Otello Corporation ASA

Earnings Release • Mar 19, 2015

Lars Boilesen

Chief Executive Officer

The road to \$1 billion in revenue in 2017

A quick overview

Founded in Oslo, Norway, in 1995

About Opera

More than 1,400 people work for Opera

56 nationalities make up a large multicultural diverse workforce

We have offices in more than 25 locations around the world

Our biggest achievements in the past few years Our assets for the future

Opera by the financial numbers

Revenue up over 25x during the last 10 years Revenue tripled during the last three years

million mobile users million smartphone users

More than 90% brand awareness among smartphone owners In our key markets

A major consumer brand in emerging markets

Partnerships with more 130+ operators globally

Opera for TV Who do we work with?

Opera for computers Back to growth and new markets emerging

Opera Mobile Advertising From zero to close to \$300 million USD in revenue in four years

Opera Mediaworks delivers a strongly differentiated value proposition into the mobile advertising ecosystem

Our market leading mobile video advertising technology is in high demand

Unique product The very best user experience Attractive to the full spectrum of advertisers Growing at full speed

Opera Mobile Advertising Expanding to new attractive geographies

Percentage: Impression split in 2014

Parenthesis: 2014 impressions share relative to 2011

Opera the organization The company structure

Mobile Advertising	Opera Consumer
Third party publishers Advertisers	Consumer portfolio of apps and services - developed around the needs of Opera's and our partners' end-users

Advertising platform / ad units TV/Device OEMs Rocket Optimizer Partners

Technology licensing – included in both

2015 These are our key priorities

Strong and growing user base on smartphones in leading Opera markets

Several initiatives and good traction on monetization of own mobile users base

Leverage on our strong partnerships with big players in the mobile industry

Continue the strong growth from our leading advertising platform and position with clearly differentiated products

Our strategic market position going forward

The shift to mobile connected devices is 10 times as comprehensive as the shift to connected pc's

Devices in each computing cycle

Focus on mobile puts us right where the advertising dollars are moving

Comparing % of time spend with % of ad spend; US, 2013

Smartphones will grow massively in our key markets over the next few years

Expected annual smartphone growth, 2014-2017

Source: Canalys, September 2014. Smartphone includes Android, iOS and Windows Mobile devices

Opera users will become more valuable in these markets

Expected annual growth in mobile advertising spend; 2014-2017

An integrated vision & strategy across our company

1+ billion consumer reach

1+ billion consumer reach

Mobile advertising 800 million

New services and apps

Opera users 350 million

Framed the Opera consumer portfolio in two categories

Monetization channels
Advertising (Mediaworks)	Partners	User fees / subscriptions	rd 3 party(games) distribution

Browser and Content Apps
Browser	App Store	News / Discover	Project 1	Project 2	Project 3	…

Performance and Privacy Apps
Opera Max	Web Pass	App Pass	VPN / privacy	Project 4	…	…

Enabling the App Ecosystem Today and Tomorrow

Today: Opera Mobile Store

• World's 3rd largest appstore
• 250 M monthly uniques
• 300 M+ mthly downloads
• 300,000 Apps
• 50,000 developers
• Monetized through App Promotion

Today: Opera Mediaworks

• 800M+ unique users,
• Enable 30% of global app distribution

Tomorrow: Opera Gaming Network

• A new initiative that captures a bigger share of the App Ecosystem

The growing portfolio expands our relevancy and strengthens our browser value proposition

Distribution of time spent on smartphones; US users

We are coming from a position of strength in this area…

…but can capture substantially more of this

Distribution assets will enable us to shift our growth curve

• Cross-promotion: Using the browser to promote new apps
• Organic downloads: Driven by our strong brand
• OEM distribution
• Operator distribution
• Paid online distribution

SurfEasy To boost our apps

300+ million global VPN user base

Large consumer market

Browsers with built-in VPN

Opera Max offering both compression and privacy

Stronger monetization through user fees and ad-based services

The power to win in a market with strong growth

Opera Mediaworks Why we will win

Technological leadership

At the forefront of innovation with market-leading Instant-Play HD video

Deep industry relationships

A close partner with the global leading advertisers and publishers

Global operations with presence in key markets

Pick up small teams for opportunities in a high-growth industry

Duality of a consumer business and Opera Mediaworks

Monetize relationships across our businesses

Three concluding thoughts

A bright future for Opera

Strong growth in today's consumer business

Expecting 275 million smartphone users in 2017 Opportunities to monetize our users and distribution revenues Emerging market exposure entails significant ARPU opportunity over the coming years

Natural expansion opportunities in new apps and services

Trusted brand, unique distribution capabilities and strong teams Ability to both strengthen existing core products and create new revenue streams

Global mobile advertising business on a great track

Strong trajectory in a high-growth market Investing in innovation and new offerings where video is key Increasing O&O potential with 100% margins

OSLO NYC ////////////////// MARKETS D A Y 2 0 1 5