Otello Corporation ASA

Share Issue/Capital Change • Aug 4, 2021

Otello Corporation ASA: Initiating offer to all shareholders of share buyback

Otello Corporation ASA: Initiating offer to all shareholders of share buyback

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 annual general meeting of

Otello Corporation ASA ("the Company") on 2 June 2021 for the Company to acquire

up to 13,847,700 shares in the Company, the Company hereby launches an offer to

all shareholders in the Company to buy back up to 12,450,000 shares in Otello

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

Company).

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 and to fulfill obligations under

incentive schemes approved by the shareholders. 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 4 August 2021 at 09:00 CEST and ends on 6 August 2021 at 16:30 CEST. The

Company has mandated DNB Markets as sole bookrunner and shareholders wanting to

sell shares should fill out and send the attached acceptance form to

demand@dnb.no or 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 12,450,000 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 9 August 2021, the trade date is expected

to be 9 August 2021 with settlement date expected on 11 August 2021.

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

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.