Nel ASA

Major Shareholding Notification • Apr 15, 2024

Standard form for notification of major holdings

0.88% voting rights

applicable)

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the NOR-FSA)

1. Identity of the issuer: NEL ASA Karenslyst alle 49 Oslo 0279 Norway LEI: 549300G6XN5IXMRKEG37 2. Reason for the notification (please tick the appropriate box or boxes): ☒ An acquisition or disposal of shares or voting rights ☐ An acquisition or disposal of financial instruments ☐ An event changing the breakdown of shares or voting rights ☐ Other (please specify): 3. Details of person subject to the notification obligation: Name: BlackRock, Inc. City and country of residence: Wilmington, DE U.S.A 4. Full name of shareholder(s) (if different from 3.): 5. Date on which the threshold was crossed or reached: 12.4.2024 6. Total positions of person(s) subject to the notification obligation: % of shares and voting rights (total of 7.A) % of shares and voting rights through financial instruments (total of 7.B) Total of both in % (7.A + 7.B) Total number of shares and voting rights of issuer Resulting situation on the date on which threshold was crossed or reached 0.30% shares 0.30% voting rights 5.17% shares 5.17% voting rights 5.47% shares 5.47% voting rights 1,671,325,304 shares 1,671,325,304 voting rights Position of previous notification (if 0.88% shares 4.74% shares 5.63% shares

4.74% voting rights

5.63% voting rights

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

A: Shares and voting rights
Class/type of shares	Number of shares and voting rights		% of shares and voting rights
ISIN code (if possible)	Direct (SMA 9:5)	Indirect (SMA 9:6 and 9:7)	Direct (SMA 9:5)	Indirect (SMA 9:6 and 9:7)
NO0010081235		5,095,879 shares 5,095,879 voting rights		0.30% shares 0.30% voting rights
SUBTOTAL A	5,095,879 shares		0.30% shares
	5,095,879 voting rights		0.30% voting rights

Type of financial instrument	Expiration date	Exercise/ Conversion Period	Physical or cash settlement	Number of shares and voting rights	% of shares and voting rights
Securities Lent	N/A	N/A	Physical	86,473,666 shares	5.17% shares
				86,473,666 voting rights	5.17% voting rights
				86,473,666 shares	5.17% shares
			SUBTOTAL B	86,473,666 voting rights	5.17% voting rights

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.

☒ 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 entity:

Name	% of shares and voting rights	% of shares and voting rights through financial instruments	Total of both
See Annex

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

10. Additional information:

The disclosure obligation arose due to shares and votes through financial instruments for BlackRock, Inc. going above 5%.

Done at 12 Throgmorton Avenue, London, EC2N 2DL, U.K. on 15 April 2024

Annex

Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity;

Name	% of shares and voting rights	% of shares and voting rights through financial instruments	Total of both
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P. BlackRock Holdco 3, LLC
BlackRock Cayman 1 LP
BlackRock Cayman West Bay Finco Limited BlackRock Cayman West Bay IV Limited
BlackRock Group Limited
BlackRock Finance Europe Limited			Below 5%
BlackRock Investment Management (UK) Limited
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock Australia Holdco Pty. Ltd.
BlackRock Investment Management (Australia) Limited			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock Holdco 4, LLC
BlackRock Holdco 6, LLC
BlackRock Delaware Holdings Inc.
BlackRock Institutional Trust Company, National Association			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock Holdco 4, LLC
BlackRock Holdco 6, LLC
BlackRock Delaware Holdings Inc.
BlackRock Fund Advisors			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.

BlackRock Canada Holdings ULC
BlackRock Asset Management Canada Limited		Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock Holdco 3, LLC
BlackRock Cayman 1 LP
BlackRock Cayman West Bay Finco Limited
BlackRock Cayman West Bay IV Limited
BlackRock Group Limited
BlackRock Finance Europe Limited
BlackRock Advisors (UK) Limited		Below 5%