UPDATE ON BEMOBI IPO IN BRASIL
Otello has noted information in the market with respect to the previously announced process to publicly list its Bemobi business in Brazil. Otello can confirm that the listing process has progressed and is expected to be finalized very soon. Further, Otello can confirm that the pricing per share applicable to the initial public offering (IPO) is set at 22 Brazilian Real and that this is towards the high end of the indicative price range. Otello will release the number of shares to be sold in the IPO and hence the subsequent, indirect ownership by Otello in Bemobi post the IPO to the market