Otello Corporation ASA

Share Issue/Capital Change • Mar 21, 2017

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

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

1. Participants in the Company's share option program have on March 20th 2017

exercised 348,686 options and 335,205 RSU's.

On the same date Opera Software purchased 530,618 own shares at a price of NOK

38.0355 per share to settle its obligation to deliver the shares. The price was

equal to the volume weighted average price of the day. The shares were purchased

in accordance with the proxy given by the Company's Annual General Meeting on 28

June 2016.

2. Options exercised and restricted share unites released by primary insiders

March 20th 2017:

Baard Farmen Andresen has exercised 40,000 options in the Company, corresponding

to 40 000 shares at the strike price of NOK 15.43.

Lars Boilesen has received 34,612 shares.

Thomas Bullen has received 1,000 shares.

Brian Kesterson has received 3,302 shares.

Will Kassoy has received 4,304 shares.

3. Transfer of rights and sale of shares On March 20th, 2017, the primary

insiders mentioned below transferred their rights to receive shares resulting

from the exercise of options to a third party.

Baard Farmen Andresen has transferred 40,000 rights.

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 20th, 2017 the primary insiders mentioned below ordered for the

receivedshares to be immediately sold by a third party.

Lars Boilesen has sold 18,768 shares to cover taxes.

Thomas Bullen has sold 446 shares to cover taxes.

Brian Kesterson has sold 3,302 shares.

Will Kassoy has sold 1,630 shares to cover taxes.

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.

The payment has been determined based on a selling price of NOK 38.0355 per

share.

4. New Holding, prior to contingent options grants and cancelation of RSU's at

Opera EGM 4th April 2017.

After completion of the abovementioned transactions, Baard Farmen Andresen

holds 20,000 unexercised options in the Company. As of today the primary insider

holds 2 633 shares in the Company.

After completion of the abovementioned transactions, Lars Boilesen holds 84,600

RSUs in the Company. As of today the primary insider holds 179 972 shares in the

Company.

After completion of the abovementioned transactions, Thomas Bullen holds 1,000

RSUs in the Company. As of today the primary insider holds 1 664 shares in the

Company.

After completion of the abovementioned transactions, Brian Kesterson holds

50,000 RSUs in the Company. As of today the primary insider holds 621 shares in

the Company.

After completion of the abovementioned transactions, Will Kassoy holds 329,167

RSUs in the Company. As of today the primary insider holds 191 162 shares in the

Company.

For further information, please contact:

Petter Lade, CFO

Phone: +47 91143878

E-mail: petterl@opera.com

About Opera:

Opera holds shares in several different businesses, including AdColony which

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; Opera Apps and Games

(Bemobi); "Performance & Privacy" (Skyfire and Surfeasy); and Opera TV.