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.