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, su ch 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 Vodafone signed Global Frame Agreement with Opera across multiple product categories and geographies Introduced Opera Turbo – targgpeted at operators and OEMs Opera Mobile and Opera Widgets on KDDI's new mobile phone lineup Mobile 12 new phones with Opera pre-installed, including 2 new phones with Opera Mobile and 10 with Opera Mini Opera Mobile shipments pre-installed in 4Q08: 7.3 million Devices Opera introduced on ASUS 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 MiifMini for revampe dYh!Mbilltid 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 Flow * 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% Internet 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 deve lopment 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 Fix ed 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 ta l curren t lia bilities 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 Web browser 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 .