Approved Prospectus

Reference is made to the stock exchange announcement by Diagenic ASA (the "Company" or "Diagenic") on 9 October 2014 containing minutes from an extraordinary general meeting which included, among other resolutions, the approval of the acquisition of New NEL Hydrogen Holding AS (“NEL Hydrogen”).

The Financial Supervisory Authority of Norway has today approved a prospectus prepared by the Company covering the following:

Listing of 123,076,923 Consideration Shares to be issued in connection with the acquisition of NEL Hydrogen.

Listing of 53,846,154 New Shares to be issued in connection with the completed Private Placement

Offering and listing of 53,846,154 Offer shares with tradable subscription rights for existing shareholders of the Company as per the end of 9 October 2014 (“Rights Issue”).

The Rights Issue comprises an offering of 53,846,154 offer shares at a subscription price of NOK 0.65, corresponding to gross proceeds of approximately NOK 35 million. The Rights Issue will be directed towards the Company's shareholders as of close of the Oslo Stock Exchange on 9 October 2014, as registered in the Norwegian Central Security Depository (VPS) on 13 October 2014 who are not resident in a jurisdiction where such offering would be unlawful, or for jurisdictions other than Norway, would require any filing, registration or similar action. Regarding further restrictions in respect of who may be allocated or permitted to acquire or exercise Subscription Rights/subscribe for Offer Shares, reference is made to section 6.5.5 "Subscription Rights" and Section 20 "Selling and Transfer Restrictions" in the Prospectus.

Subscription period:

From and including 21 October 2014 to 4 November at 16:30 hours (CET).

Subscription Price:

The subscription price in the Rights Issue is NOK 0.65 per Offer Share.

Subscription Rights:

The Subscription Rights will be fully tradable and listed on the Oslo Stock Exchange with ticker code "NEL T". The trading period for the Subscription Rights is from and including 21 October 2014 to 31 October 2014 at 16:30 hours (CET).

The Subscription Rights are expected to have an economical value. Please note that Subscription Rights that are not used to subscribe for Offer Shares before the end of the Subscription Period or sold before 16:30 hours (CET) on 31 October 2014 will lapse without compensation and consequently be of no value.

The Rights Issue is fully underwritten by large shareholders of the Company and some external investors. For further information regarding the underwriter agreement, please see section 6.5.17 "The Underwriting and the Underwriting Syndicate" in the Prospectus.

The Rights Issue is managed by Carnegie AS.

The Prospectus together with the Subscription Form will be available at www.diagenic.com and www.carnegie.no, and will also be 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.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Lars Christian Stugaard

Acting CEO

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

lars.christian.stugaard@diagenic.com