# Exercise of employee share options in Opera Software ASA

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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.

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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.

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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.

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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

Opera Software ASA has redefined Web browsing for PCs, mobile phones and other networked devices. Opera's cross-platform Web browser technology is renowned for its performance, standards compliance and small size, while giving users a faster, safer and more dynamic online experience. Opera Software is headquartered in Oslo, Norway, with offices around the world. The company is listed on the Oslo Stock Exchange under the ticker symbol OPERA. Learn more about Opera at http://www.opera.com.