to 9 countries, entering South Korea in 2019