Bemobi IPO successfully completed

Otello ASA (Oslo) announces that Bemobi Mobile Tech S.A.  ("Bemobi Brasil"), the parent company of Otello's activities in Brazil and internationally, has set a price of R$22.00 per common share for its Initial Public Offering (IPO), determined after completion of the bookbuilding process. Based on this price, the gross proceeds of the primary component of the IPO, will reach R$ 1,094,117,684 ($203,943,536), resulting in an equity value, post-money, of Bemobi Brasil at IPO of R$2,000,000,024 ($372.800.004). The Brazilian Final Prospectus related to the IPO will be filed today with the Brazilian Securities Commission (CVM). The IPO consists of a base primary offering of 49,732,622 common shares issued by Bemobi Brasil. Otello (through its wholly owned subsidiary Bemobi Holding AS) has granted an option to the Brazilian underwriters in connection with this offering to place up to 7,459,893 additional common shares to cover over-allotments, if any, exercisable up to 30 days after the starting date of trading of Bemobi Brasil's common shares on the São Paulo stock exchange ("Secondary Greenshoe"). If the Secondary Greenshoe is exercised, Otello (through its wholly owned subsidiary Bemobi Holding AS) may sell up to 6,388,478 common shares issued by Bemobi Brasil. The secondary offering will only occur in case the overallotment offering is exercised by the Brazilian underwriters. Bemobi Brasil's common shares are expected to begin trading on February 10, 2021 on the São Paulo stock exchange under the ticker symbol "BMOB3". The offering is expected to settle on February 11th, 2021, subject to the satisfaction of customary closing conditions. Information regarding the IPO of Bemobi Brasil, including the Brazilian Final Prospectus, will be available in Portuguese on the websites of Bemobi Brasil (https://www.bemobi.com.br), the Brazilian underwriters, the CVM and the São Paulo stock exchange. With the completion of the IPO, if the Secondary Greenshoe is fully exercised, Otello will hold approximately 30.98% of Bemobi Brasil. The common shares of Bemobi Brasil held by Otello (through its wholly owned subsidiary Bemobi Holding AS) will be subject to customary lock-up restrictions pursuant market practices.

This press release does not constitute an offer of securities for sale in Brazil. Bemobi Brasil's IPO shall take place by means of the offering documents to be released after IPO registration with the CVM in compliance with the Brazilian securities regulation, including Portuguese language Final Prospectus. Investors must carefully read the Portuguese language Final Prospectus to be publicly available upon disclosure of the announcement of commencement of the IPO, especially the "Risk Factors" section of Bemobi Brasil's Final Prospectus and Reference Form, prior to making any investment in Bemobi Brasil's shares. This press release is not intended for publication or distribution, directly or indirectly, in or into the United States. This press release does not constitute an offer of securities for sale in the United States. The securities mentioned in this press release have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the Securities Act), or any state securities laws, and they may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

Petter Lade, CFO

Phone: +47 91143878

E-mail: petterl@otellocorp.com

About Otello: Otello holds shares in several different businesses, including (i) AdColony which helps publishers monetize their content through advertising and advertisers reach the audiences that build value for their businesses, capitalizing on a global consumer audience reach that exceeds 2 billion; (ii) Bemobi, a Mobile Media and Entertainment company which integrate people and mobile content through technology and offers a leading subscription-based discovery service for mobile apps in Latin America and beyond; (iii) Skyfire which offers cloud-based network solutions for mobile operators and (iv) Vewd which offers OTT services in the Connected TV space.