Otovo ASA: Mandatory Notification of Trade and Disclosure of Shareholding

Reference is made to the announcement by Otovo ASA (the "Company" or "Otovo") on 2 July 2026 regarding a contemplated private placement to raise gross proceeds of the NOK equivalent of between USD 6 to 10 million (the "Private Placement") by issuance of new shares in the Company and a retail offering to raise gross proceeds of up to the NOK equivalent of EUR 1 million (the "Retail Offering", and together with the Private Placement, the “Offering”) by issuance of new shares in the Company, and to the offer from an existing shareholder of the Company to sell up to 453,908 existing shares in the Company.

The delivery versus payment (DVP) settlement in the Offering is facilitated by share lending agreements between Arctic Securities AS, acting as manager in the Private Placement (the "Manager"), the Company and Å Energi Invest AS, Jackson Leigh Ventures, LLC, a closely associated company to the Company's CEO, William (John) Berger, and EIC Rose Rock Ventures I, LP, a closely associated company to board member George Coyle (the "Share Lending Agreements").

Mandatory notification of trades: Please see the attached PDMR forms related to the allocation of shares to persons discharging managerial responsibilities ("PDMRs") in connection with the Private Placement.

The following PDMRs have subscribed for and been allocated new shares in the Private Placement at the subscription price of NOK 11.50 per share: • Lars Erik Torjussen, Chair of the Board of Directors, has been allocated 16,783 shares; • George Coyle, member of the Board of Directors, has been allocated 11,642 shares.

Disclosure of shareholding Prior to the Offering on 2 July 2026, Å Energi Invest AS held 10,233,258 shares in the Company, representing 13.87% of the total shares and votes in the Company.

Following the board of directors' resolution to issue 5,852,652 new shares in the Offering, Å Energi Invest AS' proportionate shareholding has been diluted to 12.85% of the total shares and votes in the Company. Pursuant to the Share Lending Agreement and in order to facilitate DVP settlement in the Offering, Å Energi Invest AS will temporarily hold 4,380,606 shares, representing 5.94% of the total shares and votes in the Company, thereby falling below the 10% threshold set out in Section 4-2 of the Norwegian Securities Trading Act. This temporary reduction in shareholding will be reversed upon re-delivery of the borrowed shares to Å Energi Invest AS in settlement of the Share Lending Agreement, as described above.

Disclosure regulation This disclosure is made pursuant to Article 19 of the EU Market Abuse Regulation (mandatory notification of trades by persons discharging managerial responsibilities and persons closely associated with them) and Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.