Exercise of employee share options in Opera Software ASA

1. Participants in the Company’s share option program have on November 20th 2009 exercised a total number of 69 948 options. Following the exercise, 69 948 shares will be transferred from Opera Software’s holding of own shares. Subsequent to the transaction Opera Software ASA holds 444 298 own shares. 2. Options exercised by primary insiders November 20th 2009: Petter Lade, Director IR & Corporate Development, has exercised 5,000 options and bought 5,000 shares in the Company, at the strike price of NOK 13.15. Edward Welbourne, Employee Board Member, has exercised 1,148 options and bought 1,148 shares in the Company, at the strike price of NOK 13.15. 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. 3. Transfer of rights On November 20th 2009, the primary insiders mentioned below transferred their rights to receive shares resulting from the exercise of options to a third party. The payment has been determined based on a selling price of NOK 16.40 per share. Charles McCathieNevile has transferred 2,000 rights. 5. New holding After exercising options, Petter Lade holds 20,000 unexercised options in the Company, corresponding to 20,000 shares at the strike price of NOK 12.75. As of today the primary insider holds 56,306 shares in the Company. After exercising options, Edward Welbourne holds 3,444 unexercised options in the Company, corresponding to 3,444 shares at the strike price of NOK 12.00. As of today the primary insider holds 2,296 shares in the Company. After exercising options, Charles McCathieNevile holds 6,000 unexercised options in the Company, corresponding to 6,000 shares at the strike price of NOK 16.60 and 10,332 unexercised options in the Company, corresponding to 10,332 shares at the strike price of NOK 12.00. As of today the primary insider holds 1 748 shares in the Company.