Ocean Outdoor Limited (LSE:OOUT) announced on November 15, 2021 that the Board has initiated a process to evaluate potential strategic and financial alternatives to maximise shareholder value. The Board and management believe that Ocean is undervalued and that there is meaningful upside potential from the current share price, which has continued to face technical trading challenges unrelated to Ocean's strong business fundamentals and intrinsic value. The Company, operating with a purpose driven mission, has consistently executed clear organic and inorganic growth strategies and acquired seven premium digital assets since 2018.

As a result, Ocean is now emerging from the pandemic in a position of strength with net cash on its balance sheet and as a pure-play digital asset, with a differentiated technology offering, that is well positioned to benefit from the significant recovery in OOH advertising that is underway. The Board and management team welcome input from all shareholders throughout the strategic and financial review process. There can be no assurance that the review process will result in any transaction, or any assurance as to its outcome or timing.

White & Case is acting as legal adviser to Ocean in connection with this strategic review.