Registration of share capital reduction

Reference is made to the extraordinary general meeting held 27 January 2022 where, inter alia, the board of directors was granted the authority to buy back shares and carry out share capital reductions following the Articles of Association § 7, cf. Section 12-7 of the Public Limited Liability Companies Act. Further reference is made to the announcement dated 28 March 2022 where it was announced that 10,000,000 shares had been bought in the market pursuant to the authorisation. The share capital reduction has now been registered and the new share capital of Otello Corporation ASA is NOK 1,821,994.58 divided into 91,099,729 shares each having a par value of NOK 0.02.

Petter Lade, CFO

Phone: +47 91143878

E-mail: petterl@otellocorp.com