Otello Corporation ASA

Opera Software initiates share buyback program

As announced on 10 November 2016 and in accordance

with the proxy given by the Company's Annual General

Meeting on 28 June 2016, the Board of Directors of

Opera Software ASA (the "Company") has decided to

carry out a share buyback program of up to 14,664,700

shares, corresponding to up to approximately 10% of

the issued shares in the Company.

The shares purchased through the share buyback program

may be used for prospective reductions of the share

capital and to fulfill obligations under incentive

schemes approved by the shareholders.

The share buyback program, which will be carried out

in accordance with applicable laws and regulations,

will be effective from today, 28 November 2016 and

ends at the latest on the day of the Company's Annual

General Meeting in 2017.

The consideration paid for shares purchased under the

share buyback program shall not exceed the greater of

the share price of the latest independent trade and

the highest current independent offer price at Oslo

Børs at the time of the trade. In accordance with the

proxy given by the Company's Annual General Meeting,

the minimum amount which may be paid for each share

acquired is NOK 20, and the maximum is NOK 250.

The maximum number of shares in the Company which may

be purchased on each trading day corresponds to

maximum 25% of the average daily trading volume of the

Company for that day.

Information pertaining to the share buyback program

will be disclosed by way of stock exchange notices.

For further information, please contact:

Petter Lade, Investor Relations, +47 2369 2400

This information is subject of the disclosure

requirements pursuant to section 5-12 of the Norwegian

Securities Trading Act.

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