Otello Corporation ASA

Share Issue/Capital Change • Jul 7, 2014

Exercise of employee share options

Exercise of employee share options

1. Participants in the Company's share option program have on July 4th

2014 exercised a total number of 83.650 options, of which 42 500 options

were settled in cash.

Following the share option exercise, the Board of Directors, pursuant to

authorization granted by the company`s Annual General Meeting, has

resolved to increase the Company`s share capital by NOK 823 by issuing

41 150 new shares, of par value NOK 0,02. Following the increase the

Company`s share capital is NOK 2,852,544.76 divided into 142 627 238

shares.

2. Options exercised by primary insiders July 4th 2014:

Audun Wickstrand Iversen has exercised 12 500 options in the Company,

corresponding to 12 500 shares at the strike price of NOK 22.14. The

options were settled in cash and the payment has been determined based

on a selling price of NOK 80.45 per share.

3. New holding

After exercising options, Audun Wickstrand Iversen holds 17 500

unexercised options in the Company, corresponding to 17 500 shares at

the strike price of NOK 21.90. As of today the primary insider holds

holds 25,000 shares in the company through Naben, 100% owned by Iversen.

Petter Lade, Investor Relations

Tel: +47 2369 2400

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