(June 7, 2024 - Oslo, Norway) Reference is made to the stock exchange announcement by Nel ASA ("Nel", OSE: NEL) on June 6, 2024 regarding the contemplated distribution of up to 33,618,145 shares in Cavendish Hydrogen ASA ("Cavendish", OSE: CAVEN) as dividend in kind to the shareholders of Nel, and listing of the shares in Cavendish on the Oslo Stock Exchange expected on or about June 12, 2024, subject to inter alia satisfaction of the conditions for listing set by the Oslo Stock Exchange.

Cavendish will hold a live webcast with a company presentation, followed by a Q&A session, Tuesday, June 11, 2024 from 12:00 to 13:00 CEST and can be accessed on the link below. A recording of the webcast will be publicly available at https://cavendishh2.com/ following the event.

Link to live webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20240611_4/

Cavendish representatives: Robert Borin (CEO) and Marcus Halland (CFO)

ENDS

For additional information, please contact:

Kjell Christian Bjørnsen, CFO, +47 917 02 097

Lars Nermoen, Head of Communications, +47 902 40 153

Marcus Halland, CFO Cavendish ASA, +47 930 90 190

IMPORTANT NOTICE

These materials do not constitute or form a part of any offer of securities for sale or a solicitation of an offer to purchase securities of Nel ASA or Cavendish Hydrogen ASA (each an "Issuer") in the United States or any other jurisdiction. The securities of the Issuer may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities of the Issuer have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No public offering of securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e., only to investors who can receive any offering without an approved prospectus in such EEA Member State. The "EU Prospectus Regulation" means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (together with any applicable implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). These materials are directed only at Relevant Persons and must not be acted on or relied upon by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Issuer.

The publication, distribution or release of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. Specifically, neither this announcement nor the information contained herein is for publication, distribution, or release, in whole or in part, directly or indirectly, in or into or from the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada, Hong Kong, Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.