Otello Corporation ASA

Transaction in Own Shares • Jun 18, 2014

SHARE BUY-BACK PROGRAM

SHARE BUY-BACK PROGRAM

Reference is made to the Annual General Meeting on June 3, 2014 and

the approval of the Company's new Restricted Stock Unit ("RSU") program

as well as the approval of an authorization for the Board to

acquire treasury shares. The Board authorization has been registered

with the Norwegian Register of Business Enterprises. Following such

registration the Board has passed a policy resolution that it is the

intention of the Board to finance exercised RSUs by utilizing the

authorization and thereby acquiring shares in the market. Such buy-backs

will be made over the stock exchange in accordance with applicable rules

and regulations, and buy-back of shares may take place during the term

of the RSU program. Any buy-backs taking place will be notified to the

market in accordance with applicable laws and stock exchange

regulations.

Petter Lade, Investor Relations

Tel: +47 2369 2400

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