Otello Corporation ASA

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,

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.

AI Terminal