First Quarter 2013

• Revenue growth of 32%

• Record revenue and profits

• Strong revenue growth from Mobile Consumers and Mobile Publishers & Advertisers, coupled

with solid growth from Operators

* Non-IFRS EBITDA excludes stock option costs

** Excluding one-off extraordinary costs of MUSD 1.5 in 1Q13

Financial metric 1Q13

(MUSD)

1Q12

(MUSD)

Revenue Total revenue 62.0 46.9

Profitability Adj. EBITDA*/**

EBIT**

18.0

14.3

15.2

12.4

1Q 2013 Financial Highlights

Highlights First quarter, 2013

Consumer Browsers Operators Mobile Publishers &

Advertisers

250M+ users of Opera mobile

consumer products

Operator active user growth 114%

YoY

Consumer Browsers and Mobile

Publishers & Advertisers revenue up

166% YoY

80M+ users on Smartphones

Skyfire transaction completed

Total mobile advertising impressions

managed 163 billion, up 89%

compared YoY

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 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.

Financial Highlights

*Non-IFRS EBITDA excludes stock option costs

**Excluding one-off extraordinary costs of MUSD 1.5 in 1Q13

*** Operating Cash Flow less capital expenditures

Financial metric 1Q13

(MUSD)

1Q12

(MUSD)

Revenue Total revenue 62.0 46.9

Profitability Adj. EBITDA*/**

EBIT**

18.0

14.3

15.2

12.4

Cash generation Operating Cash Flow

Free Cash Flow***

3.0

0.5

12.0

10.2

1Q 2013 Actuals 1Q 2013 Midpoint Guidance

(February 15)*

Revenue MUSD 62.0 MUSD 61.5

Adj EBITDA** MUSD 18.0 MUSD 17.0

EBIT** MUSD 14.3 MUSD 12.0

*Provided at 4Q12 Presentation

**Excluding one-off extraordinary costs of MUSD 1.5 in 1Q13

1Q13 Actuals versus Guidance

MUSD 1Q13* 1Q12 Q on Q

Revenue 62.0 46.9 32%

Cost of Goods sold- 8.9 3.1 186%

Payroll and related expenses - 24.2 20.0 21%

Stock option costs - 0.9 0.9 6%

Depreciation and amortization - 2.9 2.0 43%

Other operating expenses - 10.9 8.6 26%

Total expenses = 47.7 34.6 38%

EBIT before extraordinary costs 14.3 12.4 15%

Extraordinary costs 1.5 0.7

EBIT after extraordinary costs 12.8 11.6

Net Income 3.6 6.6

EPS (USD) 0.03 0.06

1Q13 Financial review

Revenue (MUSD)

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

Adjusted EBITDA* (MUSD)

$ 0 $ 5

$ 10 $ 15 $ 20 $ 25 $ 30 $ 35 $ 40 $ 45 $ 50 $ 55 $ 60 $ 65

1Q12 2Q12 3Q12 4Q12 1Q13

Financial highlights: 1Q12-1Q13

$ 0

$ 2

$ 4

$ 6

$ 8

$ 10

$ 12

$ 14

$ 16

$ 18

$ 20

1Q12 2Q12 3Q12 4Q12 1Q13

Operators: Users and Usage and explosion of video traffic

Mobile Consumers: Users and Usage and smartphone growth

Mobile Publishers & Advertisers: Mobile Advertising Spend from Premium Brands and Performance Advertisers

Desktop: Users and Usage

Revenue growth drivers

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

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

Revenue: Customer type (1Q13) Overall revenue in line with expectations

2 2 1 1 0

8 7 4

9 5

17 16 19

17 18

7 14 14 20

18 3

3 9

5 8

10 10

10 11 13

$ 0 $ 5

$ 10 $ 15 $ 20 $ 25 $ 30 $ 35 $ 40 $ 45 $ 50 $ 55 $ 60 $ 65

1Q12 2Q12 3Q12 4Q12 1Q13

Operators

Mobile Consumers

Mobile Publishers & Advertisers

Desktop

Device OEMs

MUSD

Customer Type

Operators In line with expectations

Mobile Consumers – Opera Owned and Operated Properties In line with expectations

Mobile Publishers & Advertisers – Opera Network Members In line with expectations

Desktop Consumers In line with expectations

Device OEMs In line with expectations

0 %

20 %

40 %

60 %

80 %

100 %

1Q12 2Q12 3Q12 4Q12 1Q13

Operators

Mobile Consumers

Mobile Publishers & Advertisers

Desktop

Device OEMs

Revenue: Operators (1Q13)

10 11 11 11 13

$ 0 $ 2 $ 4 $ 6 $ 8

$ 10 $ 12 $ 14

1Q12 2Q12 3Q12 4Q12 1Q13

MUSD Operator Revenue total*

* Unaudited

Operator Revenue in line with expectations

114% Operator active user growth March 2013 vs. March 2012

User growth driven by Airtel, Vimpelcom and Vodafone in particular

Cloud based Operator Data/License revenue up 30% to MUSD 11.8, driven primarily by Opera Mini Operator license revenue

from user growth

Overall revenue growth: Up 22% versus 1Q12, driven by Cloud based Operator Data/License revenue growth

31

67

0

20

40

60

80

1Q12 1Q13

Operator Cloud Users (Million)

* Unaudited

Revenue: Mobile Consumers – Opera Owned and

Operated Properties (1Q13)

Mobile Consumer revenue in line with expectations

Revenue growth driven primarily by mobile search, advertising and strategic partnership revenue

249M users by end of 1Q13, up more than 55M compared to end of 1Q12

16.9B ad requests from owned & operated properties in 1Q13, up 409% versus 1Q12. Application

downloads from OMS of 157 million in 1Q13, up 61% compared to 1Q12

Revenue growth: 152% versus 1Q12

3 3

9

5

8

$ 0

$ 5

$ 10

1Q12 2Q12 3Q12 4Q12 1Q13

MUSD Mobile Consumers – Opera Owned and Operated Properties*

3

17

0

5

10

15

20

1Q12 1Q13

Ad requests from owned & operated properties (Billion)

*Unaudited

** Includes Opera´s

O&O ad impressions

Revenue: Mobile Publishers & Advertisers – Opera Network

Members (1Q13)

Mobile Publisher & Advertiser revenue in line with expectations

Revenue growth driven by both premium advertisers, including American Express, Audi, Lufthansa,

McDonalds, Starbucks, and Walmart, and performance advertisers such as Big Fish Games

AdMarvel managed 163B ad impressions in 1Q13, up 89% vs. 1Q12

13,000 websites and applications enabled in 1Q13, up from 12,000 in 1Q12 and total reach of 250m+ in

1Q13 up from 140m+ in 1Q12

Revenue growth: 166% versus 1Q12

7

13 14 20 18

$ 0

$ 10

$ 20

1Q12 2Q12 3Q12 4Q12 1Q13

MUSD Mobile Publishers & Advertisers – Opera Network Members*

86

163

0

100

200

1Q12 1Q13

AdMarvel managed ad impressions (Billion)**

Revenue: Desktop Consumers (1Q13)

60 55 55 55 55

0

20

40

60

1Q12 2Q12 3Q12 4Q12 1Q13

Monthly Desktop users* (last month of quarter)

17 16 19 17 17

$ 0

$ 5

$ 10

$ 15

$ 20

1Q12 2Q12 3Q12 4Q12 1Q13

Desktop revenue* (MUSD)

*Unaudited. User figures are in millions

Desktop revenue in line with expectations

Strong ARPU due to strong local affiliate and search revenue and strategic partnership revenue

Desktop users at 55 million, down 8% versus end of 1Q12

Overall revenue growth: 4% versus 1Q12

*Unaudited

Revenue: Device OEMs (1Q13)

Device OEM revenue in line with expectations

Revenue driven by Connected TV customers

License revenue: 60%+ of revenue

Overall revenue growth: down 31% versus 1Q12

8 7

4

9

5

$ 0

$ 2

$ 4

$ 6

$ 8

$ 10

1Q12 2Q12 3Q12 4Q12 1Q13

MUSD Device OEM revenue*

OPEX development

OPEX (MUSD)

$ 0

$ 10

$ 20

$ 30

$ 40

$ 50

$ 60

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

One-time extraordinary cost Cost of goods sold Other OPEX Depreciation Stock Options

Cost line 1Q13 vs.

1Q12

Comments

Payroll 21% •Higher headcount and higher

compensation expense per employee

Cost of Goods

Sold

186% •Driven by 166% growth in Mobile

Publisher and Advertiser revenue

•COGS or Publisher Cost related to

Mobile Publisher & Advertiser business

Other OPEX 26% •Hosting costs* key driver (total of

MUSD 3.9 in 1Q13 versus MUSD 3.1

in 1Q12)

Depreciation &

Amortization

43% •Higher investments in Opera Mini

server infrastructure and depreciation

on intangible assets related to

acquisitions

Stock options 6% •Higher average strike price on options

issued at the end of 1Q13 compared to

1Q12

One-time costs N/A •Cost of MUSD 1.5, primarily due to

legal fees related to acquisition

transactions

Total

Expenses**

38% • Generally good cost control

*Unaudited. Also includes relevant depreciation.

**Excludes one-time extraordinary costs of MUSD 1.5 in 1Q13 and MUSD 0.7 in 1Q12

Cash flow 1Q13 (MUSD)

-$ 80 -$ 70 -$ 60 -$ 50 -$ 40 -$ 30 -$ 20 -$ 10

$ 0 $ 10 $ 20

2Q13 Guidance

* Assumes currency remainder of 2Q13 (NOK 5.8 /USD, USD 1.3 /EUR)

**Earnings before interest and taxes, excluding extraordinary/one-time costs and acquisition costs.

Metric 2Q13 Guidance

Revenue* MUSD 70-74

Adj EBITDA*** MUSD 17-20

EBIT** MUSD 11.5-14.5

2Q13 Guidance

•Assumes currency remainder of 2Q13 (NOK 5.8 /USD, USD 1.3 /EUR)

Vs. 1Q13* Comments

Revenue Operators Flat/Up Solid cloud based license/data revenue

Mobile Consumers Up Solid user growth and solid ARPU

Mobile Publishers &

Advertisers

Up Seasonally strong quarter, continuing to outgrow overall

market

Desktop Flat Stable user trend and solid ARPU

Device OEMs Down Lower development and license revenue

Expenses Payroll Up Full impact of Skyfire acqusition

Cost of goods sold Up Reflects Mobile Publisher & Advertiser revenue growth

Stock option costs Flat General trend

Depreciation Up Continued investments in cloud based server hosting

infrastructure + acquisition related depreciation

Other Opex Up Primarily due to server hosting, travel and marketing

2013 Guidance

* Assumes currency remainder of 2013 (NOK 5.8 /USD, USD 1.3 /EUR)

**Earnings before interest and taxes, excluding extraordinary/one-time costs and acquisition costs.

***Prior guidance refers to 4Q12 presentation

Metric 2013 Guidance

(prior***)

2013 Guidance (new)

Revenue* MUSD 280-295 MUSD 280-295

Adj EBITDA** MUSD 76-84 MUSD 76-84

EBIT** MUSD 52-62 MUSD 52-62

Operational Update

Consumer Browsers Mobile Publishers & Advertisers Mobile Operators

We are aligning our business around three key areas

Consumer Browsers

Releasing a lot of products 2013 Premium products, differentiated offering

Mobile Desktop Tablets

250 million users use Opera on a mobile device Growth in one year:

150 000 000

170 000 000

190 000 000

210 000 000

230 000 000

250 000 000

270 000 000

More than 50 million Android users 10% browser market share Growth in one year:

0

10 000 000

20 000 000

30 000 000

40 000 000

50 000 000

60 000 000

Opera. Made for Android. Beta released March 5th

Key features on Android

Great reviews in tech media

"The start screen now leaps ahead of the

competition, being more intuitive, more

feature-rich and perhaps even more attractive

than that offered by Chrome. This is the first of

the new Opera browsers to come out and it’s a

good omen of things to come."

- David Meyer, GigaOm.

From heavy-weight industry giants such as Engadget and GigaOm

What do our users have to say? Feedback gathered directly from the Google Play Store

Opera. Made for Computers. New version coming this year

Opera for Computers

• Featuring native UI

• New, fresh features

• Added exclusive Opera functionality

• Opera Turbo, and more

• Full web standards support

• HTML5 and CSS3

Coming this year: New rendering core engine based on Blink

Strong revenue in 1Q 2013

$17.4

million

Up 4% vs. 1Q 2012

Opera. Made for Tablets. A line of Tablet products is in the pipeline

Opera. Made for TV. Powerful interactive TV solutions

What’s on the air tonight?

• Opera deployed on 2013 Samsung Blu-ray

players Series 5

• The ultimate home entertainment

experience

• Enjoy various streaming video services

with ease

• The new Opera-powered Samsung 2013

Blu-ray players Series 5 will be available

globally soon

• More information: www.samsung.com

Opera-powered Samsung 2013 Blu-ray players

Opera for TV Interactive TV solution combining applications and full Internet browsing

• Shipping on tens of millions of devices

• 6 new OEM’s preparing to ship devices

• 160+ TV applications published

• Applications are broadcast aware and

relevant to what you watch

• We’re bringing the strength of Opera

Mediaworks to monetize on TV space

inventory

Opera for Operators

Introducing Opera Web Pass An important tool to drive user adoption

Key features:

• Accessible in browser

• Time-based and content-based

• Encourages upgrades

• Or repeat purchases

• One-click renewal process

• Retail intelligence to optimize offerings

• Inexpensive and rapid to deploy

AirTel launches Opera Web Pass Major operator in India

• Opera Mini partner since early 2012

• Plans to roll-out the offering in India in 2013

• Opera also works with Airtel outside India

Vimpelcom launches Opera Web Pass

In the pipeline Complete integration of Opera & Skyfire technology and service offering

Horizon Toolbar + Rocket Optimizer

A solution for the mobile data traffic explosion

Codenamed Opera Boost

- - - -

Mobile data traffic is exploding We have the solution Opera Boost is a cloud assisted smart phone service

Benefits for users Benefits for Operators

Network offload through compression

Web Pass and customized data bundles

Usage statistics

Targeted advertising and promotions

Cost and data control

Data and video compression

Statistics about usage

Relevant services and promotions

A complete Operator portfolio Access, monetization and network management

Smartphones,

Tablets & Mi-Fi

Feature phones

Increase revenue Manage traffic

Opera Mini co-brand

Horizon

Platform

Opera

Boost

Rocket

Optimizer

Opera Web Pass

Highlights Operators 66.7 million active users in 1Q12

Operator active user growth 114% YoY

Skyfire transaction completed

Strong pipeline building up

v

Brands

v

Finance

v

Retail

v

B2B

v

Lifestyle

Publishers

Advertisers

Opera Mediaworks A complete offering to advertisers and publishers

Opera Mediaworks The world’s leading mobile advertising platform With a premium advertisement inventory

Key metrics

12K+ Mobile Sites &

Applications

300M+ Monthly Unique

Customers

50B+ Advertisement

Impressions Monthly

400M+ Publisher Revenue

Enabled

Growth forecast 2013

20K+ Mobile Sites &

Applications

400M+ Monthly Unique

Customers

65B+ Advertisement

Impressions Monthly

600M+ Publisher Revenue

Enabled

250 Million

Monthly visitors Premium Advertisers

70 of top 100 global agencies

13,000

Sites & Applications

Opera Mediaworks A powerful mobile ad platform for publishers and advertisers

Our own inventory is building up From text and banners to rich media ads

Opera Sports Speed Dial Opera Mobile Store Smart Page Discover

Highlights Opera Mediaworks

Mobile Publishers & Advertisers revenue up 166% YoY

| © 2013 Opera Software ASA. All rights reserved.