OTELLO CORPORATION ASA As a result of the successful IPO ofBemobi inBrazil and expected close of Digital Turbines acquisition ofAdColony ,Otello Corporation ASA (the "Company") will be in a significant net cash position. Otello plans to aggressively return cash to shareholders with a view to distributing all excess cash to our owners. The Board of Directors of Otello has thus decided to carry out a share buyback program of up to 13,847,700 shares, corresponding to up to approximately 10% of the issued shares in the Company. The shares purchased through the share buyback program may be used for prospective reductions of the share capital and to fulfill obligations under incentive schemes approved by the shareholders. The share buyback program, which will be carried out in accordance with applicable laws and regulations, may also include a tender offer to buy back shares. The authorization will be effective from today,7 April 2021 and ends at the latest on the day of the Company's Annual General Meeting in 2021. Information pertaining to the share buyback program and information on any tender offer (if executed by the Company) will be disclosed by way of stock exchange notices.Petter Lade , CFO Phone: +47 91143878 E-mail: petterl@otellocorp.com About Otello: Otello holds shares in several different businesses, including (i)AdColony which helps publishers monetize their content through advertising and advertisers reach the audiences that build value for their businesses, capitalizing on a global consumer audience reach that exceeds 2 billion; (ii)Bemobi , aMobile Media and Entertainment company which integrate people and mobile content through technology and offers a leading subscription-based discovery service for mobile apps inLatin America and beyond; (iii)Skyfire which offers cloud-based network solutions for mobile operators and (iv) Vewd which offers OTT services in the Connected TV space.
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