Registration of share capital reduction

Reference is made to the extraordinary general meeting held 30 September 2021 where, inter alia, the board of directors was granted the authority to buy back shares and carry out share capital reductions. Further reference is made to the announcement dated 8 December 2021 where it was announced that 11,200,000 shares had been bought in the market pursuant to the authorisation and that the shares would be cancelled by way of a share capital reduction. The share capital reduction has now been registered and the new share capital of Otello Corporation ASA is NOK 2,021,994.54, divided into 101,099,727 shares each having a par value of NOK 0.02.

Petter Lade, CFO

Phone: +47 91143878

E-mail: petterl@otellocorp.com