Opera Software ASA

What is an American Depositary Receipt (LEVEL 1 ADR)?

An ADR is a negotiable U.S. certificate representing ownership of shares in a non-U.S. corporation. ADRs are quoted and traded in U.S. dollars in the U.S. over-the-counter securities market. Also, the dividends are paid to investor in U.S.dollars. ADRs were specifically designed to facilitate the purchase, holding and sale of non-U.S. securities by U.S. investor, and to provide a corporate finance vehicle for non-U.S. companies.

What are the benefits of ADRs to US investors?

US investors generally prefer to purchase ADRs rather than ordinary shares in the issuer’s home market because ADRs trade, clear and settle according to US market conventions. One of ADRs’ main advantages is the facilitation of diversification into foreign securities. ADRs also allow easy comparison to securities of similar companies as well as access to price and trading information, if listed. ADR holders also appreciate dollar dividend payments and receiving corporate action notifications.

What types of companies issue ADRs?

ADRs issuers can be small, mid or large capitalization corporations. Any non-U.S. company seeking to engage the US market to diversify its investor base, raise capital in the U.S. or offer US-type employee plans.

Is it easy to get information and updates on an ADR company?

ADR issuers generally have full information in English about themselves on their websites, as well as on the main depositary bank websites, and are better tracked by the main U.S. financial websites.. The Opera ADR is not listed on a US exchange, but trades in the over-the-counter market.

Where are Opera ADRs traded?

The ADRs are traded Over-The-Counter.

• DR Symbol OPESY
• CUSIP 68371J106
• DR Exchange OTC
• DR ISIN US68371J060
• Ratio 1 : 2
• Depositary BNYM (Sponsored)
• Effective Date Dec. 15, 2008
• Underlying ISIN 001 004 0611
• Underlying SEDOL 7057720
• Country Norway
• Industry Software

Who is the Opera Software depositary for ADRs?

The Bank of New York Mellon (BNYM). The depositary bank plays a key role in the process of issuance and cancellation of ADRs. It also maintains the ADR holder register and distributes the dividends in U.S. dollars. The Bank of New York Mellon is a DTC (Depositary Trust Company) participant as are brokers and dealers, other banks, trust companies and clearinghouses. For additional general information, please visit The Bank of New York Mellon's website at www.adrbnymellon.com and search for Opera Profile Page. Registered holders wishing to access their account with The Bank of New York Mellon (BNYM acts as both ADR depositary bank and registrar):

The Bank of New York Mellon Investor Services
P.O. Box 11258
Church Street Station
New York, NY 10286-1258
Toll Free Tel for domestic callers:
+ 1-888-BNY-ADRs

International Callers can call:
+ 1 201 680 6825

For the issuance of ADRs please contact:
Mr. Michael Ludwig
Tel: +1 212 815 2213
Fax: +1 212 815 3004
E-mail: michael.ludwig@bnymellon.com michael.ludwig[at]bnymellon.com

Email: shrrelations@bnymellon.com shrrelations[at]bnymellon.com

What is the difference between an ADR and an ADS ?

An ADR (American Depositary Receipt) is a negotiable certificate issued by a depositary bank representing a specific number of shares of a non-U.S. company traded on a U.S. stock exchange. An ADS is the share issued under the ADR agreement which is actually traded.

What is the difference between a Registered holder and a Beneficial ADR holder?

A registered holder is one whose name appears on the books of the depositary, as registrar; the registered holder is considered the owner of record. Registered owners hold physical ADR certificates issued by the Depositary Bank and receive dividends, and proxy materials directly from The Bank of New York Mellon.

A beneficial holder is one whose holdings are held in a name other than their own, such as in the name of a broker, bank or nominee. Beneficial owners of Opera ADRs that are registered in the "nominee name" or "street name" of a bank, broker or other institution that holds such securities for the accounts of others are considered beneficial owners. ADRs held in this form are book-entry securities, where the beneficial owner’s interest is recorded in an account held by the institution rather than by registration with the ADR depositary. Major benefits of book-entry ownership are the elimination of problems associated with paper certificates such as storage, safety of securities or cost and inconvenience of replacement. Book-entry ADRs eliminate the requirement for physical movement of certificates at the time of sale or transfer of ownership. Investors purchasing ADRs through a broker who wish to become registered owners must specifically direct the broker to register the shares with the ADR depositary. If you choose to have a certificate issued, please contact The Bank of New York Mellon

How are ADR dividends generally paid and taxed?

If distributed, dividends are paid in U.S. dollars and are generally taxable, just like dividends on U.S. shares. In addition, taxes may be withheld by the ADR company's local government. Resident Canadian ADR shareholders will receive their dividends in U.S. dollars. Depending on individual circumstances and bilateral tax treaties in place, foreign taxes withheld might be applied as a credit against U.S. taxes, or tax reclaim opportunities may be offered. For example, US Pension Funds appear to enjoy a zero withholding rate according to the tax treaty approved in 2007. Please check with your financial / tax advisor.

All or a portion of your cash dividend can be wired directly to your bank account. In order to take advantage of this option your bank or financial institution must be part of Automatic Clearing House (ACH). If you are interested in this option please call The Bank of New York Mellon.

How can I find out dividend and corporate action information on Opera?

For dividend and corporate action information, please visit www.adrbnymellon.com. Go to the DR Corporate Actions or DR Dividends & Distribution buttons on the vertical scroll bar on the left and then enter company name, CUSIP or symbol.

How can I buy ADRs via a US Broker?

You can buy an ADR through a broker, just as you would U.S. securities.

How can I convert ordinary shares in Opera into Opera ADRs?

• A) You will need to contact your local broker, advising the amount of local shares you wish to convert and where you want the resultant ADRs to be delivered too.
• B) Upon safe receipt of these local Norwegian shares at local custodian Nordea or DnB, The Bank of New York Mellon will create the relevant ADRs and deliver then to the designated account provided in (A).
• C) A fee per ADR issued is payable to The Bank of New York Mellon upon the delivery of the ADRs. Most commonly, when The Bank of New York Mellon delivers the ADRs to the specified DTC account, this is done on a delivery versus payment (DVP) instruction against the conversion fee. If an alternative method of payment is required, please contact the Broker Desk for further details. Where the DTC account is operated by a broker on behalf of a shareholder, the broker should confirm to the shareholder that it has received the ADRs and is holding them on his/her behalf.

Broker Desk Contacts

United Kingdom

Damon Rowan – Tel. +44 (0) 20 7964 6527; damon.rowan@bnymellon.com damon.rowan[at]bnymellon.com
Mark Lewis - Tel: +44 (0) 20 7964 6089 ; mark.lewis@bnymellon.com mark.lewis[at]bnymellon.com Fax: +44 (0) 20 7964 6024

USA

Michael Ludwig Tel : +1 212 815 2275; michael.ludwig@bnymellon.com michael.ludwig[at]bnymellon.com
Jason Smith Tel : +1 212 815 3874; jason.smith@bnymellon.com jason.smith[at]bnymellon.com
For more information about ADRs visit www.adrbnymellon.com.