Otello Corporation ASA

Transaction in Own Shares • Jul 22, 2024

Initiation of Share Buyback Program

Initiation of Share Buyback Program

The Board of Directors (the "Board") of Otello Corporation ASA (the "Company") strongly believes that the Company's shares are trading at a substantial discount to the Net Assets Values of the Company. Consequently, and in order to return capital to shareholders, the Board has decided to initiate a share buyback program by utilizing the authorization as granted by the 2024 Annual General Meeting (AGM). Transactions will be carried out by market purchases in accordance with applicable laws and be executed based on the market price on the Oslo Stock Exchange. The maximum consideration to be paid for shares acquired under the buyback program is NOK 15 per share and the maximum number of shares that can be purchased is 4 554 986 shares (5% of total outstanding shares). The program will be initiated as from today and expire no later than at the 2025 AGM.

Otello is entering into a non-discretionary agreement with a third party who will make its trading decisions independently of, and uninfluenced by, Otello. Transactions will be conducted in accordance with the Market Abuse Regulation (EU) No 596/2014 ("MAR") and Commission Delegated Regulation (EU) No 2016/1052 ("Safe Harbour Regulation") as further set out i.a. in the Norwegian Securities Trading Act of 2007 and the Oslo Stock Exchange's Guidelines for buy-back programs and price stabilization dated February 2021. Transactions will be reported on a weekly basis.

Scott Kerrison, CFO

Phone: +47 413 75 867

E-mail: scott.kerrison@otellocorp.com