Nel ASA: Reference is made to previous stock exchange announcements made by Nel ASA (“Nel”) regarding acquisition of Proton Energy Systems, Inc.
(Oslo, 15 November 2017) Proton Energy Systems, Inc. (“Proton OnSite”) was acquired on a cash and debt free basis and assuming a normalized working capital. Pursuant to the transaction agreement, the purchase price was subject to adjustment based on the actual levels of net debt and working capital as per closing, to be settled by Nel issuing further shares to the selling shareholder of Proton Onsite, F9 Investments LLC ("F9"), or F9 transferring Nel shares to Nel, as the case may be. The number of shares shall in each case be calculated based on the originally agreed value of a Nel share