On August 31, 2020, Sand Grove Capital Management LLP noted the statement made on the August 28, 2020 by the Nomination Committee of Otello Corporation ASA in respect of the upcoming Extraordinary General Meeting to vote on proposed changes to the Board and Nomination Committee. Sand Grove stated that it believes that, as has been its experience with all corporate governance bodies at the Company, the Nomination Committee failed to address the most important focus for all shareholders, that of value creation. And provides no defense for the current Board of Directors’ self-evident failure to create value for shareholders. Sand Grove encouraged the shareholders to visit the website (www.upgradingotello.com) to learn more about the reasons for Sand Grove’s proposals and why they should vote for the proposed changes at the upcoming EGM to deliver value for all shareholders.