Opera : Second quarter 2012 2Q 2012 Financial highlights

Financial metric 2Q12 2Q11 (MUSD) (MUSD) Revenue Total revenue 52.1 39.4 Profitability Adj. EBITDA*/** 14.5 10.2

EBIT** 11.0 8.1

• Revenue growth of 32% (37% FX adjusted) • Record revenue and strong profitability • Strong revenue growth from Mobile Consumers, Mobile Publishers & Advertisers coupled with solid growth from Desktop and Devices OEMs

*Non-IFRS EBITDA excludes stock option costs **Excluding one-off extraordinary costs of MUSD 4.3 in 2Q12 Highlights Highlights Operators • Strong growth in operator Mini users: 39.8 million in June 2012, vs. 16.2m in June 2011, up 145% • Strong operator platform for continued growth • Growth from existing customers like Telkomsel, AT&T, MTN, Telenor and MTS • New operator agreements announced in the quarter include VimpelCom (Russia), America Movil (Mexico) and Airtel ()

Mobile/Devices • 200m users of browser products in June 2012 • Continue to build leading position in the TV/set-top box segment

End users • 275 million+ people using Opera browsers every month • Mobile Consumer revenue up 168%+ in 2Q12 vs. 2Q11 • Mobile Publishers & Advertisers revenue up 450+% in 2Q12 vs. 2Q11 • Launched 7 with Smart Page and Opera 12 for Desktop

Financial review A note from our lawyers DISCLAIMER:

This presentation contains, and is i.a. based on, forward-looking statements regarding Opera Software ASA and its subsidiaries. These statements are based on various assumptions made by Opera Software ASA, which are beyond its control and which 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”, “potential” or “continue”, the negative of such terms or other comparable terminology. These forward looking 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. Such factors include i.a. general market conditions, demand for our services, the continued attractiveness of our technology, unpredictable changes in regulations affecting our markets, market acceptance of new products and services and such other factors that may be relevant from time to time. 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 subsidiaries, directors or employees assumes any liability connected to the presentation and the statements made herein. Except as required 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 with the Oslo Stock Exchange or press releases.

This presentation is for information purposes in connection with the Opera Software ASA 2Q12 presentation only. This presentation is not an offer or invitation to sell or issue securities for sale in the , and does not constitute any solicitation for any offer to purchase or subscribe any securities. Securities may not be sold in the United States unless they are registered or are exempt from registration. Opera Software ASA does not intend to register any securities in the United States or to conduct a public offering in the United States. Any public offering of securities to be made in the United States would be made by means of a prospectus that will contain detailed information about Opera Software ASA and its management, as well as financial statements. Copies of this presentation should not be distributed in or sent into any jurisdiction where such distribution may be unlawful. The information in this presentation does not constitute an offer of securities for sale in Canada, Japan or Australia.

Financial Highlights 3Q 2011 Financial highlights

Financial metric 2Q12 2Q11 (MUSD) (MUSD) Revenue Total revenue 52.1 39.4 Profitability Adj. EBITDA*/** 14.5 10.2

EBIT** 11.0 8.1 Cash generation Operating Cash 4.6 6.5 Flow

Free Cash Flow*** 1.1 3.4

*Non-IFRS EBITDA excludes stock option costs **Excluding one-off extraordinary costs of MUSD 4.3 in 2Q12 *** Operating Cash Flow less capital expenditures 2Q12 Actuals versus Guidance

2Q 2012 Actuals 2Q 2012 Midpoint Guidance (May 4)*

Revenue MUSD 52.1 MUSD 51.5

EBIT** MUSD 11.0 MUSD 10.5

*Provided at 1Q12 Presentation ** Excluding one-off extraordinary costs of MUSD 4.3 in 2Q12

2Q12 Financial review

MUSD 2Q12* 2Q11 Q on Q Revenue 52.1 39.4 32%

Cost of Goods sold- 6.2 0.8 676%

Payroll and related expenses - 23.1 20.5 13%

Stock option costs - 1.1 0.8 42%

Depreciation and amortization - 2.5 1.4 84%

Other operating expenses - 8.2 7.9 4%

Total expenses = 41.1 31.3 31%

EBIT 11.0 8.1 35%

Net Income 4.1 5.1

EPS (USD) 0.03 0.04

* Excludes extraordinary one-time costs Financial highlights: 2Q11-2Q12

Revenue (MUSD) Adjusted EBITDA* (MUSD) Revenue Adjusted EBITDA* 55 16 50 15 14 45 13 40 12 11 35 10 30 9 8 25 7 20 6 15 5 4 10 3 5 2 1 0 0 2Q11 3Q11 4Q11 1Q12 2Q12 2Q11 3Q11 4Q11 1Q12 2Q12

* Non-IFRS EBITDA excludes stock option costs and extraordinary one-time costs Revenue growth drivers

Operators: Users and Usage

Mobile Consumers: Users and Usage

Desktop: Users and Usage

Device OEMs: ConnectedTVs

Mobile Publishers & Advertisers: Mobile Advertising Spend from Premium Brands Overall Mobile Monetization Strategy

Non-Opera Opera Properties Properties

Search, opcos and developers

Opera Payment Ad mediation, serving, campaign Exchange management + Analytics Revenue: Customer type (2Q12)

Overall revenue as expected Customer Type Operators Lower than expected Mobile Consumers (Opera owned and As expected vs. guidance operated properties) Mobile OEMs As expected vs. guidance Desktop Consumers As expected vs. guidance Device OEMs As expected vs. guidance Mobile Publishers & Advertisers (Non Better than expected vs. guidance Opera owned and operated properties) 100 % 55 Other MUSD Other 50 80 % Mobile Publishers & 45 7 13 Mobile Publishers & Advertisers 40 4 Advertisers 2 3 2 3 Mobile Consumers 35 1 2 3 Mobile Consumers 60 % 30 13 13 15 17 Desktop Desktop 25 16 40 % Device OEMs 20 6 6 Device OEMs 15 9 8 7 Operators 10 12 Operators 20 % 14 10 5 10 10 Mobile OEMs 4 Mobile OEMs 0 % 0 2 2 2 1 2Q11 3Q11 4Q11 1Q12 2Q12 2Q11 3Q11 4Q11 1Q12 2Q12 Revenue: Operators (2Q12)

Operator Revenue lower than expected

145% Operator Opera Mini user growth June 2012 vs. June 2011 User growth driven by MTN, MTS, Telenor, Telkomsel, and Vodafone in particular Opera Mini licence revenue up 3% to MUSD 9.2 Overall revenue growth: Down 24% versus 2Q11, with solid Opera Mini user and license growth offset by lower customized Opera Mobile license and NRE revenue

MUSD Operator Revenue total*

NRE + M&S Licenses 16,0 14,0 12,0 3 2 10,0 1 1 1 8,0 6,0 10 10 4,0 9 9 9 2,0 0,0 * Unaudited 2Q11 3Q11 4Q11 1Q12 2Q12 Revenue: Mobile Consumers (Opera owned and operated properties) - 2Q12

Mobile Consumer revenue as expected Revenue growth driven primarily by mobile search and Opera Mobile Store vs. 2Q11 Revenue growth: 168% versus 2Q11

MUSD Mobile Consumers (Opera owned and operated properties)* 4,0 3,5 3,0 2,5 2,0 3 1,5 3 1,0 2 2 0,5 1 0,0 2Q11 3Q11 4Q11 1Q12 2Q12 * Unaudited Revenue: Mobile OEMs (2Q12)

Mobile OEM revenue in line with expectations License revenue: 45+% of revenue Overall revenue growth: down 40% versus 2Q11

MUSD Mobile OEM revenue*

NRE + M&S Licenses 5,0

4,0 1 3,0

2,0 1 1 3 1 1,0 1 1 1 1 1 -

* Unaudited 2Q11 3Q11 4Q11 1Q12 2Q12 Revenue: Desktop Consumers (2Q12)

Desktop revenue in line with expectations

Strong ARPU due to strong local affiliate and search revenue Desktop users flat versus end of 2Q11 Overall revenue growth: 22% versus 2Q11

Monthly Desktop users* Desktop revenue* (MUSD) (last month of quarter) 18 60 16 50 14 40 12 10 30 57 60 17 55 54 55 8 15 16 13 20 6 13 4 10 2 0 0 2Q11 3Q11 4Q11 1Q12 2Q12 2Q11 3Q11 4Q11 1Q12 2Q12

*Unaudited. User figures are in millions Revenue: Device OEMs (2Q12)

Device OEM revenue as expected Revenue driven by Connected TV customers License revenue: 60%+ of revenue Overall revenue growth: 16% versus 2Q11

MUSD Device OEM revenue*

NRE + M&S Licenses 10,0 9,0 8,0 2 7,0 2 6,0 1 1 3 5,0 4,0 7 3,0 5 5 6 2,0 4 1,0 0,0

* Unaudited 2Q11 3Q11 4Q11 1Q12 2Q12 Update on Mobile Ad Network Strategy

Mobile Internet, SMS, MMS, Video, Apps Ad Serving Brand Ad Ad network Ad Mediation Publishers Consumer agency Campaign Mgt

Demand side Supply side Revenue: Mobile Publishers & Advertisers (Non Opera owned and operated properties) - 2Q12

Mobile Publisher & Advertiser revenue better than expected versus guidance Revenue growth driven primarily by premium advertisers and publishers AdMarvel managed 102B ad impressions in 2Q12, up 92% vs. 2Q11 Revenue growth: 450+% versus 2Q11

MUSD Mobile Publishers & Advertisers (Non Opera owned and operated properties) * 16 14 12 10 8 13 6

4 7 2 4 2 3 0 * Unaudited 2Q11 3Q11 4Q11 1Q12 2Q12 OPEX development

OPEX (NOK Million) Cost line 2Q12 vs. Comments One time extraordinary cost 2Q11 Cost of goods sold Payroll 13% •Higher compensation expense per Other OPEX employee and overall headcount growth. Depreciation •Driven by 450%+ growth in Mobile Stock Options Cost of Goods 676% Sold Publisher and Advertiser revenue Payroll •COGS or Publisher Cost related to 50 Mobile Publisher & Advertiser 45 business Other OPEX 4% •Higher server hosting, travel and 40 marketing costs.

35 •Hosting costs* key driver (total of MUSD 3.4 in 2Q12 versus MUSD 30 2.0 in 2Q11) 25 Depreciation & 84% •Investments in Opera Mini server Amortization infrastructure 20 15 •Implementation of shorter depreciation period for servers, 10 effective 3Q11 5 Stock options 42% •Higher average strike price on options issued at the end of 2Q12 0 compared to 2Q11 Q2 Q3 Q4 Q1 Q2 One time N/A •Primarily related to change of 2011 2011 2011 2012 2012 extraordinary headquarter and severance agreements costs *Unaudited. Also includes relevant depreciation. Total Expenses** 31% • Generally good cost control **Excludes one time extraordinary costs Cash flow 2Q12 (MUSD)

8 6 4 2 0 -2 -4 -6 3Q12 Guidance

Metric 3Q 2012 Guidance

Revenue* MUSD 56-58

EBIT** MUSD 11.5-12.5

* Assumes currency remainder of 2012 (NOK 5.9 /USD, USD 1.25 /EUR) **Earnings before interest and taxes, exclude extraordinary/one-time costs and acquisition costs.

3Q12 Guidance

Vs. 2Q12 Comments Revenue* Operators Up Opera Mini user growth from existing and new agreements Mobile Consumers Up Opera Mini user growth, search revenue and Opera Mobile Store Mobile OEMs Down General trend Desktop Flat-Up Stable user trend and solid ARPU Device OEMs Down Coming off solid 2Q12 Mobile Publishers & Up Driven by premium advertisers and publishers Advertisers Expenses Payroll Flat-Up Increase in headcount offset by ”vacation effect” Cost of goods sold Up Growth in Mobile Publisher and Advertiser business

Stock option costs Up Due to issuance of new options

Depreciation Up Continued investments in Opera Mini server hosting infrastructure Other Opex Up Primarily due to server hosting, travel and marketing

* Assumes currency remainder of 2012 (NOK 5.9 /USD, USD 1.25/EUR) FY2012 Outlook

Metric 2012 Guidance (prior***) 2012 Guidance (new)

Revenue* MUSD 200-215 MUSD 214-219

EBIT** MUSD 48-53 MUSD 45-48

*Assumes currency remainder of 2012 (NOK 5.9 /USD, USD 1.25 /EUR) **Earnings before interest and taxes, exclude extraordinary/one-time costs and acquisition costs. ***Prior guidance refers to 4Q11 and 1Q12 presentations

Operational Update Q2-2012

Worldwide agreement:

Desktop

Mobile

Tablet

Smartpage

New agreement Google

Yandex agreement extended Opera product launches 2Q 2012

April May June

Opera 12 Final for Mac, Final release of Opera 12 Windows and Linux

Smart Page for Opera Mini Opera Mini 7 for feature phones

Opera Mini 7.0.2 for iOS

Opera Mobile 12.0.3 Android

Opera Mini 7.0.3 Android

Last version of Opera 11 Opera 11.64 Final

Beta launch of Opera 12 Opera 12 Beta for Mac, Windows and Linux

Opera Mobile 12.0.2 for Android and S60

Opera Mini 7.0.2 for Android Opera Mini 6.5.2 for S60

Opera 11.63 for Mac

App-Tribute for advertisers & publishers Opera Mini 7.0.1 Android Operators Operator- & Co-Branded Opera Mini Active Users (million) 40

35

30

25

20

15

10

5

0

Continued strong growth: Nearly 40 million Operator Opera Mini users New operator wins: Airtel, VimpelCom, América Móvil group deals, 600M+ subscribers

200M subscribers, 18 countries

240M subscribers, 240M subscribers, 18 countries 20 countries Re-signed strategic existing customers Airtel India and Bangladesh launch Opera Mini with integrated marketing campaigns MTN Nigeria follows up TV campaign with below-the-line activations

• Quiz competition with social media sharing • Win Samsung Galaxy Pocket phones • BTL campaign (SMS, social media, website)

Tecno partnering with MTN and running TV ads in Africa promoting Opera phones Etisalat Nigeria launches attractive Opera Mini data bundles

• 24h Opera Mini data bundles • Promoted through SMS, social (social and sports) media, website, press releases and radio • Low price of 50 NGN (0.32 USD)

SingTel Opera Mini launch campaign targeting prepaid segment

Press clippings

Sim card inserts SingTel Brochures Opera mobile browser user growth continues Unique users 200 000 000 180 000 000 160 000 000 140 000 000 120 000 000 100 000 000 80 000 000 60 000 000 40 000 000

20 000 000

0

July July July July July July July

May May May May May May May May

March March March March March March March March

January January January January January January January January

November November November November November November November

September September September September September September

Opera growth on Android

25 000 000

20 000 000

15 000 000

10 000 000

5 000 000

0 Significant part of our user growth is on (from 25% in 2Q-11 to 67% 2Q-12) 67%

25%

2Q-11 2Q-12

Smartphone growth will enable better monetization of mobile search Well-positioned for growth in

with both Opera Mini and Opera Mobile .

Opera Mini • In top 10 free apps for 30+ markets • Good positions in fast moving markets (IN, RU, BR, ID, UK)

Opera Mobile • In top 5 free apps in Russia/CIS and Central Europe • Good positions in mature markets (DE, UK, CZ, FI, NO, DK, PT, IT)

Mobile OEMs

New contracts: • 3 new contracts in India

New handsets:

• Global: 5 handsets from 2 manufacturers

• India: 8 handsets from 5 manufacturers

• Africa: 6 handsets from 1 manufacturer

Coming soon... • >3 Tablets, >5 Android phones

TecnoTecno launched launched Opera Opera Mini Mini phone phone for for African markets African markets

TV & Devices

Smart TVs • TCL • HiSense Wins in

Q2 STBs • Altech UEC • Huawei • Dune HD • Topfield • Marusys

Automotive • TomTom (for Renault) • Johnson Controls (for Mazda)

Opera TV Store Status 68 106 25 apps published contracts signed apps in QA

Launched with tier 1

Strong pipeline

Desktop Desktop revenue (MUSD) 18 16 14 12 10

8 16 6 13 4 2 0 2Q11 2Q12

Revenue up 3M$ vs 2Q-2011 Traffic and revenue from desktop online transactions continues the growth

• Further growth in revenues from existing tier one content partners • , Booking.com, Amazon, eBay, Schibsted CM • Leveraging user base with tailored partner solutions • Mail.ru, Rambler, , eBay • Continue to partner with leading regional affiliate networks gaining global coverage • Continue to serve localized content for new countries

• Pakistan, Vietnam, Philippines, Nigeria Desktop Startpage reaching millions of users

Opera Mini 7 with Smart Page launched

- Launched for J2ME, and Blackberry

- Android version to be available in September 2012

- Key features include: Advertising enabled, Facebook and Twitter integration, personalized based on users history.

- Close to 20 million users have the Smart Page with the number to jump to over 30 million when we launch Android in September. Monetization strategy for Smart Page

- 35 million Smart Page views per day generating over 80 million ad impressions (all plugged into AdMarvel)

- First flow of ad campaigns sold in Russia, India and Brazil. Expected fast growth when Android launches.

- Scaling the local partnerships by setting up reseller ad networks and working with current sales team.

- Key property to drive traffic to partners and current high paying gaming partners. OperaOpera Mobile Mobile Store Store statistics growth

Sept 2011 June 2012 Growth

# of Apps 38.000 64.500 +70%

# of Developers 6.300 8.500 +35%

# of Downloads 11 million 38 million +245%

# of Visitis 21 million 36 million +71% Top PPD campaigns:

Successful launch of pay- per-download PPD Revenue Index 5,00

4,00 Revenue from PPD grew by 3,00 4,69 350+% from Q1 2,00 to Q2 1,00 1,00 - 1Q12 2Q12 Top brands are available in the store

Advertising Strong performance Ad impressions - Bn 120 In 2011 more than $200 100 million in advertising 80 spend was managed by the Admarvel 60 102 platform. 86 40 72 53 56 20 In 2012 we’re on track

0 to do more than $400 2Q11 3Q11 4Q11 1Q12 2Q12 million

Ad impression grew 18% from Q1 to Q2 And 92% YoY Mobile Advertising Revenue Index 2,50

2,00

1,50

1,00 1,94

0,50 1,00

- 1Q12 2Q12

Mobile Advertising Revenue grew 94% from Q1 to Q2. Technical migration completed. Mobile Theory

Notable Advertising Campaigns run for brand advertisers in the US Infiniti Panoramic technology

For Infiniti we produced a highly rich, interactive HTML5 ad unit to showcase the JX series. This offered the user the opportunity to look around the inside of the car using all axis, panoramic navigation. This was controlled by a finger swipe on the screen for instant, smooth movement.

This user was then able to explore various other features of the Infiniti JX being showcased though in ad video or further on screen interaction.

This ad unit encouraged users to explore and play with the Infiniti JX. We saw an average dwell time of 21 seconds. eBay Dynamic Feeds

By integrating with eBay through an

API feed we were able to

dynamically pull in the latest deals

that were being offered on the

auction site. The user was able to

swipe through all the latest deal in ad

and then click to go through to site

and purchase. eBay therefore had

complete control of what products

were being shown at any given time. Q&A