Vewd litigation update

Further to our announcement of January 20, 2021, following agreement between MFC and Otello to postpone the hearing listed for February 26, 2021 until 15 or 16 March 2021 to allow further time for MFC to seek refinancing to raise funds to enable it to pay in full the sums due to Otello, the English High Court has ordered that the appointment of a receiver (or alternatively a special committee of the board of Last Lion Holdings Limited tasked with selling the company or raising finance) should take effect on 22 March 2021 if Otello has not be paid the sums due to it by 19 March 2021.

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.