Cavendish Hydrogen ASA: Mandatory notifications of trade and shareholder disclosure notification

12 Jun 2024 10:51 CEST

Oslo, 12 June 2024: Reference is made to the stock exchange announcements by Nel
ASA ("Nel", OSE: NEL) and Cavendish Hydrogen ASA ("Cavendish", OSE: CAVEN) on 6
June 2024 regarding the distribution of shares in Cavendish to the shareholders
of Nel (the "Distribution"), and the stock exchange announcement by Cavendish on
12 June 2024 regarding the first day of trading of Cavendish's shares on the
Oslo Stock Exchange.

The following primary insiders of Cavendish will receive shares in Cavendish in
connection with the Distribution:

– Jon André Løkke, Chair of the Board of Directors, will receive 2,000 shares;
and
– Marcus Halland, Chief Financial Officer, will receive 4,723 shares.

Please see the enclosed forms for further details.

Furthermore, in connection with the Distribution, Nel's shareholding in
Cavendish of in total 33,618,145 shares (representing 100% of the issued shares
and voting rights in Cavendish), will be reduced with 33,417,965 shares, as
distributed to the relevant Nel shareholders. Consequently, following completion
of the Distribution expected later today, 12 June 2024, Nel will own 200,180
shares, representing approximately 0.60% of the issued shares and voting rights
in Cavendish, and will thereby cross below the thresholds pursuant to section
4-2 of the Norwegian Securities Trading Act. Nel is not ultimately controlled by
any natural person or legal entity and has no rights to further shares in
Cavendish.

The shares in Cavendish held by Nel are intended to be transferred to Cavendish
without consideration when appropriate following completion of the Distribution
and be held by Cavendish as treasury shares.

This information is subject to the disclosure requirements in article 19 of the
EU Market Abuse Regulation (596/2014) and sections 4-2 and 5-12 of the Norwegian
Securities Trading Act.

About Cavendish Hydrogen ASA:

Cavendish Hydrogen ASA is a leading hydrogen fueling company that specializes in
the development, production, marketing, sales and service of equipment for
fueling hydrogen into on-road vehicles. The company operates globally with
offices in Denmark, California (the U.S), South Korea and Austria. The ongoing
focus of the company is to develop its product portfolio to meet the expected
market expansion for long-distance heavy-duty trucking. For more information,
please visit https://cavendishh2.com/.

More information:
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621252_Mandatory disclosure of transaction by primary insiders.pdf