Otello Corporation ASA

Update on the Consumer transaction

Oslo, 3 October 2016

Reference is made to the stock exchange announcements made on 18 July and 16

August 2016 regarding the share purchase agreement entered into on 17 July 2016

between Opera Software ASA ("Opera") and Golden Brick Capital Private Equity

Fund I L.P. (the "Buyer") on the sale and purchase of Opera's consumer business

(the "Transaction").

The regulatory review by CFIUS is still ongoing. The parties agree that the

required part of the reorganization that is to take place prior to closing was

completed by September 30, hence pursuant to the amendment agreement No.1 to the

share purchase agreement dated 15 August 2016 referred to in the stock exchange

announcement dated 16 August 2016, the third prepayment of USD 275 million is

due and payable to escrow. According to the agreed payment plan between the

parties, the third prepayment will be paid in tranches during the month of

October.

Once the full third prepayment has been made, the amount held in the escrow will

be equal to the full enterprise value of the Transaction. Closing of the

Transaction will take place once CFIUS has concluded its review.

Opera is moving the date for the 3Q16 reporting from 26 October 2016 to 10

November 2016.

Petter Lade, Investor Relations

Tel: +47 2369 2400

About Opera Software ASA

Opera enables more than 350 million internet consumers worldwide to connect with

the content and services that matter most to them. Opera also helps publishers

monetize their content through advertising and advertisers reach the audiences

that build value for their businesses, capitalizing on a global consumer

audience reach that exceeds 1 billion

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