Reference is made to Observe Medical ASA's (the "Company") stock exchange announcement on 8 March 2021 regarding the completion of the acquisition of Biim Ultrasound AS and the board of directors' resolution to issues 8,171,913 new shares in the Company as partial consideration to the sellers of Biim Ultrasound AS (the "Consideration Shares").

Following the registration of the share capital increase pertaining to the Consideration Shares with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) (the "NRBE"), the share capital of Observe Medical will be NOK 13,907,830.56, divided into 53,491,656 shares, each with a nominal value of NOK 0.26. The registration of the share capital increase pertaining to the Consideration Shares with the NRBE is expected to take place on or about 9 March 2022. IRIC owns 9,653,680 shares in the Company. Following the issue of the Consideration Shares upon registration of the share capital increase with the NRBE, IRIC's shareholding in the Company will be reduced from 21.30% to 18.05% of the issued and outstanding shares and votes in the Company, and IRIC will as such fall below the notifiable threshold of 20 % pursuant to section 4-2 of the Norwegian Securities Trading Act.