UPDATE ON BEMOBI IPO IN BRASIL

Otello has noted information in the market with respect to the previously announced process to publicly list its Bemobi business in Brazil. Otello can confirm that the listing process has progressed and is expected to be finalized very soon. Further, Otello can confirm that the pricing per share applicable to the initial public offering (IPO) is set at 22 Brazilian Real and that this is towards the high end of the indicative price range. Otello will release the number of shares to be sold in the IPO and hence the subsequent, indirect ownership by Otello in Bemobi post the IPO to the market when available.

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.