EXERCISE OF OPTIONS

Oslo, Norway - September 4th, 2008 - Employees of Opera Software ASA have exercised options to subscribe for 89,752 shares at a nominal value of NOK 0.02 and a subscription price of NOK 12.40 (62,552 options), 13,00 (5,000 options), 14,40 (10,000 options) and 15,00 (12,200 options).

56,402 shares have been transferred from own Opera treasury shares. The transaction with regards to the remaining 33,350 shares are done on basis of borrowed shares until the Company has purchased an equivalent amount of shares in the buy-back program announced in the announcement of September 1 2008 or the Board of Directors have been given the authority to increase the Company's share capital in the Extraordinary General Meeting which will be held on September 29 2008.