Nel ASA

Prospectus • Jan 20, 2015

Reminder of expiry of subscription period in the Subsequent Offering

Reminder of expiry of subscription period in the Subsequent Offering

Oslo, 20 January 2015

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

or "NEL") on 12 January 2015 regarding the approved prospectus and start of

subscription period in the Subsequent Offering.

The subscription period in the Subsequent Offering expires 22 January 2015 at

16:30 CET.

Subscription rights that are not used to subscribe for Offer Shares before the

end of the Subscription Period will lapse without compensation and consequently

be of no value.

Each subscription right gives the right to subscribe for and be allocated one

Offer Share. Over-subscription is allowed.

The Prospectus together with the Subscription Form is available at www.nel

-hydrogen.com and www.carnegie.no, and is also available free of charge at the

business offices of the Company and Carnegie. Norwegian investors with a VPS

account can in addition subscribe for Offer Shares online at www.carnegie.no.

For further information, please contact:

Lars Christian Stugaard

Acting CEO

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

lars.christian.stugaard@nel-hydrogen.com