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Sverre Munck will not stand for re-election as Chairman of the Board at the Annual General Meeting 2017

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Since the sale of the Consumer unit the Board of Directors has worked, together with the Nomination Committee, to ensure a Board size and composition that reflects that Opera Software now is a holding company with its main activity, Opera Mediaworks, based in the US, and with less than 30 employees in Norway.  Consequently, a proposal will be presented to the Shareholders Meeting on Dec 15th, 2016 allowing the number of shareholder elected board members to be reduced to 3. At the same time, the employees at Opera have decided in a company-wide election not to be represented at the Board of Directors. 


Sverre Munck has informed the Opera Nomination Committee that he will not stand for re-election at the ordinary shareholders´ meeting in June 2017. He further informed the committee that as Election to the Board of Directors is on the agenda at the extraordinary shareholders´ meeting on Dec 15th 2016 he is willing to resign already at this meetingshould the Nomination Committee decide on a new board composition in the best interest in the company. 
Sverre Munck has served as Chairman of the Board since June 2014. 

"Opera is today, after the sale of the Consumer division, a substantially different and more streamlined company than it was 2 years ago", says Mr Munck. "The company´s balance sheet is strong, and the 5 remaining business units all operate in dynamic and growing markets. The substantial part of the business, Opera Mediaworks, is based in the US. The future composition of the Board of Directors needs to reflect the importance of the mobile advertising technology unit within Opera, as well as its US base. My experience is mainly within the consumer part of Opera´s business, and I think the time is right to give the Nomination Committee the necessary flexibility in finding persons with specific knowledge within the Ad Tech industry". 

Jakob Iqbal, Chairman of the Nomination Committee, commented that "Sverre Munck has chaired the Board during an important transition phase for Opera, culminating in the successful sale of the Consumer division after a thorough Strategic Review process. The Nomination Committee respects his decision. 

Petter Lade, Investor Relations  
Tel: +47 2369 2400