Exercise of employee share options in Opera Software ASA

1. Participants in the Company’s share option program have on February 24th 2010 exercised a total number of 509 629 options. Following the exercise, 509 629 shares will be transferred from Opera Software’s holding of own shares. Subsequent to the transaction Opera Software ASA holds 813 669 own shares. 2. Options exercised by primary insiders February 24th 2010: Anne Stavnes has exercised 25 000 options in the Company, corresponding to 25 000 shares at the strike price of NOK 12.00. Christen Krogh has exercised 167 500 options in the Company, corresponding to 167 500 shares at the strike price of NOK 12.00. Frode Hernes has exercised 24 000 options in the Company, corresponding to 24 000 shares at the strike price of NOK 12.40. Karl Anders Øygard has exercised 5 740 options in the Company, corresponding to 5 740 shares at the strike price of NOK 12.40. Lars Erik Bolstad has exercised 30 000 options in the Company, corresponding to 30 000 shares at the strike price of NOK 12.00 and 4 000 options in Company, corresponding to 4 000 shares at the strike price of NOK 16.60. Tove Selnes has exercised 8 000 options in the Company, corresponding to 8 000 shares at the strike price of NOK 13.10. Charles McCathieNevile has exercised 1 000 options in the Company, corresponding to 1 000 shares at the strike price of NOK 12.00 and 300 options in Company, corresponding to 300 shares at the strike price of NOK 16.60. Tor Odland has exercised 2 500 options in the Company, corresponding to 2 500 shares at the strike price of NOK 12.00. Nuno Sitima has exercised 9 000 options in the Company, corresponding to 9 000 shares at the strike price of NOK 12.40. 3. Transfer of rights On February 24th 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 has been determined on the basis of the price 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. The obtained selling price was NOK 18,3155. Anne Stavnes has transferred 25 000 rights Christen Krogh has transferred 167 500 rights Frode Hernes has transferred 24 000 rights Karl Anders Øygard has transferred 5 740 rights Lars Erik Bolstad has transferred 34 000 rights Tove Selnes has transferred 8 000 rights Charles McCathieNevile has transferred 1 300 rights Tor Odland has transferred 2 500 rights Nuno Sitima has transferred 9 000 rights 4. Purchase of shares On February 24th 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. Charles McCathieNevile has purchased 200 shares at NOK 18.3155 Tor Odland has purchased 832 shares at NOK 18.3155 5. New holding After exercising options, Anne Stavnes holds 35 000 unexercised options in the Company, corresponding to 35 000 shares at the strike price of NOK 12.00 and 10 000 unexercised options in the Company, corresponding to 10 000 shares at the strike price of NOK 27.90. After exercising options, Christen Krogh holds 234 000 unexercised options in the Company, corresponding to 234 000 shares at the strike price of NOK 12.00. As of today the primary insider holds 15 921 shares in the Company. After exercising options, Frode Hernes holds 72 000 unexercised options in the Company, corresponding to 72 000 shares at the strike price of NOK 12.00 and 20 000 unexercised options in the Company, corresponding to 20 000 shares at the strike price of NOK 16.60. As of today the primary insider holds 21 727 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, 10 000 unexercised options in the Company, corresponding to 10 000 shares at the strike price of NOK 16.60 and 10 000 unexercised options in the Company, corresponding to 10 000 shares at strike price 27.90. 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, Lars Erik Bolstad holds 42 000 unexercised options in the Company, corresponding to 42 000 shares at the strike price of NOK 12.00 and 16 000 unexercised options in the Company, corresponding to 16 000 shares at the strike price of NOK 16.60. After exercising options, Tove Selnes holds 24 000 unexercised options in the Company, corresponding to 24 000 shares at the strike price of NOK 13.10 and 40 000 unexercised options in the Company, corresponding to 40 000 shares at the strike price of NOK 24.70. As of today the primary insider holds 8 890 shares in the Company. After exercising options, Charles McCathieNevile holds 9 332 unexercised options in the Company, corresponding to 9 332 shares at the strike price of NOK 12.00 and 5 700 unexercised options in the Company, corresponding to 5 700 shares at the strike price of NOK 16.60. As of today the primary insider holds 2 425 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 and 10 000 unexercised options in the Company, corresponding to 10 000 shares at the strike price of NOK 17.80. As of today the primary insider holds 2 143 shares in the Company. After exercising options, Nuno Sitima holds 27 000 unexercised options in the Company, corresponding to 27 000 shares at the strike price of NOK 12.00, 14 000 unexercised options in the Company, corresponding to 14 000 shares at the strike price of 17.80, 8 000 unexercised options in the Company, corresponding to 8 000 shares at the strike price of 23.80 and 2 000 unexercised options in the Company, corresponding to 2 000 shares at the strike price of 24.00. As of today the primary insider holds 9 698 shares in the Company.