AMENDED OPTION TERMS FOR CEO

Reference is made to NEL ASAs announcement of 11 December 2015, with respect to i.a. option terms for the CEO. The Board of Directors of NEL ASA has resolved to amend the terms of the share options, so that the options shall be exercisable 24 months after 1 April 2016, and that the exercise price shall be NOK 3.00 per share. All other terms of the options remain un-amended.

About Us

NEL ASA is a leading global supplier of hydrogen technology for industrial / energy purposes, and has made over 500 deliveries in more than 50 countries. The company's main products are hydrogen production plants based on water electrolysis, complete hydrogen stations for transport and renewable energy storage solutions. The company has its roots from the hydrogen activities of Norsk Hydro, which dates back to 1927. The company also has a number of patents related to tests for early detection and diagnosis of diseases.

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