Otello Corporation ASA

Share Issue/Capital Change • Mar 8, 2016

Exercise of employee share options and release of employee restricted share units

Exercise of employee share options and release of employee restricted share units

Following the share option exercise and release of employee restricted share

units, the Board of Directors, pursuant to authorization granted by the

company`s Annual General Meeting, has resolved to increase the Company`s share

capital by NOK 20 218,34 by issuing 1 010 917 new shares, of par value NOK 0,02.

Following the increase the Company`s share capital is NOK 2 932 940,04 divided

into 146 647 002 shares.

Exercise of employee share options

Participants in the Company's share option program have on March 7th 2016

exercised 531 785 options. No primary insiders exercised options.

Release of employee restricted share units

1. Participants in the Company's RSU program have on March 7th 2016 settled a

total number of 479 132 RSUs.

2. Restricted share units released by primary insiders March 7th 2016:

Rian Cochran has received 750 shares in the Company.

Brian Kesterson has received 5 062 shares in the Company.

Falguni Bhuta has received 2 844 shares in the Company.

Rebecca Mauzy has received 1 800 shares in the Company.

Thomas Bullen has received 1 000 shares in the Company.

3. Sale of shares

When the participants receive the shares they will be subject to pay salary tax

on the total value of the shares received. In order to cover the taxes the

employees must at minimum sell a predetermined rate of the shares set by Opera.

On March 7th 2016 the primary insiders mentioned below ordered for the received

shares to be immediately sold by a third party. The sales amount will be finally

determined on the basis of the price subsequently obtained by the third party

when selling the shares in the market. Final compensation for the sale will be

reported to Oslo Børs when known.

Rian Cochran has sold 336 shares in the Company.

Brian Kesterson has sold 5 062 shares in the Company.

Falguni Bhuta has sold 2 844 shares in the Company.

Rebecca Mauzy has sold 690 shares in the Company.

Thomas Bullen has sold 446 shares in the Company.

4. New holding

After completion of the abovementioned transactions, Rian Cochran holds 1 500

RSUs in the Company. In addition, Rian Cochran holds 5 000 unexercised options

in the Company, corresponding to 5 000 shares at the strike price of NOK 26.58.

As of today the primary insider holds 414 shares in the Company.

After completion of the abovementioned transactions, Brian Kesterson holds 6 750

RSUs in the Company.

After completion of the abovementioned transactions, Falguni Bhuta holds 4 500

RSUs in the Company. As of today the primary insider holds 1 775 shares in the

Company.

After completion of the abovementioned transactions, Rebecca Mauzy holds 2 400

RSUs in the Company. As of today the primary insider holds 1 110 shares in the

Company.

After completion of the abovementioned transactions, Thomas Bullen holds 2 000

RSUs in the Company. As of today the primary insider holds 1 110 shares in the

Company.

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.