Grant of options

Oslo, November 18, 2011 - The Board of Directors has granted the following primary insiders options on November 17, 2011:

Baard Andresen, VP Global Accounting, 40,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 1 504 shares in Opera Software ASA and 80,500 options.

Anthony Nichols, Deputy Board Member, 40,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 63,818 options in Opera Software ASA.

Dag Olav Norem, VP Mobile, 60,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 106,000 options in Opera Software ASA.

Erik C. Harrell CFO/CSO, 100,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 60,000 shares in Opera Software ASA and 773,000 options.

Halvor Helgø, VP Corporate Development, 30,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 1,805 shares in Opera Software ASA and 64,000 options.

Jason Hoida, General Counsel, 60,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 5,573 shares in Opera Software ASA and 199,000 options.

Joakim Kasbohm Director, FP/A, 40,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 2,422 shares in Opera Software ASA and 63,750 options.

Karl Anders Øygard, Employee elected Board Member, 40,000 options options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 200 shares in the Company and and 88,045 options, in addition Øygard holds 753,931 shares in Opera Software through Willemhaugen Invest AS that is owned by Karl Anders Øygard with 100%.

Nuno Sitima, SVP Consumer Monetization, 60,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 104,700 options in Opera Software ASA.

Petter Lade, Director IR & Corporate Development, 10,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 65,422 shares in Opera Software ASA and 33,750 options.

Rian Cochran, Business Controller, 10,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 608 shares in Opera Software ASA and 10,000 options.

Rikard Gillemyr, EVP Engineering, 100,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 360,000 shares in Opera Software ASA and 605,000 options.

Roar Olbergsveen, Group Finance Controller, 40,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 68,250 options in Opera Software ASA.

Tamy Weiss, Deputy Board Member, 40,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 63,009 options in Opera Software ASA.

Tove Selnes, EVP HR, 60,000 options of which 50% become exercisable after 3 years and 50% become exercisable after 4 years, each with a strike price equal to the market price on November 17. (NOK 27.50). After this, the employee holds 8,890 shares in Opera Software ASA and 201,000 options.

All options were granted pursuant to the terms and conditions of Opera's standard option agreement

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.