OBSERVE MEDICAL ASA: Preliminary results of the subsequent offering

*Correction: The preliminary count of received subscriptions indicates that30,159,322 Offer Shares have been subscribed for.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY ORINDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN, THE UNITED STATES OR ANYOTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BEUNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THESECURITIES DESCRIBED HEREIN.

Oslo, 11 October 2025

Reference is made to the announcement by Observe Medical ASA (the "Company" or"Observe Medical", OSE ticker "OBSVR") on 25 September 2025 regarding thelaunchof a subsequent offering of up to 24,000,000 new shares (the "Offer Shares")inthe Company, each with a nominal value of NOK 0.42, at a subscription price ofNOK 0.50 per Offer Share (the "Subsequent Offering"), as well as theprospectusdated 25 September 2025 (the "Prospectus"), available on the Company'swebsite:www.observemedical.com/investor-relations/, as well as athttps://www.sb1markets.no/transaksjoner/.

The subscription period for the Subsequent Offering expired yesterday, 10October 2025, at 16:30 hours (CEST).

The preliminary count of received subscriptions indicates that 30,159,322OfferShares have been subscribed for.

Final allocation of the Offer Shares is expected to take place on or about 13October 2025, based on the allocation criteria set out in the Prospectus. Thefinal result of the Subsequent Offering will be published shortly after suchallocation, and allocation letters regarding the Offer Shares and thecorresponding subscription amount to be paid by each subscriber are expectedtobe sent during 13 October 2025. The subscription amount for allocated OfferShares is due for payment on 16 October 2025, in accordance with the paymentprocedures described in the Prospectus.

The Offer Shares may not be transferred or traded until they are fully paidandthe share capital increase pertaining to the Subsequent Offering has beenregistered with the Norwegian Register of Business Enterprises (Nw.:Foretaksregisteret). The Company will publish a stock exchange announcementoncesuch share capital increase has been registered. Subject to timely payment forthe Offer Shares subscribed for and allocated in the Subsequent Offering, theCompany expects that the share capital increase pertaining to the Offer Shareswill be registered with the Norwegian Register of Business Enterprises on orabout 21 October 2025 and that the delivery of the Offer Shares is expected tobe completed on or about 22 October 2025. The Offer Shares are expected tocommence trading on Euronext Expand on or about 22 October 2025.

The information in this announcement is considered to be inside informationpursuant to the EU Market Abuse Regulation and is subject to the disclosurerequirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Johan Fagerli, CFO of theCompany, on 11 October 2025 at 22:30 hours (CEST) on behalf of the Company.

For further information, please contact:

Jørgen Mann, CEO Observe Medical

Mobile: +45 408 67 558

E-mail: jorgen.mann@observemedical.com

Johan Fagerli, CFO Observe Medical

Mobile: +47 958 12 765

E-mail: johan.fagerli@observemedical.com

About Observe Medical:

Observe Medical is a Nordic medtech company that develops, markets and sellsinnovative medtech products for the global market. The Company is committed toimproving patient welfare and patient outcomes, improving clinical dataaccuracyand promoting positive health economics.

The Company seeks to drive growth by leveraging its expertise in sales andcommercialisation of its broad portfolio of medical technology products,mainlyin urine measurement and ultrasound, in combination with targeted M&A anddistribution. Observe Medical is working with a network of leadingdistributorsto provide outstanding solutions for healthcare professionals globally.

The Company is headquartered in Oslo, Norway.

Further information is available at www.observemedical.com.

- IMPORTANT INFORMATION -

The information contained in this announcement is for background purposes onlyand does not purport to be full or complete. No reliance may be placed for anypurpose on the information contained in this announcement or its accuracy,fairness or completeness. Neither Carnegie AS (the "Manager"), nor or any ofitsaffiliates or any of their respective directors, officers, employees, advisorsor agents accepts any responsibility or liability whatsoever for, or makes anyrepresentation or warranty, express or implied, as to the truth, accuracy orcompleteness of the information in this announcement (or whether anyinformationhas been omitted from the announcement) or any other information relating totheCompany, its subsidiaries or associated companies, whether written, oral or inavisual or electronic form, and howsoever transmitted or made available, or forany loss howsoever arising from any use of this announcement or its contentsorotherwise arising in connection therewith. This announcement has been preparedby and is the sole responsibility of Observe Medical.

Neither this announcement nor the information contained herein is forpublication, distribution or release, in whole or in part, directly orindirectly, in or into or from Australia, Canada, Japan, Hong Kong, SouthAfricaor the United States (including its territories and possessions, any State ofthe United States and the District of Columbia) or any other jurisdictionwhereto do so would constitute a violation of the relevant laws of suchjurisdiction.The publication, distribution or release of this announcement may berestrictedby law in certain jurisdictions and persons into whose possession any documentor other information referred to herein should inform themselves about andobserve any such restriction. Any failure to comply with these restrictionsmayconstitute a violation of the securities laws of any such jurisdiction.

This announcement is not an offer for sale of securities in the United States.The securities referred to in this announcement have not been and will not beregistered under the U.S. Securities Act, and may not be offered or sold intheUnited States absent registration with the U.S. Securities and ExchangeCommission or an exemption from, or in a transaction not subject to, theregistration requirements of the U.S. Securities Act and in accordance withapplicable U.S. state securities laws. The Company does not intend to registerany securities referred to herein in the United States or to conduct a publicoffering of securities in the United States.

This announcement is an advertisement and is not a prospectus for the purposesof Regulation (EU) 2017/1129 of the European Parliament and of the Council of14June 2017 (the "EU Prospectus Regulation") (together with any applicableimplementing measures in any Member State). All of the securities referred tointhis announcement have been offered on the basis of Prospectus. Investorsshouldnot subscribe for any securities referred to in this announcement except onthebasis of the Prospectus.

In any EEA Member State other than Norway, this communication is onlyaddressedto and is only directed at qualified investors in that Member State within themeaning of the EU Prospectus Regulation, i.e. only to investors who canreceivethe offer without an approved prospectus in such EEA Member State.

This communication is only being distributed to and is only directed atpersonsin the United Kingdom that are "qualified investors" within the meaning of theEU Prospectus Regulation as it forms part of English law by virtue of theEuropean Union (Withdrawal) Act 2018 and that are (i) investment professionalsfalling within Article 19(5) of the Financial Services and Markets Act 2000(Financial Promotion) Order 2005, as amended (the "Order") or (ii) high networth entities, and other persons to whom this announcement may lawfully becommunicated, falling within Article 49(2)(a) to (d) of the Order (all suchpersons together being referred to as "relevant persons"). This communicationmust not be acted on or relied on by persons who are not relevant persons. Anyinvestment or investment activity to which this communication relates isavailable only to relevant persons and will be engaged in only with relevantpersons. Persons distributing this communication must satisfy themselves thatitis lawful to do so.

This announcement is made by, and is the responsibility of, the Company. TheManager and its affiliates are acting exclusively for the Company and no-oneelse in connection with the transactions described in this announcement. Theywill not regard any other person as their respective clients in relation tothetransactions described in this announcement and will not be responsible toanyone other than the Company, for providing the protections afforded to theirrespective clients, nor for providing advice in relation to the transactionsdescribed in this announcement, the contents of this announcement or anytransaction, arrangement or other matter referred to herein.

In connection with the transaction described in this announcement, the Managerand any of its affiliates, acting as investors for their own accounts, maysubscribe for or purchase securities and in that capacity may retain,purchase,sell, offer to sell or otherwise deal for their own accounts in suchsecuritiesof the Company or related investments in connection with the transactionsdescribed in this announcement or otherwise. Accordingly, references in anysubscription materials to the securities being issued, offered, subscribed,acquired, placed or otherwise dealt in should be read as including any issueoroffer to, or subscription, acquisition, placing or dealing by, the Manager andany of its affiliates acting as investors for their own accounts. The Managerdoes not intend to disclose the extent of any such investment or transactionsotherwise than in accordance with any legal or regulatory obligations to doso.

Matters discussed in this announcement may constitute forward-lookingstatements. Forward-looking statements are statements that are not historicalfacts and may be identified by words such as "believe", "aim", "expect","anticipate", "intend", "estimate", "will", "may", "continue", "should" andsimilar expressions. The forward-looking statements in this release are basedupon various assumptions, many of which are based, in turn, upon furtherassumptions. Although the Company believes that these assumptions werereasonable when made, these assumptions are inherently subject to significantknown and unknown risks, uncertainties, contingencies, and other importantfactors which are difficult or impossible to predict and are beyond itscontrol.Such risks, uncertainties, contingencies, and other important factors couldcause actual events to differ materially from the expectations expressed orimplied in this release by such forward-looking statements. Forward-lookingstatements speak only as of the date they are made and cannot be relied uponasa guide to future performance. The Company, the Manager and their respectiveaffiliates expressly disclaims any obligation or undertaking to update, reviewor revise any forward-looking statement contained in this announcement whetheras a result of new information, future developments or otherwise. Theinformation, opinions and forward-looking statements contained in thisannouncement speak only as at its date and are subject to change withoutnotice.

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