Otello Corporation ASA

Share Issue/Capital Change • Dec 2, 2014

Exercise of employee share options

Exercise of employee share options

1. Participants in the Company's share option program have on December 1st 2014

exercised a total number of 970.925 options, of which 10 000 options were

settled in cash. Following the exercise, 960.925 shares will be transferred from

the Company's holding of own shares.

Subsequent to the transaction Opera Software ASA holds 1 539 075 own shares.

2. Options exercised by primary insiders December 1st 2014:

Baard Farmen Andresen has exercised 20 000 options in the Company, corresponding

to 20 000 shares at the strike price of NOK 26.84.

Lars Boilesen has exercised 400 000 options in the Company, corresponding to 400

000 shares at the strike price of NOK 18.90.

Rian Cochran has exercised 5 000 options in the Company, corresponding to 5 000

shares at the strike price of NOK 26.84.

Rikard Gillemyr has exercised 87 500 options in the Company, corresponding to 87

500 shares at the strike price of NOK 11.75.

Jason Hoida has exercised 30 000 options in the Company, corresponding to 30 000

shares at the strike price of NOK 26.84.

Joakim Kasbohm has exercised 7 500 options in the Company, corresponding to 7

500 shares at the strike price of NOK 20.96 and 20 000 options in the Company,

corresponding to 20 000 shares at the strike price of NOK 26.84.

Krystian Kolondra has exercised 30 000 options in the Company, corresponding to

30 000 shares at the strike price of NOK 26.84.

Petter Lade has exercised 5 000 options in the Company, corresponding to 5 000

shares at the strike price of NOK 26.84.

Roar Olbergsveen has exercised 20 000 options in the Company, corresponding to

20 000 shares at the strike price of NOK 26.84.

Tove Selnes has exercised 47 500 options in the Company, corresponding to 47 500

shares at the strike price of NOK 20.96 and 30 000 options in the Company,

corresponding to 30 000 shares at the strike price of NOK 26.84.

Tami Weiss has exercised 15 000 options in the Company, corresponding to 15 000

shares at the strike price of NOK 26.84.

3. Transfer of rights

On December 1st, 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.

Baard Farmen Andresen has transferred 20 000 rights.

Lars Boilesen has transferred 400 000 rights.

Rian Cochran has transferred 5 000 rights.

Rikard Gillemyr has transferred 87 500 rights.

Jason Hoida has transferred 30 000 rights.

Joakim Kasbohm has transferred 27 500 rights.

Krystian Kolondra has transferred 30 000 rights.

Petter Lade has transferred 5 000 rights.

Roar Olbergsveen has transferred 20 000 rights.

Tove Selnes has transferred 77 500 rights.

Tami Weiss has transferred 15 000 rights.

4. New Holding

After exercising options, Baard Farmen Andresen holds 20 000 unexercised options

in the Company, corresponding to 20 000 shares at the strike price of NOK 26.84,

20 000 unexercised options in the Company, corresponding to 20 000 shares at the

strike price of NOK 34.54 and 20 000 unexercised options in the Company,

corresponding to 20 000 shares at the strike price of NOK 76.01. As of today the

primary insider holds 2 233 shares in the Company.

After exercising options, Lars Boilesen holds 300 000 unexercised options in the

Company, corresponding to 300 000 shares at the strike price of NOK 18.90. Lars

Boilesen holds 120 000 RSUs in the Company. As of today the primary insider

holds 10 000 shares in the Company.

After exercising options, Rian Cochran holds 5 000 unexercised options in the

Company, corresponding to 5 000 shares at the strike price of NOK 26.84. Rian

Cochran holds 3 000 RSUs in the Company.

After exercising options, Rikard Gillemyr holds 225 000 unexercised options in

the Company, corresponding to 225 000 shares at the strike price of NOK 20.96,

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

the strike price of NOK 26.84 and 250 000 unexercised options in the Company,

corresponding to 250 000 shares at the strike price of NOK 37.34. Rikard

Gillemyr holds 10 000 RSUs in the Company. As of today the primary insider holds

360 000 shares in the Company.

After exercising options, Jason Hoida holds 30 000 unexercised options in the

Company, corresponding to 30 000 shares at the strike price of NOK 26.84, 25 000

unexercised options in the Company, corresponding to 25 000 shares at the strike

price of NOK 27.16, 50 000 unexercised options in the Company, corresponding to

50 000 shares at the strike price of NOK 37.34 and 50 000 unexercised options in

the Company, corresponding to 50 000 shares at the strike price of NOK 76.01. As

of today the primary insider holds 248 shares in the Company.

After exercising options, Joakim Kasbohm holds 20 000 unexercised options in the

Company, corresponding to 20 000 shares at the strike price of NOK 26.84, 20 000

unexercised options in the Company, corresponding to 20 000 shares at the strike

price of NOK 34.54 and 20 000 unexercised options in the Company, corresponding

to 20 000 shares at the strike price of NOK 76.01. As of today the primary

insider holds 2 777 shares in the Company.

After exercising options, Krystian Kolondra holds 30 000 unexercised options in

the Company, corresponding to 30 000 shares at the strike price of NOK 26.84,

60 000 unexercised options in the Company, corresponding to 60 000 shares at the

strike price of NOK 34.54 and 50 000 unexercised options in the Company,

corresponding to 50 000 shares at the strike price of NOK 76.01.

After exercising options, Petter Lade holds 5 000 unexercised options in the

Company, corresponding to 5 000 shares at the strike price of NOK 26.84 and

35 000 unexercised options in the Company, corresponding to 35 000 shares at the

strike price of NOK 34.54.

After exercising options, Roar Olbergsveen holds 20 000 unexercised options in

the Company, corresponding to 20 000 shares at the strike price of NOK 26.84,

20 000 unexercised options in the Company, corresponding to 20 000 shares at the

strike price of NOK 34.54 and 20 000 unexercised options in the Company,

corresponding to 20 000 shares at the strike price of NOK 76.01. As of today the

primary insider holds 248 shares in the Company.

After exercising options, Tove Selnes holds 30 000 unexercised options in the

Company, corresponding to 30 000 shares at the strike price of NOK 26.84 and

50 000 unexercised options in the Company, corresponding to 50 000 shares at the

strike price of NOK 34.54. Tove Selnes holds 20 000 RSUs in the Company. As of

today the primary insider holds 9 359 shares in the Company.

After exercising options, Tami Weiss holds 25 000 unexercised options in the

Company, corresponding to 25 000 shares at the strike price of NOK 26.84.

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 and more than 130 mobile

operators to deliver the very best possible internet experience to their

subscriber base. 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 800

million.