Corporate Overview - Jefferies“portals” dwindling • Creates “beach front” property for operators or portals, similar to Opera Mini Co-Brands – enables Opcos ability to

Corporate Overview

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 not an offer or invitation to sell or issue securities for sale in the United States, 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.

A note from our lawyers

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I. Overview II. Market Opportunity III. Mobile Consumers IV. Mobile Operators V. Mobile Publishers & Advertisers VI. Summary

Opera’s Financial Performance Has been strong since end of 2009 Revenue CAGR of 32% and adjusted EBITDA CAGR of 72% since 2009

0 %5 %10 %15 %20 %25 %30 %35 %40 %45 %

$ 0

$ 50

$ 100

$ 150

$ 200

$ 250

2009 2010 2011 2012

Revenue (MUSD) Revenue Growth

0 %

20 %

40 %

60 %

80 %

100 %

120 %

$ 0

$ 10

$ 20

$ 30

$ 40

$ 50

$ 60

$ 70

2009 2010 2011 2012

Adj EBITDA* (MUSD) Adj EBITDA Growth

4

The Opera Cloud for Mobility: Key Strategic Areas Revenue growth driven by smartphones and tablets

Mobile Consumers

Mobile Operators

Mobile Advertising

5

Opera helps partners reach its massive mobile audience Skyfire helps Opera power the entire mobile ecosystem

Opera websites and applications Opera Network Member Websites/Applications

250 million users 250 million users

Search, operators and developers

Advertisers

Media Optimization Capabilities

500 mm user reach

6

I. Overview II. Market Opportunity III. Mobile Consumers IV. Mobile Operators V. Mobile Publishers & Advertisers VI. Summary

Smartphones Massive opportunity

|

5 billion smartphone users by 2016, up 1 billion from 2012 Smartphones and Tablets dwarfs PC shipments

Source: IDC 9

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5 billion smartphone users by 2016, up 1 billion from 2012 Time spent on smartphones has doubled during last 2 years alone

020406080

100120140

Dec. 2010 Dec. 2011 Dec. 2012

Applications Mobile Web

Source: Nilesen Smartphone Analytics (US Smartphone Users)

Minutes spent

10

Mobile data Massive opportunity

A value proposition for the entire mobile data market Mobile data revenue expected to double from 2012 to 2016 ($USB)

Voice Voice

SMS/MMS SMS/MMS

Mobile Data Mobile Data

$ 0$ 100$ 200$ 300$ 400$ 500$ 600$ 700$ 800$ 900

$ 1,000

2012 201612

A value proposition for the entire mobile data market Video data traffic expected to consume 67% of global bandwidth by 2017

Where we are today 13

Mobile Advertising Massive opportunity

Mobile ad spend expected increase 4x from 2012 to 2016

15

Mobile ad revenue will follow mobile audience

Source: Mary Meeker, KPCB (Kleiner Perkins Caufield Byers) 2012 16

I. Overview II. Market Opportunity III. Mobile Consumers IV. Mobile Operators V. Mobile Publishers & Advertisers VI. Summary

Opera’s mobile user base: 250 million active users Recent growth driven smartphone users

0

50,000,000

100,000,000

150,000,000

200,000,000

250,000,000Smart Phone Feature Phone

18

More than 50 million Android users 10% browser market share

0

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

Key features on Android

Opera Owned and Operated Properties Areas of monetization

Partnerships Search Advertising 21

Mobile consumers: Very strong long term growth

0

50

100

150

200

250

300

350

400

2009 2010 2011 2012 2013 2014 2015

Opera Mobile Users (Mill)

Revenue driven by Opera/Skyfire mobile user/audience growth

Opera/Skyfire Web/App

Users

Ads

Store Search

Monetization of Opera O&O Properties via partners

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I. Overview II. Market Opportunity III. Mobile Consumers IV. Mobile Operators V. Mobile Publishers & Advertisers VI. Summary

Commercial partnerships with 120+ operators

60+ million Opera users activated 24

|

A Broad Operator Portfolio Spanning from access, to monetization, to network management

Smartphones, Tablets & Mi-Fi

Feature phones

Increase revenue Manage traffic

Opera Mini co-brand

Horizon Platform Boost Rocket

Optimizer

Opera Web Pass

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Skyfire Rocket Optimizer delivers 50-60% boost Lift in Supported Users at Bottlenecked Network Nodes

Video and Audio 64% Savings

Images 45% Savings

HTTP 20% Savings

Supersize the Network, Make Capacity Elastic Solution generating over 38% savings on total peak data at congestion points.

Equivalent to boosting capacity on Spectrum, RAN and backhaul by 60% 26

Horizon Strategic Proposition • For consumers, Skyfire Horizon fills lack of mobile

browser personalization, extensions and toolbars

• Horizon provides a “wingman” for users, both pre-embedded or as a download across multiple browsers

• For operators, challenge as they lose contact with their customers on leading smartphone platforms, traditional “portals” dwindling

• Creates “beach front” property for operators or portals, similar to Opera Mini Co-Brands – enables Opcos ability to generate advertising, search, and eCommerce revenue + communicate with subs

• Cloud CMS platform seamlessly updates client, giving

Operators a cloud publishing platform 27

Operators: Strong Revenue Growth

Opera Mini Co-brand

Opera Mini Data Plans

Rocket Optimizer

Web Pass for Smart phones

Audience Analytics

Opera & Skyfire Operator Value Proposition

High Growth

Mature

Opera Boost

Horizon Extension Platform

Revenue Building Blocks

Data plans / revenue Grow subs Reduce churn Content revenue Reduce network cost Ad revenue Capex savings Mobile store 28

I. Overview II. Market Opportunity III. Mobile Consumers IV. Mobile Operators V. Mobile Publishers & Advertisers VI. Summary

Mobile Publishers & Advertisers (Opera Network Members) Mobile Advertising Platform that covers the full value chain

v

Consumer Packaged Goods

v Finance

v Retail

v B2B

v Lifestyle

Publishers

Advertisers

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50B+ Ad impressions monthly

250M+ Monthly unique consumers

13k+ Mobile sites & Apps

Core Metrics (Opera Network Members) Significant Market Reach and Presence

$400M+ Publisher revenue enabled in 2012

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Marquee Publisher Customers: Premium Brands 20 of the top 25 Media Companies around the World

32

Marquee Advertisers: Premium Brands 70 of the top 100 AdAge Advertisers in the U.S.

33

New Offering: Performance Advertising

34

Mobile Publishers and Advertisers (Opera Network Members)

Revenue growth facilitated by increased audience reach via partner network.

0

50

100

150

200

250

300

350

400AdMarvel Audience Reach (Mill)

Ad revenue follow the audience

US (60% CAGR* 2012-2015) UK (57% CAGR* 2012-2015)

Country 2012-2015 CAGR*

China 80%

Indonesia 87%

India 86%

Brazil 80%

Russia 43%

Western Europe

40%

New Markets Existing Markets

And driven by Ad dollars from display and performance advertisers.

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I. Overview II. Market Opportunity III. Mobile Consumers IV. Mobile Operators V. Mobile Publishers & Advertisers VI. Summary

Summary: Pillars of Long-Term Growth

Continue to build up a

massive mobile audience

Mobile ad and partner dollars

will follow the audience

Provide highly value added products to key player in the

mobile ecosystem: Operators

Grab unfair share of smartphone users

Strong Long Term Revenue

Growth

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