Observe Medical ASA – Primary insider notice

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Reference is made to the ongoing rights issue of 4,090,909 new shares to a subscription price of NOK 11.00 (the "Offer Shares") in Observe Medical ASA (the "Company") as announced in the Company's stock exchange announcement on 19 June 2020 (the "Rights Issue").Ingerø Reiten Investment Company AS ("IRIC"), represented at the Company's board of directors by Terje Bakken, has today, on 25 June 2020, in total subscribed for 1,022,727 Offer Shares of which 777,688 Offer Shares were subscribed through the exercise of subscription rights and 245,039 Offer Shares were over-subscribed.

Subject to IRIC receiving full allocation for its subscriptions of Offer Shares pursuant to the allocation criteria for the Rights Issue, IRIC, with its related parties, will own 3,939,394 shares in the Company.

Assuming full allocation for its subscription of Offer Shares, IRIC's shareholding in the Company will be 20.27% and thereby pass the threshold of 20% of the issued and outstanding shares in the Company following completion of the Rights Issue.

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