Following the closing of the repurchase, approximately $118 million principal amount of the Convertible Notes out of the initially issued principal balance of $236 million, will remain outstanding and continue to be subject to the terms of the indenture dated as of July 27, 2021 pursuant to which they were issued. "We believe that, considering the strength of our balance sheet and our financial discipline, repurchasing 50% of the Convertible Notes at a considerable discount is a positive capital allocation decision for our shareholders," said Jason Kiviat, Outbrain's CFO. This press release does not constitute an offer to sell or a solicitation to buy any of the Convertible Notes described herein, nor shall there be any offer, solicitation, or sale of the Convertible Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.