NEL ASA presentation March 2016, Jon André Løkke, CEO

1 WHAT IS NEL?

• World leading hydrogen technology company

• Only company that is “pure-play” and independent

• Focusing on: 1. UPSTREAM: hydrogen production from electrolyzers 2. DOWNSTREAM: hydrogen refueling stations/networks 3. SYSTEMS: System integration and project development

2 CORPORATE STRUCTURE

>100 years combined H2 experience ~75 employees ~$250 million Market Cap ~$35 million in cash reserve

SYSTEMS & ENERGY STORAGE

SYSTEM INTEGRATION HYDROGEN PRODUCTION HYDROGEN REFUELLING PROJECT DEVELOPMENT TECHNOLOGY TECHNOLOGY FINANCING & OWNERSHIP 3 NEL ASA

• Established by Norsk Hydro in 1927 • First dedicated hydrogen company on the OSE* (NEL.OSE) • Extensive competence in designing hydrogen production systems and refuelling stations, through Norsk Hydro, Statoil and H2 Logic: – >500 large scale electrolysers sold in >50 countries – 29 hydrogen refuelling stations delivered to 8 different countries • Pure play company with long track record: – Most energy efficient electrolysers, robust and proven technology – Refuelling stations with highest uptime and lowest cost of ownership – Long list of new technology developments that will secure a leading position

* OSE – Oslo Stock Exchange 4 HYDROGEN VALUE CHAIN

Addressing all end markets for hydrogen

Electricity production Hydrogen production Energy storage Distribution End markets methods Hydrogen Refuelling Stations

Onsite

Water electrolysers Industrial end markets

Trucked in

Hydrogen production from Hydrogen as a “battery” Pipeline Renewable energy water and electricity for renewable energy

Upstream Downstream

5 TWO UNDERLYING MEGATRENDS

1. RENEWABLE ELECTRICITY IS BECOMING CHEAP – Growing need for energy storage solutions 2. HYDROGEN CARS ARE BECOMING CHEAP – High focus on zero emission transport

- e H2

6 FCEVS ARE BEING INTRODUCED

• Hyundai, Toyota, Honda, BMW, Daimler, GM, Nissan, Ford, Audi, and Volkswagen have all launched, or announced launch, of FCEVs • Formidable cost reductions enable introduction: “The Toyota Mirai’s powertrain is 95% cheaper to build than the fuel-cell system in the 2008 Highlander fuel cell SUV”1

2014 2015 2016 2017 2018 - 2020

1Source: Satoshi Ogiso, Toyota managing officer at the L.A. auto show (November 2014), announcements 2016 7 SOLAR ENERGY - GROWING FAST AT LOW COST

Avg. module module Gigawatt Solar PV capacity installed globally cost [$/W] [$/W] 250 4 232 225 3,5 200 177 3 175 2,5 150 137 125 2 100 100 1,5 75 71 1 50 40 23 25 16 0,5 7 9 0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: Solar Power Europe, IRENA

8 ELECTRICITY IS BECOMING CHEAP, VERY CHEAP

9 COST OF PRODUCING HYDROGEN

Production cost versus electricity price Example: 24hr period in Germany (excess)

120 20,00 Electricity price [øre/kWh] At At0.022 40 øreUSD/kWh,/kWh, Marginal cost of hydrogen [kr/kg] 10,00 100 marginalmarginal cost cost of of hydrogenhydrogen is is 1.39 25 kr USD/kg/kg, or Equals~2.5 > 0.3 kr /10USD/10 km* km* 0,00 80 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

-10,00

60 -20,00 Negative electricity prices due to high 40 H2 sales price is ~10 -30,00

Electricity price,øre/kWh production from wind USD per kilo → and solar gasoline-equivalent -40,00 20

-50,00 0 0 6 12 18 24 30 36 42 48 54 60 -60,00 Marginal cost of hydrogen, NOK/kg Delivered at vehicle. Includes electrolysis, compression and cooling

*Exchange rate NOK/USD of 9:1 10 RENEWABLE HYDROGEN

• Increasing demand for hydrogen production based on renewables – Can be combined with energy storage solutions • Size & cost of electrolyzer matters, so does… – Efficiency and conversion cost – Robustness and ease of operation – Track record to simplify financing – DC connection to reduce capex • NEL is well positioned to capture this market

11 PROUD HISTORY AND EXTENSIVE HYDROGEN KNOW-HOW SINCE 1927

Glomfjord, Norway in the 1950s

World’s largest hydrogen electrolyser plant – 135 MW / 30,000 Nm3/h

12 HYDROGEN PRODUCTION DIVISION

ABOUT THE PRODUCTS CUSTOMERS

• Global leader within large scale hydrogen electrolyser plants – Highest uptime, lowest conversion cost, robust and reliable

• New technologies: 1. Pressurized electrolyser, containerized solution, pre-assembled before delivery - reduced time for installation and commissioning 2. Compact game-changing technology - Rotolyzer

13 LONG TRACK & HIGHLY SCALABLE

• World leading supplier of technology for hydrogen production • Delivered >500 large scale electrolysers in >50 countries • Scalable production capacity for industrial and energy/transport applications

100-1.000kg/day module Flexible upgrade

Multiple modules plant Unlimited capacity

14 GAME CHANGING TECHNOLOGY - ROTOLYZER

Rotating electrolyser – several advantages: 100x Optimal production and flow of hydrogen and oxygen smaller* . Cost efficient & Compact . Dramatically increased active area on electrodes → less material needed → more compact . Increased gas-lye separation and less distance between electrodes → increased efficiency due to less ohmic resistance Pressurized stack . Higher pressure → more compact & no need for 1st stage compression downstream . Works as a centrifugal pump – no need for lye pumps

*cell stack, compared to atmospheric alkaline

15 REFUELLING DIVISION

ABOUT THE PRODUCTS H2STATION® CAR-100 FOR CARS • One-module system with installation in 48 hours • World leading supplier of hydrogen • 70MPa fuelling, up to 200kg/day capacity or ~400 vehicles in a network refuelling stations • Flexible hydrogen supply – integrated onsite – Highest uptime and low cost of electrolyser or delivered ownership • Patented technology

• Preparing for release next generation H2STATION® MH-100 FOR LARGE VEHICLES refuelling station • Easy and fast installation – Small footprint and dispenser flexibility • 35MPa fuelling, up to 200kg/day or full tank for ~7- – Standardized and module based 10 industrial vehicles or buses design • Flexible hydrogen supply – Industrial production based in lean • Patented production principles technology

16 HYDROGEN REFUELLING DIVISION – H2LOGIC

• More than 29 stations delivered in 8 countries across Europe • More than 14.000 fuelings (29 tons of hydrogen) • Strategic collaboration with Mitsubishi in Japan • Currently developing market entry strategy for California

H2Station®

17 SYSTEMS DIVISION

PRODUCT AND SERVICES REFUELLING NETWORKS • Develop entire refueling networks, incl. renewable hydrogen production • System integration and project • Network monitoring development services • Service and • Operation, maintenance, ownership maintenance and financing solutions RENEWABLE HYDROGEN & STORAGE SOLUTIONS • Particular focus on new markets like • Energy storage solutions and “constant” renewable California, Japan supply – But also existing markets like Germany • Production based and Scandinavia hydro, wind or solar • Large, medium or small scale

18 DELIVERED THE ENTIRE DANISH NETWORK

The world’s first country wide network in daily Renewable power: 2015: 42% Oslo (NO) ↑ operation: Gothenburg (SE) → 2035: 100% 70 km • NEL services and operates entire network Aalborg Onsite electrolysis – In collaboration with leading oil, energy Distributed hydrogen and gas companies* Central electrolysis • 100% of hydrogen from electrolysis 120 km • 6 stations with onsite electrolysis Holstebro 35 km Aarhus • 5 stations with centralized NEL electrolysis Herning** 85 km

75 km • All stations approved by OEM’s 70 km Copenhagen

Vejle • Same approach in other markets Kolding Esbjerg** Korsør 70 km Malmö 70 km 134 km (SE) → ← London (UK) 240 km 370 km

* Partners: Air Liquide, OK, Strandmøllen, Vestforsyning Hamburg (DE)  Berlin (DE)  ** Under planning/construction 19 ONGOING ACTIVITIES IN NORWAY

UNO-X HYDROGEN AS • Joint Venture between Uno-X Automat AS (51%) and NEL Fuel AS(49%) • Agreement to build minimum 20 hydrogen refuelling stations w/hydrogen production units in Norway by 2020 – Realization dependent on public support – First station gained support from Akershus County Council and Enova. • NEL to provide hydrogen production and refuelling station technology – Uno-X will be main brand of JV • Ongoing dialogue with other relevant stakeholders/partners

Version 10.12.201515.12.2015 20 SUMMARY

• “Pure-play” company dedicated to hydrogen technologies

• Vast experience and long track record

• Industrial production based in lean production principles

• Benchmark technologies to be released soon, and under development

21