Opera Software: Third quarter 2012

• Revenue growth of 40% (43% FX adjusted)

• Record revenue and profits

• Strong revenue growth from Mobile Consumers, Mobile Publishers &

Advertisers coupled with solid growth from Desktop

*Non-IFRS EBITDA excludes stock option costs

**Excluding one-off extraordinary costs of MUSD 1.1 in 3Q11

Financial metric 3Q12

(MUSD)

3Q11

(MUSD)

Revenue Total revenue 56.4 40.1

Profitability Adj. EBITDA*/**

EBIT**

17.0

13.7

13.6

11.0

3Q 2012 Financial highlights

Operators

• Operator Opera Mini user growth 112% YoY

Mobile/Devices

• 207m+ users of Opera Mobile browser products

• Building leading position in the TV/set-top box segment • 3Q12 wins with Hisense & Vestel

End users

• 280m+ people using Opera browsers every month

• Mobile Consumer and Mobile Publishers & Advertisers

revenue up 400%+ YoY

• Signed new agreements with Yandex and Google

• Launched Opera Mini 7.5 with Smart Page for Android

Highlights Highlights

Financial review

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 3Q12 presentation only. 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

3Q 2011 Financial highlights

*Non-IFRS EBITDA excludes stock option costs

**Excluding one-off extraordinary costs of MUSD 1.1 in 3Q11

*** Operating Cash Flow less capital expenditures

Financial metric 3Q12

(MUSD)

3Q11

(MUSD)

Revenue Total revenue 56.4 40.1

Profitability Adj. EBITDA*/**

EBIT**

17.0

13.7

13.6

11.0

Cash generation Operating Cash

Flow

Free Cash Flow***

5.1

4.3

6.8

2.7

Financial Highlights

3Q 2012 Actuals 3Q 2012 Midpoint

Guidance

(August 22)*

Revenue MUSD 56.4 MUSD 57

EBIT* MUSD 13.7 MUSD 12

*Provided at 2Q12 Presentation

3Q12 Actuals versus Guidance

* Excludes extraordinary one-time costs

MUSD 3Q12 3Q11* Q on Q

Revenue 56.4 40.1 40%

Cost of Goods sold- 6.3 0.6 894%

Payroll and related expenses - 23.6 18.1 30%

Stock option costs - 0.8 0.8 1%

Depreciation and amortization - 2.4 1.7 44%

Other operating expenses - 9.5 7.9 20%

Total expenses = 42.6 29.1 46%

EBIT 13.7 11.0 24%

Net Income 6.5 9.9

EPS (USD) 0.06 0.08

3Q12 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

3Q11 4Q11 1Q12 2Q12 3Q12

Revenue

Financial highlights: 3Q11-3Q12

0 1 2 3 4 5 6 7 8 9

10 11 12 13 14 15 16 17 18

3Q11 4Q11 1Q12 2Q12 3Q12

Adjusted EBITDA*

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

Revenue growth drivers

Overall Mobile Strategy

Opera Properties Non-Opera Properties

Ad mediation, serving, campaign management

Opera

Payment

Exchange

+

Analytics

Search, opcos and developers

Revenue: Customer type (3Q12)

Overall revenue in line with expectation

4 2 2 1 0

12 10 10 10 10

6 9 8 7

4

13 15 17 16 19

2 2 3 3 9 3 4

7 13 14

0 5

10 15 20 25 30 35 40 45 50 55 60

3Q11 4Q11 1Q12 2Q12 3Q12

Other

Mobile Publishers & Advertisers

Mobile Consumers

Desktop

Device OEMs

Operators

Mobile OEMs

MUSD

Customer Type

Operators Slightly less than expectations

Mobile Consumers (Opera owned and

operated properties)

In line with expectations

Mobile OEMs In line with expectations

Desktop Consumers In line with expectations

Device OEMs In line with expectations

Mobile Publishers & Advertisers (Non

Opera owned and operated properties)

In line with expectations

0 %

20 %

40 %

60 %

80 %

100 %

3Q11 4Q11 1Q12 2Q12 3Q12

Other

Mobile Publishers & Advertisers

Mobile Consumers

Desktop

Device OEMs

Operators

Mobile OEMs

Revenue: Operators (3Q12)

9 9 10 9 10

2 1

1 1 0

0

2

4

6

8

10

12

14

3Q11 4Q11 1Q12 2Q12 3Q12

MUSD Operator Revenue total*

NRE + M&S Licenses

* Unaudited

Operator Revenue slightly less than expectations

112% Operator Opera Mini user growth September 2012 vs. September 2011

User growth driven by Airtel, Etisalat, MTN and Vodafone in particular

Opera Mini licence revenue up 20% to MUSD 9.8

Overall revenue growth: Down 12% versus 3Q11, with solid Opera Mini user and license

growth offset by lower customized Opera Mobile license and NRE revenue

Revenue: Mobile Consumers (Opera owned

and operated properties) (3Q12))

* Unaudited

Mobile Consumer revenue in line with expectations

Revenue growth driven primarily by mobile search, advertising, and Opera Turbo license

agreement in 3Q12

Revenue growth: 414% versus 3Q11

2 2

3 3

9

0

1

2

3

4

5

6

7

8

9

10

3Q11 4Q11 1Q12 2Q12 3Q12

MUSD Mobile Consumers (Opera owned and operated properties)*

Revenue: Mobile OEMs (3Q12)

* Unaudited

Mobile OEM revenue in line with expectations

Overall revenue growth: down 93% versus 3Q11

3

1 1 1

0

1

1

1 1

0 0

1

2

3

4

5

3Q11 4Q11 1Q12 2Q12 3Q12

MUSD Mobile OEM revenue*

NRE + M&S Licenses

Revenue: Desktop Consumers (3Q12)

54 57 60 55 55

0

10

20

30

40

50

60

3Q11 4Q11 1Q12 2Q12 3Q12

Monthly Desktop users* (last month of quarter)

13 15

17 16 19

0

5

10

15

20

3Q11 4Q11 1Q12 2Q12 3Q12

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 Opera Turbo license

agreement in 3Q12

Desktop users at 55 million, up 2% versus end of 3Q11

Overall revenue growth: 39% versus 3Q11

Revenue: Device OEMs (3Q12)

* Unaudited

Device OEM revenue as in line with expectations

Revenue driven by Connected TV customers

License revenue: 40%+ of revenue

Overall revenue growth: down 33% versus 3Q11

5

7 6

4

2

1

2

2 3

2

0 1 2 3 4 5 6 7 8 9

10

3Q11 4Q11 1Q12 2Q12 3Q12

MUSD Device OEM revenue*

NRE + M&S Licenses

Revenue: Mobile Publishers & Advertisers (Non

Opera owned and operated properties) (3Q12))

* Unaudited

Mobile Publisher & Advertiser revenue in line with expectations

Revenue growth driven primarily by premium advertisers

AdMarvel managed 120B ad impressions in 3Q12, up 112% vs. 3Q11

Revenue growth: 456+% versus 3Q11

3 4

7

13 14

0

2

4

6

8

10

12

14

16

3Q11 4Q11 1Q12 2Q12 3Q12

MUSD Mobile Publishers & Advertisers (Non Opera owned and operated properties) *

OPEX development

OPEX (NOK Million)

0 5

10 15 20 25 30 35 40 45 50

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

One time extraordinary cost

Cost of goods sold

Other OPEX

Depreciation

Stock Options

Payroll

Cost line 3Q12 vs.

3Q11

Comments

Payroll 30% •Higher compensation expense per

employee and overall headcount

growth.

Cost of Goods

Sold

894% •Driven by 456% growth in Mobile

Publisher and Advertiser revenue

•COGS or Publisher Cost related to

Mobile Publisher & Advertiser

business

Other OPEX 20% •Higher server hosting, travel and

marketing costs.

•Hosting costs* key driver (total of

MUSD 3.2 in 3Q12 versus MUSD

2.6 in 3Q11)

Depreciation &

Amortization

44% •Investments in Opera Mini server

infrastructure

Stock options 1% •Higher average strike price on

options issued at the end of 3Q12

compared to 3Q11

Total Expenses** 46% • Generally good cost control

*Unaudited. Also includes relevant depreciation.

**Excludes one time extraordinary costs of MUSD 1.1 in 3Q11

Cash flow 3Q12 (MUSD)

-2

0

2

4

6

8

10

12

14

4Q12 Guidance

* Assumes currency remainder of 2012 (NOK 5.7 /USD, USD 1.3 /EUR)

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

Metric 4Q 2012 Guidance

Revenue* MUSD 57-60

EBIT** MUSD 11-13

4Q12 Guidance

* Assumes currency remainder of 2012 (NOK 5.7 /USD, USD 1.3/EUR)

Vs. 3Q12 Comments

Revenue* Operators Flat Solid Opera Mini license/data revenue

Mobile Consumers Down 4Q12 down because it does not include revenue from

the Yandex-Opera browser cooperation

Mobile OEMs Down General trend

Desktop Down 4Q12 down because it does not include revenue from

the Yandex-Opera browser cooperation

Device OEMs Up Seasonally strong, driven by Connected TV customers

Mobile Publishers &

Advertisers

Up

Driven by premium advertisers and publishers, in

seasonally strong 4Q

Expenses Payroll Up Increase in headcount and lower ”vacation effect”

compared to 3Q

Cost of goods sold Up Growth in Mobile Publisher and Advertiser business

Stock option costs Flat General trend

Depreciation Up Continued investments in Opera Mini server hosting

infrastructure

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

FY2012 Outlook

*Assumes currency remainder of 2012 (NOK 5.7 /USD, USD 1.3 /EUR)

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

***Prior guidance refers to 2Q12 presentation

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

Revenue* MUSD 214-219 MUSD 212-215

EBIT** MUSD 45-48 MUSD 48-50

Operational Update

Q3-2012

0

50 000 000

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Smart Phone Feature Phone

Growing userbase of 200M+

0

5 000 000

10 000 000

15 000 000

20 000 000

25 000 000

30 000 000

35 000 000

Continued strong growth on Android 300%+ YoY

Google Play daily

installs up 47% in the

last six months

4/14/12 5/14/12 6/14/12 7/14/12 8/14/12 9/14/12 10/14/12

Opera Mini installs

4/15/12 5/15/12 6/15/12 7/15/12 8/15/12 9/15/12 10/15/12

Opera Mobile installs

Smartpage revenues ramping up in key

markets

Campaigns launched last months

Our operator platform:

More than 100 operator partners signed Enjoyed by 40+ M users monthly Success with dataplans

Taking dataplans to the

next level

Opera Web Pass

Selling internet as an app!

Buy access with a Click2Go experience

Example: Telenor Malaysia

VISON - turn any device…

Building on existing technology assets

Desktop Consumers

We work with global and local brand partners

Revenue growth continues from the content

partnership engagements on Desktop

• New partner engagements

• eBay roll out in Russia

• Established Facebook as a commercial partner in CIS

• Amazon extension launched and promoted in key markets

• Booking.com rolled out in US setting and mobile testing

• Otto.de promoted in German speaking version

• Reaching new markets:

• Local content partners in: Argentina, Mexico, Sweden,

South Africa, Malaysia, Australia, Egypt,

• Exploring partner synergies across desktop

and new Opera Mini Smart Page

• Unlocking new monetization opportunities

• New affiliate network partners signed for

effective content partner assignments

Branding through

the Speed Dial

Revenue up 5M$ vs 3Q11

13

19

0

2

4

6

8

10

12

14

16

18

20

3Q11 3Q12

Desktop revenue (MUSD)

Search partners

New agreement in implementation

Yandex technology partnership announced

Advertising

Brand Ad

agency Ad network

Ad Serving

Ad Mediation

Campaign Mgt Publishers Consumer

Mobile Internet, SMS,

MMS, Video, Apps

Demand side Supply side

Update on Mobile Ad Network Strategy

Leading publishers as customers

Mobile Theory Operational Update:

Revenue Growth of 300%+ YoY

EBIT Margin 10%+

Grew headcount from 8 in 3Q11 to 41 in 3Q12

Built up market presence in San Francisco, Los Angeles, New York and Chicago

Synergies: Publisers (AdMarvel) + Advertisers (Mobile Theory)

Key campaigns in 3Q12:

Leading agencies and brands as customers

Key Goals:

Drive and Manage

Traffic for Operators

and Major Internet

Companies

Search

Advertising

Q&A