Otello Corporation ASA

M&A Activity • Apr 5, 2016

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

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

Oslo and Beijing, 5 April 2016 - Reference is made to

the stock exchange announcement made on 10 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 15 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 14 March 2016 (the "Offer

Document").

The Consortium has now concluded that no other

governmental or regulatory approval or filing is

required other than (a) the PRC Governmental Filings

and Registration for Outbound Investment, and (b) the

filings with CFIUS.

(a) The PRC Governmental Filings and Registration for

Outbound Investment

The Consortium has been working closely with the

relevant Chinese regulators, including NDRC and

MOFCOM, on the PRC outbound investment filing and

registration process, and continues to have full

confidence in completing the required Chinese

regulatory process in a timely manner.

(b) CFIUS Filings

The Consortium and Opera are providing necessary

information to CFIUS authorities to facilitate their

review of the transaction. The Consortium has engaged

Covington & Burling LLP and Opera has engaged Weil,

Gotshal & Manges LLP to represent them before CFIUS.

The Consortium continues to have full confidence that

CFIUS approval also will be obtained in a timely

manner.

The Consortium is working expeditiously through the

required regulatory and governmental processes

described above and currently expects that all

necessary governmental and regulatory approvals will,

as previously indicated in the Offer Document, be in

place by the end of June 2016.

The offer period for the Offer expires today at 16:30

(CET).

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.