Otello Corporation ASA

M&A Activity • May 24, 2016

Status acceptances for voluntary cash offer

Status acceptances for voluntary cash offer

Oslo and Beijing, 24th 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").

As of the morning on 24th May 2016, the Offeror has

received acceptances of the Offer from shareholders

representing 81.1% of the shares in the Company. This

includes the shares comprised by pre-acceptances.

Further, the Offeror has been informed by beneficial

shareholders and holders of economic interests in

shares in the Company that shares representing 2.9% of

the shares in the Company will be tendered before the

expiry of the Offer Period. Such acceptances have not

yet been received.

As of the morning on 24th May 2016, the Offeror has

therefore received acceptances and information that

shares will be tendered for shares representing in

total 84.0% of the shares in the Company.

The Offer Period will expire today at 16.30 (CET).

As announced by the Offeror on 19th May 2016, unless

the Offeror has received acceptances of the Offer from

shareholders representing more than 90% of the shares

in the Company by the end of the Offer Period, the

Offer will lapse.