Completion of buy-back of own shares

Reference is made to the stock exchange notice published on 1 December 2021 by Otello Corporation ASA (the “Company") regarding a potential buy-back of own shares directed towards all shareholders in the Company.

The Company has today bought 11,200,000 shares in the Company from certain selling shareholders (the “Selling Shareholders”), at a fixed price of NOK 26.50 per share (the “Offering Price”), which equals NOK 296.8 million in gross proceeds to the Selling Shareholders (the “Offering”).

In total, the Selling Shareholders offered to sell 11,254,615 shares in the Offering at the Offering Price. Each Selling Shareholder was thus allocated approx. 99.5% of the individual volume they offered to sell in the Offering in order to ensure equal treatment of all Selling Shareholders.

Following the Offering, the Company owns 11,200,000 shares in the Company.

The Company will seek to cancel all shares bought back in the Offering as soon as possible (reduction of the current share capital).

For further information, please contact: Petter Lade / CFO / +47 91143878 / petterl@otellocorp.com