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Opera Software Fourth quarter 2008 A note from our lawyers 2

This presentation contains and is, i.a., based on forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements .

Forward-looking statements may in some cases be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “pp,gpgyotential” or “continue”, the negative of such terms or other comparable terminology.

These statements are only predictions. Actual events or results may differ materially, and a number of factors may cause our actual results to differ materially from any such statement. Although we believe that the expectations and assumptions reflected in the statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievement.

Opera Software ASA makes no representation or warranty (express or implied) as to the correctness or completeness of the presentation, and neither Opera Software ASA nor any of its direc tors or emp loyees assumes any lia bility resu lting from use. Excep t as requ ire d by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations. You are advised, however, to consult any further public disclosures made by us, such as filings made w ith the OSE or press releases .

This presentation is for information purposes in connection with the Opera Software ASA 4Q08 presentation only. The presentation is not an offer to sell, or the solicitation of an offer to buy, any securities. 3

Agenda

1. Highlights Erik Harrell , CFO/COO

2. Financial review Erik Harrell, CFO/COO

3. Operational update Business, Consumer Jon S. von Tetzchner, CEO

4. Q&A 4 Operational highlights: 4Q08 + YTD 2009 Priority Overview Areas Operators signed Global Agreement with Opera across multiple product categories and geographies Introduced Opera Turbo – targgpeted at operators and OEMs and Opera Widgets on KDDI's new lineup

Mobile 12 new phones with Opera pre-installed, including 2 new phones with Opera Mobile and 10 with Opera Mobile shipments pre-installed in 4Q08: 7.3 million

Devices Opera introduced on Eee Top PC Announced Nintendo DSi gaming device with Opera Alpha Networks and ZyXEL introduced set-top boxes with Opera

Desktop Desktop users grew by 17% in 4Q vs. 3Q (up 67% from end 2007) Opera Mini 20 million monthly users of Opera Mini in January 2009 (up over 160% vs (consumer) January 2008), which generated over 7.6 billion viewed pages (up over 325% vs January 2008) and 122M MB of data traffic YhYahoo ! seltOlects Opera Mi Miifni for revamped dYh!Mbillti Yahoo! Mobile solution 4Q08 financial review 5 2008 Financial highlights

Priorities 4Q status report 2008 status report

Revenue MNOK 157.0 (+69% vs 4Q07) MNOK 497.1 (+58% vs. 2007)

EBITDA* MNOK 35.7 (MNOK 12.2 in MNOK 98.0 ( vs. MNOK 25.8 FY2007) 4Q07) Operating MNOK 69.0 (MNOK 5.3 in 4Q07) MNOK 149.7 ( vs. MNOK 38.9 FY2007) Cash

* Non-IFRS EBITDA excludes stock option cost 6

Financial Review 4Q08 financial review 7

MNOK 4Q 2008 4Q 2007 Q on Q 2008 2007 08 vs 07

Desktop + 41.9 19.3 117% 116.3 67.1 73% Devices + 115.0 73.7 56% 380.8 248.4 53%

Total revenue = 157.0 93.0 69% 497.1 315.5 58%

Payroll and related 88.0 58.5 50% 296.5 215.1 38% expenses - Stock option costs - 2.3 1.1 118% 8.8 8.4 5% Depreciation and 2.5 1.7 42% 8.3 6.5 28% amortization - Other operating 33.2 22.3 49% 102.6 76.6 37% expenses - Total expenses = 126.0 83.6 51% 416.2 304.6 37%

EBIT 30.9 9.4 80.9 10.9

Net Income 31.1 13.6 89.9 13.2

EPS (NOK) 0260.26 0120.12 0750.75 0110.11 4Q08 financial review 8 KfiilfiKey financial figures

Operating revenues (NOK Million) EBITDA* (Non-IFRS) (NOK Million)

160 157 35 140 36

120 125 25 113 26 100 103 21 93 80 15 82 16 75 12 12 60 65 10 61 5 7 52 53 5 40 48 48 3 -1 -1 -2 -2 2 3 40 38 -3 -5 -6 30 28 20 25 -5 22 23 -12 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -15 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08

* Non-IFRS EBITDA excludes stock option costs 4Q08 financial review 9 Revenues: 4Q08

Area Comments: Revenues (vs. 4Q07)

Business Operators: Strong growth in Opera Mini license revenue, driven by operator active user growth

Mobile and Device OEMs: Large increase in revenue from existing and new customers

Consumer Opera Desktop: User growth up 67% since 4Q07

Strong growth in Opera Mini revenue streams vs 4Q07, with Opera Mini users up 160% since 4Q07 4Q08 financial review 10 OPEX d evel opment

OPEX (NOK Million)

Payroll Stock Options Depreciation Other OPEX Non recurring costs OPEX comments 4Q08 vs 4Q07 140 • Payroll cost up 50%

• Headcount growth worldwide of 38% 120 since 4Q07

• Expect quarterly payroll cost/head to 100 be slightly higher in 2009 versus 4Q08

80 • Stock option* costs up 118%

• Impact of Opera stock price 60 • Depreciation cost up 42%

40 • Result of investments in worldwide and Opera Mini infrastructure 20 • Other OPEX up 49% 0 •Expect other opex/employee/quarter in FY2009 to be generally comparable to 4Q08

*Fair Value cost in 4Q08 was approximately 2.1 MNOK 4Q08 financial review 11 EBITDA devel opment

4Q 2007 / 4Q 2008 (NOK Million) 80,0

Comments on EBITDA development YoY* 70,0 Revenues up MNOK 64.0

60,0 . Desktop + MNOK 22.6

. Internet Devices + MNOK 41.3 50,0 Payroll and related expenses up 40,0 MNOK 29.5

. Engineering 30,0 . Sales and Marketing globally

. Overall headcount up 38% vs. 20,0 4Q07

10,0 Other expenses up MNOK 10.9

0,0 r ss ss 77 88 dd Othe Revenue ITDA Q4 200 ITDA Q4 200 k option cost oll and relate and oll BB BB rr

cc * Year over Year, 4Q 2008 vs 4Q 2007 E E Pay Sto 4Q08 financial review 12

Strong cap ital st ruct ure

Balance sheet (MNOK) Balance sheet higgghlights

900 Metric 4Q08 4Q07 800 700 Cash and cash 600 equivalents Cash MNOK 564 MNOK 467 500 400 Current assets 300 NWC* MNOK 9 MNOK 17 200 100 Fixed assets 0 Equity MNOK 598 MNOK 533 31.12.2007 31.12.2007 31.12.2008

Total Equity * NWC is defined as Total current assets excluding cash and cash equiva len ts m inus To tal curren t li abiliti es 650 600 550 500 450 400 31.12 .2007 31.12 .2007 31.12 .2008 4Q08 financial review 13 Strong cash flow 2008 Operating cash flow: MNOK 69.1 in 4Q08 Oppgerating cash flow : MNOK 149.7 in 2008 Cash Flow higgghlights

200 4Q08 4Q07 180 lions 160 Operating MNOK 69 MNOK 8 Mil cash flow 140

120 Investments MNOK -5 MNOK -1

100 Financing* MNOK -8 MNOK -1 80

60 Cash balance MNOK 564 MNOK 467

40 * Opera Software bought back 695 100 own shares totaling 9.5 MNOK in 20 4Q08

0 2007 2008

Operating cash flow 2008 vs 2007 4Q08 financial review 14 Operational focus FY2009

Grow revenues across business segments

Be mindful of macroeconomic environment

Invest and increase headcount, while being vigilant on costs

FihflFocus on operating cash flow

Note: This does NOT constitute financial guidance *Excludes stock option costs 4Q08 financial review 15 Key strategies to achieve goals: Revenues

Business area Consumer area Continue to focus on top mobile Aggressively grow Opera Desktop and operators and OEMs Opera Mini users in top ten target geographic markets Grow operator-branded Opera Mini active users and win new operators Leverage Opera Link and increase value with widgets solution proposition through new features

Continue to focus on top consumer Monetize rappygidly growin gpg Opera Mini electronics OEMs user base

Hire enough top quality sales, Increase third-party distribution channel marketing and engineering people and share of Opera Mini users increase productivity to drive growth

Note: This does NOT constitute financial guidance 4Q08 financial review 16 Key strategies to achieve goals: Profits

Business area Consumer area Focus on top customers and Prioritize most strategic features and opportunities functions

Continous alignment of engineering Optimize headcount growth and priorities ppglanning relative to pjprojected demand Constantly monitor efficiency of Opera Continue to: Mini hosting operation • build and sell more standardized products and SDKs • build easily customizable products for operators

Note: This does NOT constitute financial guidance Operations Update 18 Opera’s vision

O’iiiOpera’s vision is to prov idhbide the best Internet experience on any device 19 This is Opera Software

The world’s leading End-user movement: developer company: 675+ employees in . 20+ million unique monthly users of ten countries Opera Mini in January 2009 Unmatched footprint across PCs, mobile . Opera Mobile shipped on 125+ phones and other connected devices million phones Leading customers: T-Mobile, Vodafone, . More than 130+ million downloads of , KDDI, , , Opera products from Opera.com , Sony and Nintendo + others alone in 2008

. 35+ million use Opera for PCs

. Millions Opera on Wii and other connected devices 20 The v is ion h as b ecome realit y 21 Opera’s unique ability to deliver a world-class, cross- platform browser

Technical . One core – multiple platforms . Support of quickly evolving standards . Cutting edge innovation

Organizational . Experienced, global organization . Management experience in handling highly complex technical projects . Large Quality Assurance team

Beyond the features . The importance of time to market . A connected expp,erience, with Wid g,gets, services and server-enabled solutions 22 There is only one Web

Devices, platforms and networks: they come in all shapes and sizes. Only one thing unifies them: The Web Why only One Web will prevail

People want to access the same services regardless of device

The cost of teaching people to do something new is too hig h

Most connected devices will have full Web brow sers– good for users , operators and manufacturers

The browser is now a platform for Web 2.0 applications and services

Empowers the next generation of user-driven content 24 The un ique differenti at or: O ne b rowser core for any platform powers One Web

Motorola Pocket Windows P2K PC ltron

Smart Samsung phone Windows SHP CE/Mobile

S60 Media Platf orm- Highway OS independent UIQ core Mac

QnX Java Unix J2ME Qte Free (Mini) Qt BSD Solaris BREW Nintendo Qtopia Gogi

Wii DS 25 Proprietary mobile operating systems will drive the Web as the application platform

90% of mobile handsets ship with proprietary mobile In 2007, approximately 1. 1 billion handsets shipped with a proprietary OS while just 100 million shipped with an open OS Examples of leading, proprietary OSs: S40 (Nokia), EMP (Sony Ericsson), SHP (Samsung), P2K (Motorola)

Applications will increasingly drive Source: Strategy Analytics, Yankee Group, Opera estimates phone sales, so widgets will be adopted by the high volume, properitietary OSfOS feat ure ph one mark ktet 26 The Opera-powered day

Breakfast: Bus: Work: Boring Airport Recreation: Opera on Opera Opera on meeting: lounge: Opera on laptop Mobile laptop Opera Mini Opera on Wii PMP 27 Web as a platform gains momentum

OEMs and operators are looking to leverage the Web as a platform for mobile applications, user interfaces and services

OEMs and operators are looking for an opppen developer environment the y can offer across phones

Users are looking for an easy way to access personalized and current content on their connected devices T-Mobile, KDDI and other operators are using Widgets to make content easily available on the mobile screen Operations Update Business area 29 Why operators choose Opera Mini Increase ARPU through frequent data usage Attract new customers Improve customer retention and reduce churn Maintain a sustainable competitive advantage

t 30 Global agreement with Vodafone Group

Vodafone and Opera collaborates to enhance the mobile Internet experihdtience on handsets The global agreement covers a wide array of Opera products: Opera Mini, Opera Widgets and Opera Turbo Applications can be pre-installed or made available as over-the-air downloads 31 The dynamic duo: Opera Mobile and Opera Mini

Number of phone models with Opera pre -installed Opera’s presence keeps growing on 250 an ever larger list of mobile phone models

200 New models with Opera Mobile in 4Q: 2 150 141 New models with Opera Mini in 100 59 4Q: 10

50 35 Total new models in 2008: 197

63 56 37 24 Number of mobile phones shipped 13 0 6 with the Opera : 7.3 2003 2004 2005 2006 2007 2008 million in 4Q08. Opera Mobile Opera Mini 32 Operators and Opera Mini

Operator-branded: Opera-branded: Cell One (Namibia) () Debitel () Helio (USA) O2 (Slovakia & Germany) HT Telecom (Europe) PTC/era () mobilkom (Austria) Swisscom (Switzerland) MegaFon () T-Mobile International Meteor Communications Ltd. (Ireland) Tata Teleservices () Mobitel (Sri Lanka) TMN (Portugal) Movistar (Mexico) Vodafone Group (New) Movistar (Colombia) MTN Uganda Omnitel (Lithuania) Optimus (Portugal) Pannon (Hungary) Talkline (Germany) TDC(C ( ) () Telenor () Ten (France) TIM Hellas (Greece) 33 Opera Mobile: 56 new models in 2008

Casio Motorola Sony Ericsson Casio Hitachi W61CA Moto Z10 Sony Ericsson G700 Casio W62CA Moto Z9 Sony Ericsson G900 Casio EXILIM Keitai W63CA Moto A810 Sony Ericsson W61SA Motoming A1600 Sony Ericsson re Motorola Q9e Sony Ericsson W64S Hitachi MOTO Q Global Hitachi W61H Hitachi W62H PiPanasonic Hitachi Wooo Keitai W63H Panasonic W61P Toshiba Panasonic W62P Toshiba W61T HTC Toshiba Sportio HTC Shift Pantech Toshiba W62T HTC Touch Diamond Pantech W61PT Toshiba W65T HTC Touch Pro Pantech W62PT HTC Touch HD WILLCOM HTC Touch Viva Samsung HTC Fuze WILLCOM 03 Samsung Omnia Willcom WX330K Samsung SCH-M480 Willcom WX331K HP Samsung 900i iPAQ Data Messenger Samsung L700 XDA (O2) Samsung Player Addict XDA Diamond Samsung Saga Kyocera XDA Serra Kyocera W61K Sanyo Kyocera W64K Sanyo W61SA Kyocera W62K Sanyo W62SA Kyocera W63K Sanyo W63SA Kyocera W65K Sanyo W64SA Black: 1Q-3Q Red: 4Q Sharp Sharp W61SH Sharp W62SH Sharp AQUOS Keitai W64SH 34 Opera Mobile: fresh off the press (1Q09)

Garmin-Asus nüvifone M20 HTC Touch Diamond2 HTC Touch Pro2 MOTOSURF A3100 with Opera Mobile 9. 5 with Opera Mobile 9. 5 with Opera Mobile 9. 5 with Opera Mobile 35 Opera Mini: 141 new models in 2008 Samsung Sony Ericsson ASUS Nokia Nokia Sony Ericsson Linda Nokia 6210 Samsung Z400 ASUS P552 Samsung B2700 Sony Ericsson Shiho Nokia N81 Sony Ericsson W760i No kia 7100 Supernova Samsung D900i Fly (India) Nokia N86 Samsung E740 Sony Ericsson W980i Nokia 7510 Fly MC 100 Nokia 5000 Nokia 8600 Samsung F480 Samsung G600 Sony Ericsson C702 Nokia 2680 Nokia 8800 Fly E 130 Samsung L870 Sony Ericsson C902 Fly B 700 Nokia 6300i Nokia 6700 Sony Ericsson C902i Samsung M300 Fly B600 Nokia 6288 Samsung M8800 Sony Ericsson K610i Fly B700 Duo Micromax Samsung SGH-U800 Fly E110 Nokia 6630 Samsung U700 Fly E300 Micromax X511 Samsung G800 Fly E310 Attitude Samsung B2700 Sony Ericsson An Fly HUMMER HT2 Nokia 6210 Navigator Sony Ericsson Feng Nokia 6220 classic Motorola Fly LX500 Spice Mobile (India) Sony Ericsson K530i Motorola V3 Fly LX600 Mega S-920n Sony Ericsson K550i Fly LX610 Mega Nokia 6280 Motorola V9 Sony Ericsson K770i S-9 Fly MC101 fold Motorola K1 Sony Ericsson TM506 Fly SX210 Spice Sony Ericsson W350i Fly SX220 Nokia 6600s Sagem Spice S-707n Sony Ericsson W580i Fly SX225 512 MB Sagem EX2008P Spice X-1 Sony Ericsson W610i Fly V100 Nokia N95 8GB Sagem my721x Spice D-90 Sony Ericsson W760i Nokia N95 8GB Sony Ericsson W810i Nokia 2320 classic Samsung LG Sonim Sony Ericsson W890 Nokia 2323 classic Samsung SGH-A800 Sony Ericsson W910i LG KS20 Nokia 2330 classic Sonim XP3 Samsung F700 Sony Ericsson Ying LG KF750 Secret Nokia 3109 classic Samsung J700 Sony Ericsson W980 LG HB620T Nokia 3110 classic Sony Ericsson Sony Ericsson W902 Nokia 3120 classic Samsung U900 Sony Ericsson K818c Sony Ericsson W595 LG KB770 XpressMusic Samsung F480 Sony Ericsson K750i LG KC910 Nokia 5300 Samsung SGH-U700 Sony Ericsson W380i Sony Ericsson C905 LG KU990 Xpress Samsung SGH -U800 Sony Ericsson F305 Sony Ericsson W910i LG KF750 Nokia 5310 XpressMusic Samsung SGH-Z400 LG KC550 Nokia 6131 Samsung U800 Soul b Sony Ericsson Z780 Samsung U900 Soul Sony Ericsson C902 Uriver Uriver SP900 36

Opera Mini: Fresh of the press Tough car meets tough phones meets tough browser

Two new devices: Land Rover S1 by Sonim and Land Rover S2 G4 by Sonim 37 Opera Turbo: a superior Web experience with significant speed and cost benefits

With Opera Turbo, operators and OEMs keep customers happy and network costs down Users get a fast, attractive Web experience at a lower cost By compressing network traffic by up to 80%, Opera Turbo helps to enable the sustainability and scalability of networks in order to meet traffic demands and ensure a superior browsing experience 38 Opera Devices: pushing boundaries of One Web

Two areas of use: Full Internet browsing. Opera Devices SDK used to develop a full- fledged browser for surfing

Application environment. Opera Devices SDK powers a device with menu sy,ystem, user interface, Widgets and applications 39 Philips first to ship TVs with a browser inside Philips introduces Net TV – powered by the Opera browser

Philips introduces easy internet access on the TV with the itiNtTVftinnovative Net TV feature To be available on all Philips televisions in Europe in the 8000 series, 9000 series and Cinema 21:9 from Spring 2009 onwards Web content is tailored for the best possible viewing experience on the TV screen, and is easily accessed through the TV’s remottlithtthdte control, without the need for extra set-top boxes or service subscriptions, or for starting up a ltlaptop. 40 ZyXEL and Alpha Networks select Opera for set-top boxes

ZyXEL Communications (Taiwan), a leading broadband access solutions provider, has selected Opera D ev ices 95f9.5 for its new Linux-bdtbased set-top box (STB) series Opera also serves as the presentation engine on the STB series

Alpha Networks ()(Taiwan) a global leader in the networking industry, selected the Opera Devices SDK to deliver the Internet to its new high-definition IP set-top boxes, the AST series. Alpha Networks replaced its previous browser technology with the Opera Devices SDK in order to bringgp a superior Web ex perience to users of the AST series. 41 Touch the Web on ASUS Eee Top PC with the Opera browser

Eee Top PC: An innovative computer Opera brings drag-and- drop functionality, onscreen panning and an automatic virtual keyboard to the Eee Top PC Already available in multiple markets 42 The Ni nt end o DSi goes gl ob al

In early April 2009, the Nintendo DSi goes on saliEle in Europe an d North America 43

KDDI au BOX

Sony VGF-CP1 Sony Bravia Video Internet link

Nintendo DS Q-matic ticket printer Nintendo Wii Phillips Professional Flat TV

Archos 5 & 7 Iwatsu Precot IP Phones Amino Set-top box

Telsey Waves VCom NDVB-9000

Tilgin Mood 300 & 400 44

Operations Update Consumer area The biggp picture: Global Internet p enetration now at 20% - as indicator of market opportunity

Growth in Desktop Internet Users (Global, MM)

Source: Internet World Stats 46 Opera for Desktop: Revenue growth

Opera Desktop Revenue (MNOK)

Ninth consecutive quarter of 45

growth 40

Revenue growth of 117% 35 compared to 4Q07 30

25 User growth 67% compared to 4Q07 20

15 Reap ing bene fits o f loca liza tion strategy in terms of product 10 features, marketing materials 5 and commercial agreements 0 Higher user growth than overall Internet market in target countries 47 The big picture: growth in 2008 From Opera’s monthly State of the Mobile Web report

More users Number of Opera Mini users in Jan 2008: 7.6 million Number of Opera Mini users in Jan 2009: 20 million

User growth on social networks in 2008: vKontakte: 910% Facebook: 693% MySpace: 618%

Data traffic gg(rowth (Jan 2008 – Jan 2009) + 350% (to 122 million MB) 48 OMiiOpera Mini:

Opera Mini monthly page views 8 000 000 000

20 million monthly 7 000 000 000 users

6 000 000 000 122 million MB of 5 000 000 000 data transferred

monthly 4 000 000 000

Value for operators 3 000 000 000 (at NOK 4 per MB): NOK 5.9 billion per 2 000 000 000 year 1 000 000 000

Opera Mini now 0 generates data traffic for 500 operators in 150+ coun tr ies every month 49 Yahoo! selects Opera Mini

Yahoo! improves consumers’ ability to use their phones to discover and stay connected Opera Mini 4. 2: “An integrated version of the world's most popular mobile web browser, with easy return to the Yahoo! Mobile app, that launches when web site access is needed.” Launch expected by late May 2009 Device categories: Hundreds of select models from RIM, , Nokia and 40, Samsung, Sony Ericsson and Motorola. 50 MOMy Opera – attht the h eart of fO Opera’ s uni verse

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