Reference is made to the stock exchange announcement published by Otovo ASA
("Otovo" or the "Company") on 9 November 2023 regarding the successful
completion of a private placement and the proposal to restructure the share
option programmes of the Company by cancelling approximately 7 million options
under the option programmes for 2021, 2022 and 2023 and issuing a new option
programme of up to 10 percent of the outstanding shares of the company after the
completion of the private placement. 

Reference is further made to the stock exchange notice on 1 December 2023
regarding the resolution by the extraordinary general meeting (the "EGM") to
grant Otovo's board of directors an authorisation to increase the Company's
share capital in connection with the Company's share option programmes, that, as
set out in the notice of the EGM, were to be restructured.

The Company has awarded 28,284,000 options under the new share option programme
and at the same time cancelled  6,817,333 options, previously awarded to
recipients of the new options, under the option programmes for 2021, 2022 and
2023. 

The strike price of the new options was set at NOK 3.45 (the "Strike Price")
corresponding to the offer price in the private placement completed on 9
November 2023 and the offer price in the subsequent offering announced on 18
December 2023. The options vest with one third each year and first vesting on 1
January 2024. 

The following primary insiders have been allocated the following number of new
options with the Strike Price (number of cancelled options in parentheses):

Andreas Thorsheim (CEO): 9,000,000 (310,000)
Simen Fure Jørgensen (CPO): 3,000,000 (310,000)
Petter Ulset (CFO): 2,100,000 (710,000)
Alexander Berson (CMO): 1,050,000 (0)
Paulina Ackermann (Managing Director): 1,050,000 (460,000)
Inigo Amoribieta (Managing Director): 1,050,000 (460,000)
Jean Rosado (Managing Director): 1,050,000 (493 334)
Fabio Stefanini (Managing Director): 1,050,000 (560,000)
Lars Ekeland (General Counsel): 525,000 (220,000)
Zoë Wyon (board employee representative): 222,000 (50,000)
Matteo Ciprandi (board employee representative): 90,000 (24,000)

The primary insider notification form pursuant to the requirements of the Market
Abuse Regulation are attached.

The remaining options will be allocated to key employees of the Otovo group.
Adjustments to the total number of outstanding options will be reported
quarterly in the Company's financial reports.

In addition to the above, primary insider Matteo Ciprandi has bought 1,300
shares in the Company at NOK 3.70, and primary insider Lars Ekeland has sold
40,000 shares in the Company at NOK 3.70 to cover tax costs for 2023.

The primary insider notification form pursuant to the requirements of the Market
Abuse Regulation are attached.

This information is subject to the disclosure requirements pursuant to the
Market Abuse Regulation (EU) 596/2014 article 19 number 3 and section 5-12 of
the Norwegian Securities Trading Act.

***

About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the
roof, and batteries in the home. Otovo is a marketplace that organises hundreds
of local, vetted, high quality energy installers. The company uses its
proprietary technology to analyse the potential of any home and finds the best
price and installer for customers based on an automatic bidding process between
available installers.

Follow us on investor.otovo.com for reports, financial calendar, contact details
and more.