Otello Corporation ASA

M&A Activity • May 24, 2016

Update on voluntary offer for Opera Software ASA - acceptances at approximately 89%

Update on voluntary offer for Opera Software ASA - acceptances at approximately 89%

Oslo and Beijing, 24th May 2016 - Update on voluntary

offer for Opera Software

The Offeror has currently received acceptances of the

Offer from shareholders representing approximately 89%

of the shares in the Company, based on preliminary

counting of acceptances received as of 15:15 (CET)

today. This includes the shares comprised by pre-

acceptances.

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

cannot be extended any further.

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.

In order for the Offer not to lapse, shareholders who

have yet to accept the Offer are encouraged to tender

their shares immediately and no later than prior to

16:30 (CET) today.