Otello Corporation ASA: Initiating offer to all shareholders of share buy back

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. PLEASE SEE IMPORTANT NOTICE AT THE END OF THIS COMMUNICATION

With reference to the authorization given by the AGM of Otello Corporation ASA (“the Company”) on 2 June 2020 for the company to acquire up to 10% of outstanding shares in the Company valid until the AGM in 2021, as well as the stock exchange notice released on 7 April 2021 initiating a share buyback programme in the Company, the Company hereby launches an offer to all shareholders in the Company to buy back up to 12,000,000 shares in Otello Corporation ASA.

The Company is at the release of the offer not in possession of material non-public information.

The offer will be carried out by means of a book building process which starts on 3 May 2021 at 09:00 CEST and ends on 7 May 2021 at 16:30 CEST. The Company has mandated DNB Markets as sole bookrunner and shareholders wanting to sell shares can contact DNB Markets at +47 24 16 92 25 with their respective volume and price targets.The Company will in the event of receiving acceptances above 12,000,000 shares depending on the prices and volumes shown by selling shareholders, allocate shares at its discretion, with the equal treatment of shareholders as the primary objective.

Pricing and allocation is expected on 10 May 2021, the trade date expected to be 10 May 2021 with settlement date expected on 12 May 2021.

For further information, please contact: Petter Lade, CFO, +47 91143878, [email protected]

The information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

The Offer and the distribution of this announcement and other information in connection with the offer may be restricted by law in certain jurisdictions. The Company does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or relevant information should come are required to inform themselves about and to observe any such restrictions. The offer is not being made directly or indirectly in, or by use of the mails of, or by any means or instrumentality of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States of America, its territories and possessions, any State of the United States and the District of Columbia (the "United States"). This includes, but is not limited to, facsimile transmission, internet delivery, e-mail and telephones. Copies of this release and any related documents are not being, and must not be, mailed, e-mailed or otherwise distributed or sent in or into the United States and so doing may invalidate any purported acceptance.