Otello Corporation ASA

Completion of buy-back of own shares

Reference is made to the stock exchange notice published on 1 December 2021 by

Otello Corporation ASA (the "Company") regarding a potential buy-back of own

shares directed towards all shareholders in the Company.

The Company has today bought 11,200,000 shares in the Company from certain

selling shareholders (the "Selling Shareholders"), at a fixed price of NOK 26.50

per share (the "Offering Price"), which equals NOK 296.8 million in gross

proceeds to the Selling Shareholders (the "Offering").

In total, the Selling Shareholders offered to sell 11,254,615 shares in the

Offering at the Offering Price. Each Selling Shareholder was thus allocated

approx. 99.5% of the individual volume they offered to sell in the Offering in

order to ensure equal treatment of all Selling Shareholders.

Following the Offering, the Company owns 11,200,000 shares in the Company.

The Company will seek to cancel all shares bought back in the Offering as soon

as possible (reduction of the current share capital).

For further information, please contact: Petter Lade / CFO / +47 91143878 /

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