Disclosure of large shareholding

Reference is made to the stock exchange announcements published by Observe Medical ASA (the "Company") regarding the allocation of shares in the rights issue of 137,193,548 new shares in the Company (the "Offer Shares"), at a subscription price of NOK 0.26 per share (the "Rights Issue").

In connection with the Rights Issue, ELI AS has been allocated 9,269,038 Offer Shares. Subject to the completion of the Rights Issue, resulting in the total number of issued shares in the Company being 190,685,204, ELI AS will hold 11,013,298 shares in the Company, representing 5.78% of the share capital and votes in the Company and consequently cross the disclosure threshold of 5% of the votes in the Company.

This disclosure is made pursuant to section 4-2 of the Norwegian Securities Trading Act.