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Issue of new shares in connection with NEL ASAs incentive scheme and mandatory notification of trade

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Reference is made to the stock exchange announcement from NEL ASA (the "Company") on 17 February 2016 regarding the implementation of a share incentive program.

The Company has resolved a share capital increase pertaining to the issuance of 3,076,926 new shares under the incentive scheme. Following registration of the new shares, the Company's new registered share capital will be NOK 136,735,650.4o, divided on 683,678,252 shares, each with a nominal value of NOK 0.20 per share.

The new shares were subscribed for at NOK 2.476 per share by in total 56 employees of the Company.

Please find attached a list of the primary insiders of the Company that were granted shares under the incentive scheme.

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

CFO

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

lars.christian.stugaard@nel-hydrogen.com

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