Otello Corporation ASA

Share Issue/Capital Change • Nov 24, 2010

Exercise of employee share options in Opera Software ASA

Exercise of employee share options in Opera Software ASA

1. Participants in the Company's share option program have on November

23rd 2010 exercised a total number of 387 150 options. Following the

exercise, 387 150 shares will be transferred from Opera Software's

holding of own shares. Subsequent to the transaction Opera Software ASA

holds 60 319 own shares.

2. Options exercised by primary insiders November 23rd 2010:

Anthony Nichols has exercised 2 000 options in the Company,

corresponding to

2 000 shares at the strike price of NOK 12.00 and 1 200 options in

Company, corresponding to 1 200 shares at the strike price of NOK 16.60.

Tami Weiss has exercised 1 435 options in the Company, corresponding to

1 435 shares at the strike price of NOK 12.00 and 2 583 options in

Company, corresponding to 2 583 shares at the strike price of NOK 12.75.

Joakim Kasbohm has exercised 4 000 options in the Company, corresponding

to

4 000 shares at the strike price of NOK 12.75.

Roar Olbergsveen has exercised 3 000 options in the Company,

corresponding to

3 000 shares at the strike price of NOK 23.80.

Lars Erik Bolstad has exercised 4 000 options in the Company,

corresponding to

4 000 shares at the strike price of NOK 16.60.

Christian Uribe has exercised 7 125 options in the Company,

corresponding to

7 125 shares at the strike price of NOK 12.00 and 3 000 options in

Company, corresponding to 3 000 shares at the strike price of NOK 16.60.

Johan Borg has exercised 4 000 options in the Company, corresponding to

4 000 shares at the strike price of NOK 16.60.

Petter Lade has exercised 11 250 options in the Company, corresponding

to

11 250 shares at the strike price of NOK 12.75.

Tove Selnes has exercised 10 000 options in the Company, corresponding

to

10 000 shares at the strike price of NOK 13.10 and 8 000 options in

Company, corresponding to 8 000 shares at the strike price of NOK 24.70

Karl Anders Øygard has exercised 2 000 options in the Company,

corresponding to

2 000 shares at the strike price of NOK 16.60.

Andreas Thome has exercised 8 000 options in the Company, corresponding

to

8 000 shares at the strike price of NOK 13.10.

Lars Aarhus has exercised 1 200 options in the Company, corresponding to

1 200 shares at the strike price of NOK 16.60.

Tor Odland has exercised 2 000 options in the Company, corresponding to

2 000 shares at the strike price of NOK 17.80.

Jason Hoida has exercised 2 000 options in the Company, corresponding to

2 000 shares at the strike price of NOK 16.30 and 4 000 options in

Company, corresponding to 4 000 shares at the strike price of NOK 23.80.

Charles McCathieNevile has exercised 800 options in the Company,

corresponding to

800 shares at the strike price of NOK 12.00 and 400 options in Company,

corresponding to 400 shares at the strike price of NOK 16.60.

3. Transfer of rights

On November 23rd 2010, the primary insiders mentioned below transferred

their rights to receive shares resulting from the exercise of options to

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. Still, primary insiders cannot be held liable for

losses incurred by the third party if the shares are later sold below

the strike price. Final compensation for the transferred rights will be

reported to Oslo Børs when known.

Anthony Nichols has transferred 3 200 rights

Tami Weiss has transferred 4 018 rights

Joakim Kasbohm has transferred 4 000 rights

Roar Olbergsveen has transferred 3 000 rights

Lars Erik Bolstad has transferred 4 000 rights

Christian Uribe has transferred 10 175 rights

Johan Borg has transferred 4 000 rights

Petter Lade Lie has transferred 11 250 rights

Tove Selnes has transferred 18 000 rights

Karl Anders Øygard has transferred 2 000 rights

Andreas Thome has transferred 8 000 rights

Lars Aarhus has transferred 1 200 rights

Tor Odland has transferred 2 000 rights

Jason Hoida has transferred 6 000 rights

4. Purchase of shares

On November 23rd 2010, the primary insiders mentioned below entered into

an agreement to use part or all of the compensation mentioned in item 3

to purchase shares. When known, the final number of shares, along with

the compensation, will be reported to Oslo Børs.

Lars Aarhus 

Tor Odland

5. New holding

After exercising options, Anthony Nichols holds 4 888 unexercised

options in the Company, corresponding to 4 888 shares at the strike

price of NOK 12.00, 4 800 unexercised options in the Company,

corresponding to 4 800 shares at the strike price of NOK 16.60 and

15 000 unexercised options in the Company, corresponding to 15 000

shares at the strike price of NOK 21.80.

After exercising options, Tami Weiss holds 2 009 unexercised options in

the Company, corresponding to 2 009 shares at the strike price of NOK

12.00, 2 009 unexercised options in the Company, corresponding to 2 009

shares at the strike price of NOK 12.75, 15 000 unexercised options in

the Company, corresponding to 15 000 shares at the strike price of NOK

21.80 and 6 000 unexercised options in the Company, corresponding to

6 000 shares at the strike price of NOK 27.90.

After exercising options, Joakim Kasbohm holds 3 000 unexercised options

in the Company, corresponding to 3 000 shares at the strike price of NOK

14.60, 12 000 unexercised options in the Company, corresponding to 12

000 shares at the strike price of NOK 12.75 and 15 000 unexercised

options in the Company, corresponding to 15 000 shares at the strike

price of NOK 21.80. As of today the primary insider holds 2 422 shares

in the Company.

After exercising options, Roar Olbergsveen holds 9 000 unexercised

options in the Company, corresponding to 9 000 shares at the strike

price of NOK 23.80, 8 000 unexercised options in the Company,

corresponding to 8 000 shares at the strike price of NOK 27.90 and

15 000 unexercised options in the Company, corresponding to 15 000

shares at the strike price of NOK 21.80.

After exercising options, Lars Erik Bolstad holds 42 000 unexercised

options in the Company, corresponding to 42 000 shares at the strike

price of NOK 12.00, 12 000 unexercised options in the Company,

corresponding to 12 000 shares at the strike price of NOK 16.60 and

30 000 unexercised options in the Company, corresponding to 30 000

shares at the strike price of NOK 21.80.

After exercising options, Christian Uribe holds 10 045 unexercised

options in the Company, corresponding to 10 045 shares at the strike

price of NOK 12.00, 12 000 unexercised options in the Company,

corresponding to 12 000 shares at the strike price of NOK 16.60 and

10 000 unexercised options in the Company, corresponding to 10 000

shares at the strike price of NOK 21.80.

After exercising options, Johan Borg holds 10 045 unexercised options in

the Company, corresponding to 10 045 shares at the strike price of NOK

12.00, 28 000 unexercised options in the Company, corresponding to 28

000 shares at the strike price of NOK 14.60, 12 000 unexercised options

in the Company, corresponding to 12 000 shares at the strike price of

NOK 16.60 and 10 000 unexercised options in the Company, corresponding

to 10 000 shares at the strike price of NOK 21.80.

After exercising options, Petter Lade holds 8 750 unexercised options in

the Company, corresponding to 8 750 shares at the strike price of NOK

12.75 and 15 000 unexercised options in the Company, corresponding to

15 000 shares at the strike price of NOK 21.80. As of today the primary

insider holds 57 422 shares in the Company.

After exercising options, Tove Selnes holds 14 000 unexercised options

in the Company, corresponding to 14 000 shares at the strike price of

NOK 13.10, 32 000 unexercised options in the Company, corresponding to

32 000 shares at the strike price of NOK 24.70 and 95 000 unexercised

options in the Company, corresponding to 95 000 shares at the strike

price of NOK 21.80. As of today the primary insider holds 8 890 shares

in the Company.

After exercising options, Karl Anders Øygard holds 17 220 unexercised

options in the Company, corresponding to 17 220 shares at the strike

price of NOK 12.00, 8 000 unexercised options in the Company,

corresponding to 8 000 shares at the strike price of NOK 16.60, 10 000

unexercised options in the Company, corresponding to 10 000 shares at

the strike price of NOK 27.90 and 20 000 unexercised options in the

Company, corresponding to 20 000 shares at the strike price of NOK

21.80. As of today the primary insider holds 200 shares in the Company

and in addition holds 753,931 shares in Opera Software through

Willemhaugen Invest AS that is owned by Karl Anders Øygarden with 100%.

After exercising options, Andreas Thome holds 24 000 unexercised options

in the Company, corresponding to 24 000 shares at the strike price of

NOK 13.10, 16 000 unexercised options in the Company, corresponding to

16 000 shares at the strike price of NOK 23.80, 100 000 unexercised

options in the Company, corresponding to 100 000 shares at the strike

price of NOK 27.90 and 225 000 unexercised options in the Company,

corresponding to 225 000 shares at the strike price of NOK 21.80.

After exercising options, Lars Aarhus holds 6 888 unexercised options in

the Company, corresponding to 6 888 shares at the strike price of NOK

12.00, 4 800 unexercised options in the Company, corresponding to 4 800

shares at the strike price of NOK 16.60, 10 000 unexercised options in

the Company and 10 000 unexercised options in the Company, corresponding

to 10 000 shares at the strike price of NOK 21.80. As of today the

primary insider holds 26 352 shares in the Company.

After exercising options, Tor Odland holds 3 500 unexercised options in

the Company, corresponding to 3 500 shares at the strike price of NOK

12.00, 8 000 unexercised options in the Company, corresponding to 8 000

shares at the strike price of NOK 17.80 and 9 000 unexercised options in

the Company corresponding to 9 000 shares at the strike price of NOK

21.80. As of today the primary insider holds 2 725 shares in the

Company.

After exercising options, Jason Hoida holds 6 000 unexercised options in

the Company, corresponding to 6 000 shares at the strike price of NOK

16.30, 35 000 unexercised options in the Company, corresponding to 35

000 shares at the strike price of NOK 21.80, 12 000 unexercised options

in the Company corresponding to 12 000 shares at the strike price of NOK

23.80 and 36 000 unexercised options in the Company corresponding to

36 000 shares at the strike price of NOK 27.90. As of today the primary

insider holds 5 573 shares in the Company.

After exercising options, Charles McCathieNevile holds 6 727 unexercised

options in the Company, corresponding to 6 727 shares at the strike

price of NOK 12.00 and 4 800 unexercised options in the Company

corresponding to 4 800 shares at the strike price of NOK 16.60. As of

today the primary insider holds 4 627 shares in the Company.

Petter Lade, Investor Relations

Tel: 47 2369 3444