Exercise of employee share options in Opera Software ASA

1. Participants in the Company’s share options program have on December 4th 2008 exercised a total number of 66.572 options. Following the exercise, 66.572 shares will be transferred from Opera Software’s holding of own shares. Subsequent to the transaction Opera Software ASA holds 2,082,428 own shares.

2. Options exercised by primary insiders December 4th 2008:

Frode Hernes, VP B2B Engineering, has exercised 24,000 options in the Company, corresponding to 24,000 shares at the strike price of NOK 12.40.

Charles McCathieNevile, Employee Board member, has exercised 2,000 options in the Company, corresponding to 2,000 shares at the strike price of NOK 12.40.

Edward Welbourne, Deputy employee Board member, has exercised 1,148 options in the Company, corresponding to 1,148 shares at the strike price of NOK 12.40.

3. Purchase of shares

On December 4th 2008, Charles McCathieNevile entered into an agreement to use part of the compensation to purchase 196 shares in the Company.

4. New holding

After exercising options, Frode Hernes holds 121,000 unexercised options in the Company, corresponding to 25,000 shares at the strike price of NOK 10.00 and 96,000 shares at the strike price of NOK 12.40. After the above transactions, the primary insider holds 21,727 shares in the Company.

After exercising options, Charles McCathieNevile holds 13,776 unexercised options in the Company, corresponding to 13,776 shares at the strike price of NOK 12.40. After the above transactions, the primary insider holds 196 shares in the Company.

After exercising options, Edward Welbourne holds 4,592 unexercised options in the Company, corresponding to 4,592 shares at the strike price of NOK 12.40. After the above transactions, the primary insider holds 1,148 shares in the Company.

The payment has been determined based on a purchase and selling price of NOK 16,42 per share.