Otello Corporation ASA

Transaction in Own Shares • Mar 21, 2022

Initiating offer to all shareholders of share buy back

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 extraordinary general meeting

of Otello Corporation ASA (the "Company") on 27 January 2022 for the Company to

acquire up to 10,000,000 shares in the Company, the Company hereby launches an

offer to all shareholders in the Company to buy back up to 10,000,000 shares in

Otello Corporation ASA (approximately 10% of the current outstanding shares in

the Company) (the "Offering").

The Company is, as previously communicated, committed to return cash to

shareholders with a view to distributing all excess cash to its owners. The

Board of Directors of Otello has thus decided to carry out a share buyback

program. The shares purchased through the share buyback program may be used for

prospective reductions of the share capital. The share buyback program will be

carried out in accordance with applicable laws and regulations and information

pertaining to the share buyback program will be disclosed by way of stock

exchange notices.

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 21 March 2022 at 09:00 CET and ends on 25 March 2022 at 16:30 CET (the

"Application Period"). The Company reserves the right to extend the Application

Period at its own discretion. If the Application Period is extended the other

dates referred to herein may be amended accordingly. Pricing and allocation is

expected on or about 28 March 2022, the trade date is expected to be on or about

28 March 2022 with settlement date expected on or about 30 March 2022. The

Company has mandated DNB Markets, a part of DNB Bank ASA ("DNB Markets) as sole

bookrunner and shareholders wanting to sell shares should fill out and send the

attached acceptance form to demand@dnb.no. Existing customers of DNB Markets can

contact DNB Markets at +47 24 16 90 20 with their respective volume and price

targets.

The Company will in the event of receiving acceptances above 10,000,000 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. The Company reserves the right, at its own discretion, to

extend or terminate the Offering at any time.

For further information, please contact: Petter Lade, CFO, +47 9114 3878,

petterl@otellocorp.com

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.