Til aksjonærene i Otovo AS To the shareholders of Otovo AS

INNKALLING TIL	NOTICE OF EXTRAORDINARY
EKSTRAORDINÆR GENERALFORSAMLING	GENERAL MEETING
I	IN
OTOVO AS	OTOVO AS
Ekstraordinær generalforsamling i Otovo AS, org. nr. 915 501 680	An extraordinary general meeting of Otovo AS, reg. no. 915 501 680
("Selskapet" eller "Otovo"), holdes på Selskapets kontor den 3.	(the "Company" or "Otovo"), will be held at the Company's office on
desember 2021 kl. 12:00.	3 December 2021 at 12:00 hours (CET).
Generalforsamlingen vil bli åpnet av styrets leder, Peter Mellbye,	The general meeting will be opened by the chairperson of the board
eller den han utpeker.	of directors, Peter Mellbye, or the person appointed by him.
Styret foreslår følgende dagsorden:	The board of directors proposes the following agenda:
1	1
VALG AV MØTELEDER	ELECTION OF PERSON TO CHAIR THE MEETING
Styret foreslår at Peter Mellbye velges til å lede generalforsamlingen.	The board of directors proposes that Peter Mellbye is elected to chair the meeting.
2	2
GODKJENNELSE AV INNKALLING OG DAGSORDEN	APPROVAL OF NOTICE AND THE AGENAA
Styret foreslår at generalforsamlingen treffer følgende beslutning:	The board of directors proposes that the general meeting makes the following resolution:
"Innkallingen og dagsorden godkjennes."	"The notice and the agenda are approved."
3 VALG AV ÉN PERSON TIL Å MEDUNDERTEGNE PROTOKOLLEN	3 ELECTION OF A PERSON TO CO-SIGN THE MINUTES
Styret foreslår at Lars Ekeland velges til å medundertegne	The board of directors proposes that Lars Ekeland is elected to co
protokollen.	sign the minutes.
4	4
KAPITALFORHØYELSE VED TINGSINNSKUDD I FORBINDELSE	SHARE CAPITAL INCREASE BY CONTRIBUTION IN KIND IN
MED TILBUDET PÅ EDEA	CONNECTION WITH COMPLETION OF THE EDEA OFFER

Selskapet har fremsatt et frivillig tilbud ("Tilbudet") om kjøp av alle aksjene i European Distributed Energy Assets Holding AS ("EDEA"), i henhold til tilbudsdokumentet datert 10. november 2021 ("Tilbudsdokumentet").

Som beskrevet i Tilbudsdokumentet er Tilbudet strukturert som et aksje-for-aksje-tilbud, hvor aksjonærene i EDEA som aksepterer tilbudet ("EDEA-Aksjonærene") skal motta som vederlag 1,7 nye aksjer i Selskapet ("Vederlagsaksjene") for hver aksje i EDEA ("EDEA-Aksjene").

Selskapet har engasjert SpareBank 1 Markets AS som mottaksagent i Tilbudet ("Mottaksagenten"). EDEA-Aksjonærene har gitt Mottaksagenten fullmakt til å overføre sine respektive EDEA-Aksjer til Selskapet som tingsinnskudd mot etterfølgende levering av Vederlagsaksjene.

Pursuant to the offer document dated 10 November 2021 (the "Offer Document"), the Company has launched a voluntary offer (the "Offer") to acquire all issued and outstanding shares in European Distributed Energy Assets Holding AS ("EDEA").

As further set out in the Offer Document, the Offer is structured as a share-for-share exchange offer, where the shareholders of EDEA accepting the Offer (the "EDEA-Shareholders") shall receive as consideration 1.7 new shares in the Company (the "Consideration Shares") for each tendered share in EDEA (the "EDEA-Shares").

The Company has engaged SpareBank 1 Markets AS as receiving agent in the Offer (the "Receiving Agent"). The EDEA-Shareholders have authorised the Receiving Agent to transfer their respective EDEA-Shares to the Company as contribution in kind against subsequent delivery of the Consideration Shares.

Tingsinnskuddet er nærmere beskrevet i styrets redegjørelse utarbeidet i henhold til aksjeloven § 2-6, jf. § 10-2 (3). Styrets redegjørelse og revisors bekreftelse følger vedlagt protokollen som Vedlegg 1.

Akseptperioden for Tilbudet løper ut 26. november 2021 kl. 12:00. Per tidspunktet for denne innkallingen har Mottaksagenten mottatt aksepter fra EDEA-Aksjonærer for til sammen 3.145.890 EDEA-Aksjer, tilsvarende totalt 48,86 % av aksjekapitalen i EDEA. En endelig opptelling av mottatte aksepter i Tilbudet vil bli foretatt etter utløpet av akseptperioden.

Gjennomføringen av Tilbudet er betinget av at Selskapets ekstraordinære generalforsamling fatter nødvendig vedtak om utstedelse av Vederlagsaksjene til EDEA-Aksjonærene.

På denne bakgrunn foreslår styret at generalforsamlingen fatter følgende vedtak:

(i) Aksjekapitalen forhøyes med minimum NOK 26.269,41 og maksimum NOK 44.527,93, ved utstedelse av minimum 5.253.881 og maksimum 8.905.586 nye aksjer, hver pålydende NOK 0,005.
(ii) Det skal betales NOK 24,79411765 per aksje, hvorav NOK 0,005 er aksjekapital og det overskytende beløpet på NOK 24,78911765 skal behandles som annen innskutt egenkapital (overkurs). Det totale innskuddet er minimum NOK 130.265.350,56 og maksimum NOK 220.806.147,00.
(iii) Aksjene tegnes av SpareBank 1 Markets AS på vegne av, og i henhold til fullmakt fra, selskapene og personene som har akseptert Selskapets frivillig tilbud om kjøp av alle aksjene i European Distributed Energy Assets Holding AS (org. nr. 923 991 859) ("EDEA"), fremsatt i tilbudsdokumentet datert 10. november 2021.
(iv) Aksjene tegnes på generalforsamlingen i separat tegningsblankett.
(v) Aksjeinnskuddet ytes ved overføring av en aksje i EDEA til Selskapet som tingsinnskudd for hver 1,7 nye aksjer som utstedes i Otovo. Overføringen av aksjene i EDEA anses avtalt, erklært og gjennomført fra det tidspunkt SpareBank 1 Markets AS tegner seg for de nye aksjene på generalforsamlingen.
(vi) Tingsinnskuddet er nærmere beskrevet i styrets redegjørelse utarbeidet i henhold til aksjeloven § 2-6, jf. § 10-2 (3). Styrets redegjørelse og revisors bekreftelse følger vedlagt protokollen som Vedlegg 1.

The contribution in kind is further described in the board statement prepared in accordance with Section 2-6, cf. Section 10-2 (3) of the Companies Act. The board statement and the auditor's confirmation is attached hereto as Appendix 1.

The acceptance period in the Offer ends 26 November 2021 at 12:00 hours (CET). As at the time of this notice, the Receiving Agent has received acceptances from EDEA-Shareholders for in total 3,145,890 EDEA-Shares, corresponding to in total 48.86% of the share capital in EDEA. A final count of acceptances received in the Offer will be made following the end of the acceptance period.

The completion of the Offer is conditional upon the extraordinary general meeting of the Company approving the issuance of the Consideration Shares to the EDEA-Shareholders.

On this basis, the board of directors proposes that the general meeting adopts the following resolution regarding a share capital increase:

(i) The share capital is increased by minimum NOK 26,269.41 and maximum NOK 44,527.93, by issuance of minimum 5,253,881 and maximum 8,905,586 new shares, each with a nominal value of NOK 0.005.
(ii) The subscription price per share is NOK 24.79411765, of which NOK 0.005 is share capital and the excess amount of NOK 24.78911765 is allocated to other equity (share premium). The total subscription amount is minimum NOK 130,265,350.56 and maximum NOK 220,806,147.00.
(iii) The shares shall be subscribed for by SpareBank 1 Markets AS on behalf of, and in accordance with authorisation from, the companies and persons that have accepted the Company's voluntary offer to acquire all issued and outstanding shares in European Distributed Energy Assets Holding AS (reg. no. 923 991 859) ("EDEA"), pursuant to the offer document dated 10 November 2021.
(iv) The shares shall be subscribed for at the general meeting in a separate subscription form.
(v) The share contribution is settled by the transfer of one share in EDEA to the Company as contribution in kind for each 1.7 new shares issued in Otovo. The transfer of the shares in EDEA is deemed agreed, declared and completed from the time SpareBank 1 Markets AS subscribes for the new shares at the general meeting.
(vi) The contribution in kind is further described in the board statement prepared in accordance with Section 2-6, cf. Section 10- 2 (3) of the Companies Act. The board statement and the auditor's confirmation is attached hereto as Appendix 1.

(vii) De nye aksjene gir rett til utbytte og øvrige rettigheter i Selskapet fra og med tidspunktet kapitalforhøyelsen er registrert i Foretaksregisteret.
(viii) De anslåtte utgiftene ved kapitalforhøyelsen utgjør NOK 2.500.000,00 (eks. MVA).
(ix) Vedtektenes § 4 endres slik at bestemmelsen angir aksjekapitalen og det totale antallet aksjer etter kapitalforhøyelsen.

Bortsett fra det som fremgår ovenfor, samt informasjon og nyheter publisert av Selskapet til markedet gjennom Oslo Børs sin informasjonstjeneste på www.newsweb.no (under Selskapets ticker "OTOVO") og på Selskapets hjemmeside (www.otovo.com), har det ikke inntrådt noen forhold av vesentlig betydning for Selskapet etter 31. desember 2020 og styret er for øvrig ikke kjent med særlige forhold av betydning for tegningen av kapitalforhøyelsen.

Selskapets siste årsregnskap, årsberetning og revisjonsberetning er tilgjengelig på Selskapets kontor i Oslo.

5 STYREFULLMAKT TIL KAPITALFORHØYELSE I TILKNYTNING TIL SELSKAPETS OPSJONSPROGRAM FOR ANSATTE

Selskapet hadde i perioden 2017 til 2019 et opsjonsprogram for nøkkelansatte der de ansatte ble tildelt opsjoner som kunne utøves over tre år. På Selskapets generalforsamling 15. desember 2020, vedtok Selskapet et nytt aksjekjøpsprogram for nøkkelansatte der de ansatte investerer et beløp ved starten av programmet og kan få utdelt ytterligere aksjer etter to, tre og fire år avhengig av utvikling i aksjekursen og fortsatt ansettelse. Etter grundige vurderinger har det vist seg at aksjekjøpsprogrammet ikke fungerer optimalt for de ansatte, særlig på grunn av ulike skatteregimer i de landene Otovo er til stede.

Aksjebasert avlønning er et sentralt virkemiddel i arbeidet med å rekruttere og beholde nøkkelmedarbeidere og for å sikre tilgang til talent til Selskapet, ikke minst fordi de ansattes lønn ligger under antatt markedsnivå. Etter å ha vurdert og forsøkt ulike alternativer, er det styrets oppfatning at opsjoner er et enklere instrument som gir forutsigbarhet både for Selskapet og for de ansatte. Styret foreslår derfor et nytt opsjonsprogram for de neste tre årene med total ramme på 5.160.000 opsjoner som hver gir rett, men ikke plikt til å kjøpe én aksje i Selskapet.

For å legge forholdene til rette for at Selskapet kan utstede aksjer under opsjonsprogrammet foreslår styret derfor at det gis en fullmakt til å forhøye aksjekapitalen i Selskapet.

(vii) The new shares carry the right to dividend and other rights in the Company from and including the time the share capital increase is registered with the Norwegian Register of Business Enterprises.
(viii) The estimated expenses related to the share capital increase are NOK 2,500,000.00 (excl. VAT).
(ix) Section 4 of the articles of association shall be amended to state the total share capital following the share capital increase.

Other than the information above, and the information and news communicated by the Company to the market in ordinary course through the Oslo Stock Exchange's information system on www.newsweb.no (under the Company's ticker "OTOVO") and on the Company's web page (www.otovo.com), no circumstances of significant importance to the Company have occurred after 31 December 2020, and the board of directors is otherwise not aware of any circumstances that should be considered when subscribing for the share capital increase.

The Company's latest annual accounts, annual report and auditor's report is available at the Company's office in Oslo.

5 BOARD AUTHORISATION FOR SHARE CAPITAL INCREASE IN CONNECTION WITH THE COMPANY'S EMPLOYEE SHARE OPTION PROGRAMME

In the period 2017 to 2019, the Company had a share option programme where key employees were granted options exercisable over three years. At the Company's general meeting held on 15 December 2020, the Company resolved a new share purchase programme for key employees. Pursuant to the share purchase programme, the key employees invest an amount at the start of the programme and may thereafter receive additional shares after two, three and four years depending on the development in the share price and continued employment. However, after thorough assessments the share purchase programme has proven to not function optimally, especially due to the different tax regimes in the countries in which Otovo is present.

Share-based remuneration is a key element in terms of recruiting and retaining key employees and securing the Company's access to talent, especially since the salary paid to the employees is below the assumed market level. After having considered and tested different alternatives, it is the board of directors' opinion that options are a simpler instrument that provides predictability both for the Company and the employees. On this basis, the board of directors proposes that a new share option programme is implemented for the three coming years with a total limit of 5,160,000 options, each option giving a right, but no obligation, to acquire one share in the Company.

In order to facilitate the issuance of shares under the Company's share option programme, the board of directors proposes that it is granted an authorisation to increase the Company's share capital.

Styrets forslag innebærer at aksjonærenes fortrinnsrett etter aksjeloven § 10-4 fravikes, jf. § 10-5. Begrunnelsen for fravikelsen av aksjonærenes fortrinnsrett er Selskapets behov for å kunne legge til rette for at deltakerne i opsjonsprogrammet for ansatte skal ta del i Selskapets utvikling.

Styret foreslår på denne bakgrunn at generalforsamlingen treffer følgende vedtak:

(i) I henhold til aksjeloven § 10-14 gis styret fullmakt til å forhøye selskapets aksjekapital med inntil NOK 25.800, ved utstedelse av nye aksjer i en eller flere kapitalforhøyelser.
(ii) Aksjonærenes fortrinnsrett til de nye aksjene etter aksjeloven § 10- 4 kan fravikes.
(iii) Fullmakten omfatter kapitalforhøyelse mot innskudd i andre eiendeler enn penger, herunder kapitalforhøyelse ved motregnings, jf. aksjeloven § 10-2.
(iv) Fullmakten omfatter ikke kapitalforhøyelse ved fusjon etter aksjeloven § 13-5.
(v) Fullmakten gjelder fra tidspunktet fullmakten registreres i Foretaksregisteret og varer i to år fra generalforsamlingens vedtak.

6 STYREFULLMAKT TIL KAPITALFORHØYELSE I TILKNYTNING TIL SELSKAPETS AKSJEKJØPSPROGRAM FOR STYRET

Selskapet har for tiden tre uavhengige styremedlemmer som alle eier aksjer i Selskapet. Selskapet ønsker å kunne tilby disse og eventuelt nye, uavhengige styremedlemmer mulighet til å øke eksponering mot utviklingen i Selskapets aksjekurs. Styremedlemmene mottar for tiden et årlig honorar som ligger under det som er markedsmessig for slike verv.

På denne bakgrunn ønsker styret å etablere et aksjekjøpsprogram for uavhengige styremedlemmer med en total ramme på 200.000 aksjer, der hvert styremedlem kan investere inntil NOK 200.000 og tegne seg for nye aksjer i Selskapet. Aksjene vil være underlagt en lock-up (omsetningsbegrensning) på tre år og tegningskursen for aksjene som utstedes vil dermed fastsettes med en rabatt sammenlignet med gjeldende markedspris i henhold til praksis for tilsvarende aksjekjøpsprogram. For hver aksje styremedlemmet tegner seg for, vil vedkommende få tildelt ytterligere én aksje etter to år ved fortsatt tjenestetid.

The board of directors' proposal entails that the shareholders' preferential rights pursuant to Section 10-4 of the Norwegian Private Limited Companies Act is deviated from, cf. Section 10-5. The reason for the deviation is the Company's ability to facilitate that the participants in the employee share option programme shall participate in the Company's development.

On this basis, the board of directors proposes that the general meeting makes the following resolution:

(i) Pursuant to Section 10-14 of the Norwegian Private Limited Companies Act, the board of directors is granted an authorisation to increase the company's share capital by a maximum of NOK 25,800 by issuance of shares in one or more share capital increases.
(ii) The shareholders' preferential right to the new shares pursuant to Section 10-4 of the Norwegian Private Limited Companies Act may be deviated from.
(iii) The authorisation covers share capital increase against non-cash contributions, including capital increases by way of set-off, cf. Section 10-2 of the Norwegian Private Limited Companies Act.
(iv) The authorisation does not comprise share capital increase in connection with mergers pursuant to Section 13-5 of the Norwegian Private Limited Companies Act.
(v) The authorisation is valid from the time of registration in the Norwegian Register of Business Enterprises, and lasts for two years from the date of the general meeting's resolution.

6 BOARD AUTHORISATION FOR SHARE CAPITAL INCREASE IN CONNECTION WITH THE COMPANY'S SHARE OPTION PROGRAMME FOR THE BOARD OF DIRECTORS

Presently, the Company has three independent board members who owns shares in the Company. It is the Company's wish to be able to offer these board members, and any new independent board members, the opportunity to increase their exposure towards developments in the Company's share price. Presently, the members of the board of directors receive a yearly board remuneration below market level for similar positions.

On this basis, the board of directors proposes to establish a share purchase program for independent board members with a total limit of 200,000 shares, where the board members may invest up to NOK 200.000 and subscribe for new shares in the Company. The shares will be subject to a lock up undertaking (transfer restriction) for three years and the subscription price for the new shares to be issued will therefore be set at a discounted price compared to the prevailing market price, in line with common practice for similar share purchase programmes. For each share subscribed for by a board member, the relevant board member will receive one additional share after two years of continued service.

For å legge forholdene til rette for at Selskapet kan utstede aksjer til uavhengige styremedlemmer under aksjekjøpsprogrammet foreslår styret derfor at det gis en fullmakt til å forhøye aksjekapitalen i Selskapet.

Styret foreslår på denne bakgrunn at generalforsamlingen treffer følgende vedtak:

(i) I henhold til aksjeloven § 10-14 gis styret fullmakt til å forhøye selskapets aksjekapital med inntil NOK 1.000, ved utstedelse av nye aksjer i en eller flere kapitalforhøyelser.
(ii) Aksjonærenes fortrinnsrett til de nye aksjene etter aksjeloven § 10- 4 kan fravikes.
(iii) Fullmakten omfatter kapitalforhøyelse mot innskudd i andre eiendeler enn penger, herunder kapitalforhøyelse ved motregnings, jf. aksjeloven § 10-2.
(iv) Fullmakten omfatter ikke kapitalforhøyelse ved fusjon etter aksjeloven § 13-5.
(v) Fullmakten gjelder fra tidspunktet fullmakten registreres i Foretaksregisteret og varer i to år fra generalforsamlingens vedtak.

På grunn av gjeldende restriksjoner knyttet til Covid-19, oppfordrer styret alle aksjonærer til å utøve sine aksjonærrettigheter uten fysisk oppmøte ved å forhåndsstemme via VPS Investortjenester eller ved å gi fullmakt med stemmeinstruks til styrets leder eller den han bemyndiger.

16599866/1 5 Skjema for tildeling av fullmakt, med nærmere instruksjoner for bruk av fullmaktsskjemaet, er vedlagt denne innkallingen (som også er gjort tilgjengelig på Selskapets hjemmeside https://investor.otovo.com/). Utfylte fullmaktsskjemaer kan sendes per e-post til [email protected], per post til DNB Bank ASA Verdipapirservice, Dronning Eufemias gate 30, 0191 Oslo, Norge, eller registreres via VPS Investortjenester. Det bes om at fullmakter er DNB Bank ASA Verdipapirservice i hende innen den 2. desember 2021 kl. 16.00 (norsk tid) eller er registrert i VPS Investortjenester innen samme tidspunkt. Forhåndsstemmer kan bare avgis via VPS

In order to facilitate the issuance of new shares to independent board members under the share purchase programme, the board of directors proposes that it is granted an authorisation to increase the Company's share capital.

The board of directors' proposal entails that the shareholders' preferential rights pursuant to Section 10-4 of the Norwegian Private Limited Companies Act is deviated from, cf. Section 10-5. The reason for the deviation is the Company's ability to facilitate that the board of directors may participate in the Company's development.

On this basis, the board of directors proposes that the general meeting makes the following resolution:

(i) Pursuant to Section 10-14 of the Norwegian Private Limited Companies Act, the board of directors is granted an authorisation to increase the company's share capital by a maximum of NOK 1,000 by issuance of shares in one or more share capital increases.
(ii) The shareholders' preferential right to the new shares pursuant to Section 10-4 of the Norwegian Private Limited Companies Act may be deviated from.
(iii) The authorisation covers share capital increase against non-cash contributions, including capital increases by way of set-off, cf. Section 10-2 of the Norwegian Private Limited Companies Act.
(iv) The authorisation does not comprise share capital increase in connection with mergers pursuant to Section 13-5 of the Norwegian Private Limited Companies Act.
(v) The authorisation is valid from the time of registration in the Norwegian Register of Business Enterprises, and lasts for two years from the date of the general meeting's resolution.

Deltakelse: Participation:

* * *

Due to the restrictions caused by Covid-19, the board of directors encourage all shareholders to exercise their shareholder rights without attending in person, by advanced electronical voting through VPS Investor Services or by providing a proxy with voting instructions to the chairperson of the board of directors or the person he authorises.

The proxy form, including detailed instructions on how to use the form, is enclosed to this notice (which is also available at the Company's website https://investor.otovo.com/). Completed proxy forms may be sent to DNB Bank ASA, Registrars Service by e-mail to [email protected], by mail to DNB Bank ASA, Registrars' Department, Dronning Eufemias gate 30, N-0191 Oslo, Norway or be registered via VPS Investor Services. Proxy forms are requested to be received by DNB Bank ASA, Registrars Service by 2 December 2021 at 16:00 hours (CET) or be registered with VPS Investor Services within the same deadline. Advance votes may only be cast electronically

Investortjenester (i Investortjenester velg Hendelser og Generalforsamling).

Dersom aksjer er registrert i VPS på en forvalter, jf. aksjeloven § 4-4, jf. allmennaksjeloven § 4-10, og den reelle aksjeeieren ønsker å avgi stemmer for sine aksjer, må aksjene før generalforsamlingen registreres på en separat VPS-konto i den reelle aksjeeierens navn.

Otovo AS er et aksjeselskap underlagt aksjelovens regler. Selskapet har per dagen for denne innkallingen utstedt 106.524.310 aksjer, og hver aksje har én stemme. Aksjene har også for øvrig like rettigheter.

En aksjeeier har rett til å fremsette forslag til beslutninger i saker på dagsordenen og til å kreve at styremedlemmer og daglig leder på generalforsamlingen gir tilgjengelige opplysninger om forhold som kan innvirke på bedømmelsen av (i) godkjennelse av årsregnskapet og årsberetningen, (ii) saker som er forelagt generalforsamlingen til avgjørelse og (iii) Selskapets økonomiske stilling, herunder virksomheten i andre selskaper som Selskapet deltar i, og andre saker som generalforsamlingen skal behandle, med mindre de opplysninger som kreves ikke kan gis uten uforholdsmessig skade for Selskapet.

Denne innkallingen, øvrige dokumenter som gjelder saker som skal behandles i generalforsamlingen, herunder de dokumenter det er henvist til i denne innkallingen og Selskapets vedtekter, er tilgjengelige på Selskapets hjemmeside https://investor.otovo.com/. Aksjeeiere kan kontakte Selskapet per e-post, post eller telefon for å få tilsendt de aktuelle dokumentene.

through VPS Investor Services (in VPS Investor Services choose Corporate Actions and General Meeting).

If shares are registered by a nominee in the VPS, cf. section 4-4 of the Norwegian Private Limited Liability Companies Act, cf. section 4- 10 of the Norwegian Public Limited Liability Companies Act, and the beneficial shareholder wishes to vote for his/her shares, then the shares must be reregistered on a separate VPS account in his/her own name prior to the general meeting.

Otovo AS is a private limited liability company, subject to the rules of the Norwegian Private Limited Liability Companies Act. As of the date of this notice, the Company has issued 106,524,310 shares, each of which represents one vote. The shares also have equal rights in all other respects.

A shareholder may make proposals for resolutions with respect to matters on the agenda and may require that members of the board of directors and the chief executive officer at the general meeting provide available information about matters which may affect the assessment of (i) the approval of the annual accounts and the board of directors' report, (ii) matters that are presented to the shareholders for decision and (iii) the Company's financial situation, including operations in other companies the Company participates in, and other matters to be discussed at the general meeting, unless the requested information cannot be disclosed without causing disproportionate damage to the Company.

This notice, other documents regarding matters to be discussed at the general meeting, including the documents to which this notice refers, as well as the Company's articles of association, are available at the Company's website https://investor.otovo.com/. Shareholders may contact the Company by e-mail, mail or telephone in order to request the documents in question on paper.

* * *

Oslo, 26. november 2021 / 26 November 2021

Peter Mellbye Styrets leder / Chairperson of the board of directors

Vedlegg: Vedlegg:

1. Styrets redegjørelse for kapitalforhøyelse og revisors bekreftelse
1. Fullmaktsskjema på norsk 2. Proxy form in Norwegian
1. Fullmaktsskjema på engelsk 3. Proxy form in Norwegian

- 1. Board statement regarding share capital increase and the auditor's confirmation

Til generalforsamlingen i Otovo AS (org. nr. 915 501 680) ("Selskapet" eller "Otovo")

I forbindelse med forslag om kapitalforhøyelse i Selskapet mot innskudd i annet enn penger gis herved følgende redegjørelse etter reglene i aksjeloven § 10-2 (3), jf. § 2-6.

1 BAKGRUNN OG BESKRIVELSE AV AKSJEINNSKUDDET

Den 10. november 2021 fremsatte Selskapet et frivillig tilbud ("Tilbudet") om kjøp av alle aksjene i European Distributed Energy Assets Holding AS ("EDEA").

Tilbudet er strukturert som et aksje-for-aksje-tilbud, hvor aksjonærene i EDEA som aksepterer tilbudet ("EDEA-Aksjonærene") skal motta som vederlag 1,7 nye aksjer i Selskapet ("Vederlagsaksjene") for hver aksje i EDEA ("EDEA-Aksjene").

Akseptperioden for Tilbudet løper ut 26. november 2021 kl. 12:00. Per tidspunktet for avgivelsen av denne styreredegjørelsen har Mottaksagenten mottatt aksepter fra EDEA-Aksjonærer for til sammen 3.145.890 EDEA-Aksjer, tilsvarende 48,86 % av aksjekapitalen i EDEA. En endelig opptelling av mottatte aksepter i Tilbudet vil bli foretatt etter utløpet av akseptperioden.

Gjennomføringen av Tilbudet er betinget av at Selskapets ekstraordinære generalforsamling fatter nødvendig vedtak om utstedelse av Vederlagsaksjene til EDEA-Aksjonærene.

To the general meeting of Otovo AS (reg. no. 915 501 680) (the "Company" or "Otovo")

REDEGJØRELSE FOR KAPITALFORHØYELSE STATEMENT REGARDING SHARE CAPITAL INCREASE

In connection with a proposal for a share capital increase in the Company by contribution in kind, a statement in accordance with the requirements of section 10-2 (3), cf. section 2-6, of the Norwegian Private Limited Companies Act is hereby given.

1 BACKGROUND AND DESCRIPTION OF THE SHARE CONTRIBUTION

On 10 November 2021, the Company launched a voluntary offer (the "Offer") to acquire all issued and outstanding shares in European Distributed Energy Assets Holding AS ("EDEA").

The Offer is structured as a share-for-share exchange offer, where the shareholders of EDEA accepting the Offer (the "EEDA-Shareholders") shall receive as consideration 1.7 new shares in the Company (the "Consideration Shares") for each tendered share in EDEA (the "EDEA-Shares").

The Company has engaged SpareBank 1 Markets AS as receiving agent in the Offer (the "Receiving Agent"). The EDEA-Shareholders have authorised the Receiving agent to transfer their respective EDEA-Shares to the Company as contribution in kind against subsequent delivery of the Consideration Shares.

The acceptance period in the Offer ends 26 November 2021 at 12:00 (hours) (CET). As at the time of this board statement, the Receiving Agent has received acceptances from EDEA-shareholders for in total 3,145,890 EDEA-shares, corresponding to in total 48.86% of the share capital in EDEA. A final count of acceptances received in the Offer will be made following the end of the acceptance period.

The completion of the Offer is conditional upon the extraordinary general meeting of the Company approving the issuance of the Consideration Shares to the EDEA-Shareholders.

På denne bakgrunn har styret foreslått at generalforsamlingen fatter vedtak om kapitalforhøyelse ved tingsinnskudd, hvor aksjekapitalen økes med minimum NOK 26.269,41 og maksimum NOK 44.527,93, ved utstedelse av minimum 5.253.881 og maksimum 8.905.586 nye aksjer, hver pålydende NOK 0,005.

Aksjeinnskuddet ytes ved overføring av EDEA-Aksjene til Selskapet som tingsinnskudd.

Kapitalforhøyelsen vil tegnes av SpareBank 1 Markets AS på vegne av EDEA-Aksjonærene.

2 VERDIVURDERINGEN 2 VALUATION

I Tilbudet har Selskapet verdsatt EDEA-Aksjene til NOK 42,15 per EDEA-Aksje, tilsvarende en total egenkapitalverdi av EDEA på NOK 271.384.859.

I verdivurderingen av EDEA har Selskapet hensyntatt flere faktorer, herunder kontantene i EDEA, verdien av EDEAs leasingavtaler og den forventede fremtidige kontantstrømmen fra disse, det legale og kontraktuelle oppsettet i ulike land og den eksklusive avtalen med Otovo. De ovennevnte faktorene er sentrale input i en diskontert kontantstrømmodell som har blitt benyttet under ulike scenarier for å fastslå verdien av EDEA. I tillegg har både nåværende markedsmultipler til internasjonale peers og transaksjonsmultipler blitt brukt som alternative tilnærminger for å utlede selskapets verdi.

Det er styrets vurdering at verdien av EDEA-Aksjene som fastsatt i Tilbudet representerer virkelig verdi av EDEA-Aksjene.

Ved fastsettelsen av bytteforholdet, ble Otovo verdsatt til NOK 24,794 per aksje, tilsvarende en total egenkapitalverdi på NOK 2.641.163.742, basert på volumvektede handler i perioden fra mandag 8. november 2021 kl. 09:00 (CET) til lanseringen av Tilbudet 10. november 2021.

On this basis, the board of directors has proposed that the general meeting resolves a capital increase by contribution in kind, where the share capital is increased by minimum NOK 26,269.41 and maximum NOK 44,527.93, by the issuance of minimum 5,253,881 and maximum 8,905,586 new shares, each with a par value of NOK 0.005.

The share contribution is settled by the transfer of the EDEA-Shares to the Company as contribution in kind.

The share capital increase will be subscribed for by SpareBank 1 Markets AS on behalf of the EDEA-Shareholders.

In the Offer, the EDEA-Shares have been valued by the Company to NOK 42.15 per EDEA-Share, corresponding to a total equity value of EDEA of NOK 271,384,859.

When determining the value of EDEA, the Company has based its assessment on several factors, including the cash in EDEA, the value of EDEA's leasing agreements and the expected future cash flow therefrom, the legal and contractual setup in various countries and the exclusive agreement with Otovo. The abovementioned factors are key inputs to a discounted cash flow model that has been used under various scenarios to establish the value of EDEA. Additionally, both current trading multiples of selected international peers and transaction multiples have been applied as alternative approaches to derive the company value.

It is the opinion of the board of directors' that the value of the EDEA-Shares as determined in the Offer represents the fair market value of the EDEA-Shares.

When determining the exchange ratio, Otovo was valued at NOK 24.794 per share, corresponding to a total equity value of NOK 2,641,163,742, based on volume-weighted trades from Monday 8 November 2021 at 09:00 hours (CET) and to the launch of the Offer on 10 November 2021.

Etter styrets vurdering er fremgangsmåten som er benyttet for verdivurderingen av aksjeinnskuddet hensiktsmessig. Styret kjenner ikke til andre forhold av betydning for vurderingen.

In the opinion of the board of directors, the procedure for assessing the value of the share contribution is adequate. The board of directors is not aware of any other matters of importance for the assessment.

3 ERKLÆRING 3 STATEMENT

Det bekreftes herved at verdien av aksjeinnskuddet som Selskapet mottar har en verdi som minst tilsvarer det avtalte vederlaget, herunder pålydende av de nye aksjene som skal utstedes med tillegg av overkurs.

It is hereby confirmed that the value of the contribution to be received by the Company has a value which at least corresponds to the agreed consideration, including the nominal value of the new shares to be issued in addition to the share premium.

* * *

[Signaturside følger / Signature page to follow]

[Signature page – statement regarding share capital increase]

26 November 2021

Styret I / The board of directors of Otovo AS

____________________ ____________________

Peter Mellbye (styreleder / chairperson)

____________________ ____________________

Ingunn Andersen Randa Olivier Francois Aizac

Johan Erik Sixten Bergström Alejandro Diaz

Tor Øystein Repstad

____________________ ____________________

____________________

Josefin Christina Landgård

BDO AS Munkedamsveien 45 Postboks 1704 Vika 0121 Oslo

To the Shareholders' Meeting of Otovo AS

Statement on the report on share capital increase in Otovo AS

We have reviewed the report dated 26 November 2021 in connection with the non-cash share capital contribution from the contributors at a consideration of shares in Otovo AS. The report comprises the Board of Directors' presentation of information pursuant to the requirements in the Norwegian Limited Liability Companies Act section 2-6 first par. no. 1 to 4, and the Board's statement that the assets to be taken over by the Company have a value at least equaling the agreed consideration.

The Board of Directors' responsibility for the report

The Board is responsible for the preparation of the report and the valuations on which the consideration is based.

Auditor's responsibility

Our responsibility is to make a statement on the report based on our review.

We conducted our review and issue our statement in accordance with the Norwegian standard SA 3802-1 "The auditor's statements and reports pursuant to Norwegian company legislation". The standard requires that we plan and perform our review to obtain reasonable assurance for the fact that the report includes the required statutory information and that the assets to be taken over by the Company have a value at least equaling the agreed consideration. The work includes a review of the valuation of the contribution, including the valuation principles, and that the description of the contribution is appropriate and adequate as a basis for a valuation of the contribution, We have also reviewed the valuation methods applied and the assumptions constituting the basis for the valuation

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

In our opinion, the report includes the information required by the Norwegian Limited Liability Companies Act section 2-6 first par. no. 1 to 4 and the assets to be taken over by the Company at the share capital increase are valued in accordance with the described principles and have a value at least equaling the agreed consideration of shares in Otovo AS at a nominal value of minimum NOK 26 269,41 and maximum NOK 44 527,93, and a premium of minimum NOK 130 239 081,15 and maximum NOK 220 761 619,07.

Oslo, 26 November 2021 Bdo AS

Roger Telle-Hansen State Authorised Public Accountant

This is a translation of the original official Norwegian document and is provided for information purposes only.

Ref no: PIN code:

Notice of Extraordinary General Meeting

Meeting in Otovo AS will be held on 3 December 2021 at 12:00 hours (CET). Address: Torggata 7, 0181 Oslo, Norway

The shareholder is registered with the following amount of shares at summons: ___________________ and vote for the number of shares owned per 3 December 2021

IMPORTANT MESSAGE:

Due to the outbreak of the corona virus Covid-19 shareholders are encouraged to abstain from appearing in person at the general meeting, but rather participate by means of advance votes or by granting a proxy. Shareholders not enrolled by the set registration deadline, may be denied attendance. Shareholders should note that additional information on proceedings of the meeting may be given on short notice and announced on the Company's profile on www.newsweb.no and the Company's website.

Deadline for registration of attendance, advance votes, proxy or instructions: 2 December 2021 at 16:00 hours (CET)

Advance votes

Advance votes may only be executed electronically, through the Company's website investor.otovo.com (use ref.nr and pin code above) or through VPS Investor Services. In Investor Services chose Corporate Actions - General Meeting, click on ISIN.

Notice of attendance

Notice of attendance should be registered through the Company's website investor.otovo.com or through VPS Investor Services. For notification of attendance through the Company's website, the above mentioned reference number and pin code must be stated. In VPS Investor Services chose Corporate Actions - General Meeting, click on ISIN.

If you are not able to register this electronically, you may send by e-mail to [email protected], or by regular Mail to DNB Bank ASA, Registrars Department, P.O.Box 1600 Centrum, 0021 Oslo, Norway.

If the shareholder is a Company, please state the name of the individual who will be representing the Company: ______________________________ The Undersigned will attend the Extraordinary General Meeting on 3 December 2021

Place	Date	Shareholder's signature

Proxy without voting instructions for Extraordinary General Meeting of Otovo AS

If you are unable to attend the meeting, you may grant proxy to another individual.

PIN code: Ref no:

Proxy should be registered through the Company's website investor.otovo.com or through VPS Investor Services. For granting proxy through the Company's website, the above mentioned reference number and pin code must be stated. In VPS Investor Services chose Corporate Actions - General Meeting, click on ISIN

If you are not able to register this electronically, you may send by E-mail to [email protected], or by regular Mail to DNB Bank ASA, Registrars Department, P.O.Box 1600 Centrum, 0021 Oslo, Norway. If the shareholder is a Company, the Company's Certificate of Registration must be attached to the proxy.

The undersigned __________________________________________________________________________________

hereby grants (if you do not state the name the proxy holder, the proxy will be given to the Chair of the Board of Directors)

the Chair of the Board of Directors (or a person authorised by him or her), or

_____________________________________________

(Name of proxy holder in capital letters)

proxy to attend and vote for my/our shares at the Extraordinary General Meeting of Otovo AS on 3 December 2021.

Ref no: PIN code:

Proxy with voting instructions for Extraordinary General Meeting in Otovo AS

If you are unable to attend the meeting in person, you may use this proxy form to give voting instructions to Chair of the Board of Directors or the person authorised by him or her (alternatively, you may vote electronically in advance, see separate section above). Instruction to other than Chair of the Board should be agreed directly with the proxy holder.

Proxies with voting instructions can only be registered by DNB, and must be sent to [email protected] (scanned form) or by regular Mail to DNB Bank ASA, Registrars' Department, P.O.Box 1600 Centrum, 0021 Oslo, Norway. The form must be received by DNB Bank ASA, Registrars' Department no later than 2 December 2021 at 16:00 hours (CET). If the shareholder is a Company, the Company's Certificate of Registration must be attached to the proxy.

Proxies with voting instructions must be dated and signed in order to be valid.

The undersigned: ___________________________________________________________

hereby grants the Chair of the Board of Directors (or the person authorised by him or her) proxy to attend and vote for my/our shares at the Extraordinary General Meeting of Otovo AS on 3 December 2021.

The votes shall be exercised in accordance to the instructions below. If the sections for voting are left blank, this will be counted as an instruction to vote in accordance with the Board's and Nomination Committee's recommendations. However, if any motions are made from the attendees in addition to or in replacement of the proposals in the Notice, the proxy holder may vote at his or her discretion. If there is any doubt as to how the instructions should be understood, the proxy holder may abstain from voting.

	Agenda for the Extraordinary General Meeting 3 December 2021	For	Against	Abstention
1.	Election of person to chair the meeting			
2.	Approval of the notice and agenda			
3.	Election of a person to co-sign the minutes			
4.	Share capital increase by contribution in kind in connection with the completion of the EDEA offer			
5.	Board authorisation for share capital increase in connection with the company's employee share option programme			
6.	Board authorisation for share capital increase in connection with the company's share option programme for the board of directors			

Place Date Shareholder's signature (Only for granting proxy with voting instructions)

AI assistant

Otovo ASA AGM Information 2021

3705_rns_2021-11-26_967505a8-23a7-4c6a-9476-2d43e134d622.pdf

5 STYREFULLMAKT TIL KAPITALFORHØYELSE I TILKNYTNING TIL SELSKAPETS OPSJONSPROGRAM FOR ANSATTE

5 BOARD AUTHORISATION FOR SHARE CAPITAL INCREASE IN CONNECTION WITH THE COMPANY'S EMPLOYEE SHARE OPTION PROGRAMME

6 STYREFULLMAKT TIL KAPITALFORHØYELSE I TILKNYTNING TIL SELSKAPETS AKSJEKJØPSPROGRAM FOR STYRET