Otello Corporation ASA

M&A Activity • May 25, 2016

Voluntary offer - preliminary results

Voluntary offer - preliminary results

Oslo and Beijing, 25th May 2016 - Reference is made to

the stock exchange announcement made on 10th February

2016 on the agreement reached between Opera Software

ASA ("Opera" or the "Company") and Golden Brick Silk

Road (Shenzhen) Equity Investment Fund II LLP ("Golden

Brick"), the general partner of which is Golden Brick

Silk Road Fund Management (Shenzhen) LLP and the

limited partners of which are Beijing Kunlun Tech Co.

Ltd., Qihoo 360 Software (Beijing) Co. Ltd., and

Yonglian (Yinchuan) Investment Co., Ltd. (collectively

the "Consortium"), regarding a recommended voluntary

cash offer for 100% of the shares of Opera at an offer

price of NOK 71 per share (the "Offer"). Reference is

further made to the announcement made on 15th March

2016 in which it was announced that Golden Brick,

through its indirectly wholly owned subsidiary Kunqi

(the "Offeror"), had launched the Offer pursuant to an

offer document dated 14th March 2016 (the "Offer

Document").

The offer period for the Offer expired at 16:30 (CET)

on 24th May 2016. The preliminary result, which is

subject to confirmation and may be adjusted, is that

the Offeror has received acceptances of the Offer for

in total 132,911,316 shares in the Company

representing approximately 90.6% of the outstanding

share capital and 90.9% of the votes in the Company.

The final result will be published as soon as it is

available.

The preliminary result of the Offer indicates that the

minimum acceptance condition set out in section 4.3

(a) of the Offer Document has been met.

Except for the approximately 132,911,316 shares in the

Company tendered in acceptance of the Offer, the

Offeror and its related parties do not hold any shares

or rights to shares in the Company.

The remaining conditions for completion of the Offer

are set out in section 4.3. (Conditions for completion

of the Offer) of the Offer Document. As set forth

therein, the Offeror will issue a notification through

the Oslo Stock Exchange as soon as each of the

remaining conditions for completion of the Offer has

been met, waived or failed to be met.