Otello Corporation ASA

Board/Management Information • Dec 2, 2016

Sverre Munck will not stand for re-election as Chairman of the Board at the Annual General Meeting 2017

Sverre Munck will not stand for re-election as Chairman of the Board at the Annual General Meeting 2017

Since the sale of the Consumer unit the Board of Directors has worked, together

with the Nomination Committee, to ensure a Board size and composition that

reflects that Opera Software now is a holding company with its main

activity, Opera Mediaworks, based in the US, and with less than 30 employees in

Norway.  Consequently, a proposal will be presented to the Shareholders Meeting

on Dec 15th, 2016 allowing the number of shareholder elected board members to be

reduced to 3. At the same time, the employees at Opera have decided in a company

-wide election not to be represented at the Board of Directors.

Sverre Munck has informed the Opera Nomination Committee that he will not

stand for re-election at the ordinary shareholders´ meeting in June 2017. He

further informed the committee that as Election to the Board of Directors is

on the agenda at the extraordinary shareholders´ meeting on Dec 15th 2016 he

is willing to resign already at this meetingshould the Nomination Committee

decide on a new board composition in the best interest in the company.

Sverre Munck has served as Chairman of the Board since June 2014.

"Opera is today, after the sale of the Consumer division, a substantially

different and more streamlined company than it was 2 years ago", says Mr

Munck. "The company´s balance sheet is strong, and the 5 remaining business

units all operate in dynamic and growing markets. The substantial part of the

business, Opera Mediaworks, is based in the US. The future composition of the

Board of Directors needs to reflect the importance of the mobile advertising

technology unit within Opera, as well as its US base. My experience is mainly

within the consumer part of Opera´s business, and I think the time is right to

give the Nomination Committee the necessary flexibility in finding

persons with specific knowledge within the Ad Tech industry".

Jakob Iqbal, Chairman of the Nomination Committee, commented that "Sverre

Munck has chaired the Board during an important transition phase for Opera,

culminating in the successful sale of the Consumer division after a thorough

Strategic Review process. The Nomination Committee respects his decision.

Petter Lade, Investor Relations

Tel: +47 2369 2400