NEL ASA Application Agreement Private Placement 21 January 2020 Arctic Securities AS, tel. +47 22 93 72 42 Carnegie AS, tel. +47 22 00 93 40 SpareBank 1 Markets AS, tel. +47 24 14 74 70 General Information: NEL ASA (the “Company”), a company incorporated under the laws of Norway with registration number 979 938 799, and with its shares listed on the Oslo Stock Exchange (the “OSE”) with ticker code "NEL", intends to offer up to 89,000,000 new ordinary shares in the Company (representing approximately 7.3% of the shares outstanding prior to the Private Placement), each with a nominal value of NOK 0.20 (the “Offer Shares”), through a private placement (the “Private Placement") subject to approval by the Company’s board of directors (the “Board”) pursuant to an authorisation given by the Company’s extraordinary general meeting held on 28 March 2019. The Company has appointed Arctic Securities AS, Carnegie AS and SpareBank 1 Markets AS as joint bookrunners (together the “Managers”) for the Private Placement. |