Otello Corporation ASA

Update regarding voluntary cash offer to acquire 100% of the shares of Opera Software ASA

Oslo and Beijing, 12 July 2016 - Reference is made to

the recommended voluntary cash offer (the "Offer") for

100% of the shares of Opera Software ASA (the "Opera")

made by Kunqi (the "Offeror") pursuant to an offer

document dated 14 March 2016 (the "Offer Document").

The condition to the Offer set out in Section 4.3 c.

of the Offer Document (Consent of Governmental

Authority) has not yet been satisfied. Based on the

information available, the Offeror is uncertain

whether this condition will be satisfied prior to the

drop dead date of the Offer, which is 15th July 2016.

On this background, the Offeror has been discussing

with Opera in order to explore alternative options

available and will update the market in due course.

Further information

The information in this announcement is not intended

to be exhaustive. For further information, explicit

reference is made to the Offer Document. The Offer

Document contains further details regarding the Offer,

and the Opera shareholders are advised to review the

Offer Document in detail.

The Offer is not made in any jurisdiction where the

making of the Offer would not be in compliance with

the laws of such jurisdiction. This announcement does

not in itself constitute an offer. The Offer is only

made on the basis of the Offer Document and can only

be accepted pursuant to the terms thereof.

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.

AI Terminal