Second quarter

Opera Software Second quarter 2007

A note from our lawyers This presentation contains and is, i.a., based on forward-looking statements. These statements 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 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. 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 directors or employees assumes any liability resulting from use. 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 OSE or press releases. This presentation is for information purposes in connection with the Opera Software ASA 2Q07 presentation only. The presentation is not an offer to sell, or the solicitation of an offer to buy, any securities.

2

Agenda 1. Highlights Erik Harrell, CFO/COO

2. Financial review Erik Harrell, CFO/COO

3. Operational update Business, Consumer Jon S. von Tetzchner, CEO

4. Q&A

4

2Q 2007 highlights Business Shipments of Opera Mobile: 8.8 million in 2Q 23 new mobile phones include the Opera Mobile browser pre-installed 52 new mobile phones announced YTD 27 new mobile phones, including Opera Mini announced YTD Notable contract signatures TMN, Vodafone D2, Westell, Palm, Willcom, Tilgin Consumer Revenue from desktop increased 165% over 2Q06 Opera Mini: 7.8 billion cumulative page views and 19.9 million cumulative users* Trial version of Opera Mini 4 introduced, with groundbreaking overview mode My Opera registered users grew 112% compared to 2Q06 Commercial agreement signed with Onet.pl, a leading portal in Poland, covering PC and mobile platforms Speed Dial(TM) feature enables new opportunities in regional markets

* As of July 31, 2007

5 Revenue 2Q 2007 vs 2Q 2006

2Q 2007 highlights Millions

Revenue highlights

80 70

44%

60

2Q revenue: MNOK 75.3, up 44% vs. 2Q06

50 40

Record quarter

30

Desktop revenue MNOK 15.6, up 165% vs. 2Q06

20 10

Internet Devices revenue MNOK 59.7, up 29% vs 2Q06

2Q EBITDA*: MNOK 7.4 vs. MNOK 2.5 in 2Q06

2Q 2006

2Q 2007

Revenue 1H 2007 vs 1H 2006 160 Millions

EBITDA highlights

0

41%

140 120 100 80 60 40 20

* Non-IFRS EBITDA excludes stock option cost

0 1H 2006

1H 2007

Financial Review

7

2Q07 financial review

Income statement NOK Million

Q2 2007

Q2 2006

Q on Q

Desktop +

15.6

5.9

165%

Internet Devices +

59.7

45.3

29%

Total revenue =

75.3

52.2

44%

Payroll and related expenses -

49.3

31.7

55%

Stock option costs -

3.4

(0.7)

nm

Depreciation and amortization -

1.5

1.0

49%

Other operating expenses -

18.6

18.1

3%

Total expenses =

72.8

50.0

46%

EBIT

2.5

2.2

14%

Net Income

2.2

1.4

58%

EPS (NOK)

0.02

0.01

57%

8


Key financial figures Operating revenues (NOK Million)

EBITDA* (Non-IFRS) (NOK Million)

80

15

75

70

65

60

10

10

61

50

52 53

7

5

5

48 48 40

40

3 0

38

-2 -1

-2

2

-1

3

-3

30

30 20

22 23

25

28

-5

-5

-10

-6

-12

10 -15

0 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q107 Q2 07

Q1 04

Q2 04

Q3 04

Q4 04

Q1 05

Q2 05

Q3 05

Q4 05

Q1 06

* Non-IFRS EBITDA excludes stock option cost

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

9


OPEX development OPEX comments 2Q07 vs 1Q07

OPEX (NOK Million) Payroll

Stock Options

Depreciation

Other OPEX

Non recurring costs

Payroll cost down 8%

90

Seasonal effect of vacation pay Low headcount growth

Stock option costs up

80

70

New option program in place (predominantly non-cash)

Depreciation cost down 4%

60

50

Result of careful investments in our offices world wide and Opera Mini infrastructure

Other OPEX up 5% 40

Tight control on travel and other indirect costs

No non-recurring costs in 2Q07

30 20 10 0 Q3 2005 Q4 2005 Q1 2006 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007

10


EBITDA development 2Q 2006 / 2Q 2007 (NOK Million)

Comments on EBITDA development YoY*

Revenues up MNOK 23.2

30,0

25,0

Desktop + MNOK 9.7 Internet Devices + MNOK 13.4

Payroll and related expenses up MNOK 17.6

20,0

15,0

Sales and Marketing globally Engineering Overall headcount up 23% vs. 2Q06

10,0

Other expenses up MNOK 0.5 5,0

EBITDA Q2 2007

Other

Stock option costs

Payroll and related

Revenues

EBITDA Q2 2006

0,0

* Year over Year, Q2 2006 vs Q2 2007

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Strong capital structure Balance Sheet 700 600 Cash and cash equivalents

500 400 300

Current assets

200 100

Fixed assets

BALANCE SHEET

Q2 2007

Q1 2007

Deferred Taxes Goodwill Fixed Assets, Net Accounts Receivable Accrued, but Unbilled Revenue Other Current Assets Cash and cash equivalents

12 321 3 143 23 709 50 685 28 221 3 552 463 117

11 684 3 143 24 023 69 327 32 145 3 951 423 869

Total Assets

584 748

568 141

Accounts Payable Taxes payable Social security, PIT and VAT Deferred revenue Other short-term liabilities

5 307 -241 15 002 31 823 25 123

2 272 -62 9 476 33 762 28 783

Total Liabilities

77 014

74 231

Common stock Additional paid-in-Capital Retained earnings

2 382 453 854 51 498

2 349 444 679 46 883

Total Equity

507 734

493 911

Total Liabilities and Equity

584 748

568 141

0 30.06.2006

31.12.2006

30.06.2007

Total Equity 520 500 480 460 440 420 400 30.06.2006

31.12.2006

30.06.2007

12


Strong cash flow CASH FLOW STATEMENT

Operating cash flow MNOK 31.9 Positive result Positive working capital management

Investment activities MNOK 1.8 Tight control on investment activities

Financing activities MNOK 9.2 Proceeds from excercise of options

Operating cash flow MNOK 35

Q2 2007

Q1 2007

Cash flow from operating activities Profit/loss before taxes Taxes paid Depreciation expense Changes in accounts receivable **) Changes in accounts payable Changes in other liabilities, net Share-based remuneration Conversion discrepancy

3 711 -1 776 1 521 22 566 3 035 682 2 523 -381

-6 929 -3 050 1 581 -2 664 -4 276 14 652 1 969 -460

Net cash flow from operating activities

31 882

824

Cash flow from investment activities Acquisition of tangible fixed assets Acquisition of shares Net cash flow from investment activities

-1 843 0 -1 843

-1 525 -500 -2 025

9 209

573

9 209

573

39 248

-628

463 117

423 869

30

Cash flow from financing activities Proceeds from exercise of stock warrants

25

20

options,

15

Net cash flow from financing activities 10

5

Net change in cash and cash equivalents

0

2006 -5

2007 YTD

Cash and cash equivalents

13


Update on Opera’s FY 2007 operational priorities Priorities

YTD status report

Focus and invest in consumer area

Desktop revenue up 165% YoY 2Q07 Opera Mini monthly page views up 25% vs. 1Q07 My Opera users up 112% from 2Q06

Accelerate momentum among mobile phone operators

12 new phones from KDDI (Opera Mobile) 7 new phones from Vodafone (Opera Mini) New tier 1 operators: Vodafone D2, TMN, Optimus

Increase position with top mobile OEMs globally

Existing customers launch handsets with Opera Motorola (5) Sony Ericsson (4) Samsung (2)

New OEM addition: Palm Building on the momentum among consumer electronics OEMs

Key developments Westell introduces Media Terminal with Opera Tilgin introduces two set-top boxes with Opera Partnership with Texas Instruments makes Opera available on key platform

Nintendo Final version of Nintendo Wii launched; Nintendo DS Browser goes on sale in the United States

Operations Update

15

Opera’s vision

Opera’s vision is to provide the best Internet experience on any device

Delivering One Web People want to access the same services regardless of device The cost of teaching people to do something new is too high Most devices will have full Web browsers– good for users, operators and manufacturers The browser is now a platform for Web 2.0 applications and services Empowers the next generation of user-driven content

The world of Opera

18

Working with global leaders

19

The unique differentiators

Windows

Pocket PC

Smart phone

Superior user experience

Core code is ported to all major platforms Opera 9 core is used by millions daily

Platform Independent kernel

UIQ

Mac

Performs well on low-resource devices

Significantly faster than competitors in a number of tests

Media Highway Symbian OS

Lower HW, power requirements

Limited bandwidth

ltron Windows CE/Mobile

S60

Opera is the smallest full-featured browser

Opera is the fastest full-featured browser

Motorola P2K

QnX

Java J2ME (Mini)

Unix Qte Qt

Free BSD

Linux Solaris

Qtopia

Brew

Nintendo

Gogi WII DS

20

The browser is the glue

21

Three screens – boundaries blurring

making calls

watching movies

watching films

browsing Web

browsing web

making calls

1998

2007

Operations Update Business area

23

Opera value proposition: Business area Target Customer/Market Mobile operators

Key value proposition of full Web browsers and Opera Full Web browsing Drives data traffic = higher ARPU* Facilitates customer retention Differentiates operator service offering from competition

Opera Can power convergence through cross-platform and device capabilities Offers access to the Internet on the widest range of mobile phones in the market today (Opera Mobile and Opera Mini)

Mobile OEMs

Full Web browsing as a product differentiator Enables mobile operators to achieve the business benefits of full web browsing (as listed above) Opera Can offer Opera browsers on a wide range of platforms Has proven delivery capabilities

* Average Revenue Per User

24

Opera value proposition: Business area Target Customer/Market

Key value proposition of full Web browsers and Opera

Consumer Electronic Device OEMs

Full Web browsing as a product differentiator Helps OEMs meet and exceed customer expectations of browsing on any Internet connected device Provides significantly easier platform for OEMs to provide software updates to customers Full Web browsers enable OEMs to: Offer services to end customers Establish and maintain long-term relationships directly with end customers Cross promote and sell other products and services to end customers

Opera has: Proven delivery capabilities and organization, critical to meeting customer launch deadlines SDK products for Linux and Windows CE, enabling faster time to market Tools for OEMs to customize browsers and user interface

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Opera Mobile: 2Q highlights Number of phone models with Opera pre-installed 60

Shipments of phones with Opera pre-Installed 12

Millions

52 50

10

40

37

8

30

6 24

4

20 13 10

2

6

0

0 2003

2004

2005

2006

2007 YTD

Total shipments of Opera Mobile rose 22% in 2Q07 vs. 2Q06 23 new mobile phones that include the Opera Mobile browser were announced in 2Q07 52 new mobile phones announced YTD 12 new mobile phones with Opera Mini pre-installed were announced in 2Q07 Total of 79 Opera pre-installs including Opera Mobile and Opera Mini YTD

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Opera Mobile: 52 new phones so far in 2007 Accton VM3228T ASUS ASUS V1210

HTC HTC Ameo (T-Mobile) HTC U1000 (Dopod) HTC Advantage KDDI MEDIA SKIN

Casio Casio W51CA Casio W52 CA Casio W53CA

Kyocera Kyocera W51K Kyocera W44K II

E28 R2821

Longcheer Gionee S500

Hitachi Hitachi W51H Hitachi W52H

Motorola Motorola V1100 Motorola A1200e MOTO Q9 MOTORIZR Z8 MOTOMING MOTOROKR Z6 MOTORAZR2 V8 MOTORAZR2 V9 MOTOKRZR K3 MOTOKRZR maxx K3

Panasonic Panasonic W51P Panasonic W52P Samsung Samsung SPH-8100 Samsung SCH-M620 Samsung SPH-M6200 Sanyo Sanyo W51SA Sanyo W52SA Sanyo W53SA Sharp Sharp W51SH eMobile EM-ONE Sharp W52SH

Toshiba Toshiba G500 Toshiba G900 Toshiba W51T Toshiba W52T Toshiba W53T Toshiba W54T Willcom WX320K W-ZERO3 Advanced [es] Wistron D-link ZTE E700

Simcom S955T Sony Ericsson Sony Ericsson W51S Sony Ericsson P1 Sony Ericsson W52S Sony Ericsson W53S Sony Ericsson W960i

Black: 1Q Red: 2Q-3Q

27

WILLCOM On July 3, WILLCOM’s new smartphone hit the streets and subways of Japan The W-ZERO3 Advanced [es] features the Opera Mobile browser This is the third handset to ship with Opera from Willcom, a national operator in Japan with 4,5 million subscribers

Opera powers Motorola’s new mass market handsets

“Surfing the Web on the RAZR V9 is a joy, thanks to the included Opera Web browser” Laptop Magazine, US

29

Opera Mini: 27 new phones so far in 2007 LG LG KU250 LG KE970 LG KU311 Nokia Nokia 6085 Nokia 5500 Nokia 3110 Nokia 7373 Nokia 6131 Nokia 5300 Nokia 6230i Nokia 5070 Nokia E65 Nokia N70 Nokia N95

Sagem My411x P9521 Samsung Samsung E900 Samsung SGH-E250 Samsung SGH-D900 Samsung U700 Samsung ZV60 Samsung D900i Sony Ericsson SE K550 SE W200i Motorola Motorola K1 Motorola V980 Motorola E2

Black: 1Q Red: 2Q-3Q

30

The Web gets Handy in Germany

Vodafone D2 introduces the mobile Web Vodafone D2 introduced its new "Handy 2.0 Mobile Internet" service, powered by Opera and Bytemobile Inc.

Users access the real Internet using a Vodafone-branded version of Opera Mini

With flat-rate EUR 9.95 per month, users can surf all their favorite Web sites, read and send e-mail, search on Google, view video clips, shop online and more

Vodafone D2 serves more than 30 million mobile customers.

Operators choose Opera Mini Full-scale commercial partners: T-Mobile International Vodafone D2 TMN (Portugal) Telefónica Móviles de España (Spain and CALA) PTC/era (Poland) Distribution deals: TIM Hellas (Greece) Pannon (Hungary) GrameenPhone (Bangladesh) mobilkom (Austria) Omnitel (Lithuania) TDC (Denmark) Talkline (Germany) Optimus (Portugal) MegaFon (Russia) HT Telecom (Europe) Meteor Communications Ltd. (Ireland) Ten (France)

33

Growth continues in Opera for Devices The Westell Media Terminal(TM), a broadband smartphone, features the Opera browser

Opera brings the Web to innovative devices: Palm Foleo, the smartphone companion to launch shortly

Final version of Opera for Nintendo Wii introduced Nintendo expects to sell 16,5 million Wiis in 2007

Westell Media Terminal(TM)

Operations Update Consumer area

35

Opera for Desktop: 2Q highlights Fourth consecutive quarter of growth Revenue growth of 165% compared to 2Q06

Opera Desktop Revenue (MNOK) 16

14

12

Further increase in usage drives record revenues

10

8

Innovative features such as Speed Dial contribute to further growth in usage Continued marketing investment in target markets

6

4

2

0

36

Onet.pl Distribution and revenue share partnership with the leading Internet brand in Poland: Onet.pl As a result, Opera strengthens its awareness and market penetration in a historically highly successful market for the company’s products Areas of collaboration include a Onet.pl search field in Opera ’s Speed Dial, a mobile version of the portal and local search services

37

Opera Mini: 2Q highlights 9 000

25

8 000 20

7 000 6 000

Opera introduced the trial (beta) version Opera Mini 4 Page overview mode provides users with additional navigation option

15 5 000 4 000 10 3 000 2 000

5

1 000 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAI JUN JUL

0 Cumulative users

Numbers as of 30. June 2007

* Number of users who have downloaded and used Opera Mini Note: Opera Mini statistics as of July 31, 2007

Page views

Millions

Cumulative number of users*: 19.9 million

Cumulative Opera Mini Users and Page Views

Millions

Cumulative pages downloaded since launch: 7.8 billion

38

KongZhong: China’s leading mobile services company Launch of "KongZhong Opera" browser for Chinese mobile phone users “KongZhong Opera“, based on Opera Mini, is a free download that enables mobile phone users to browse both traditional Internet sites and WAP sites with their cell phone Revenue share, marketing and distribution KongZhong has a total user base of 50 million

Growth in Opera Mini traffic continues Opera Mini monthly page views 1 000 000 000 900 000 000 800 000 000 700 000 000 600 000 000 500 000 000 400 000 000 300 000 000 200 000 000 100 000 000 0

39

40

Introducing the power of My Opera Vision: A personal space on the Web, regardless of device Started as discussion forum and technical support. Today it is our industry’s most powerful online community My Opera is a differentiator: Increases the value of our software products Improves brand loyalty Acts as platform for services such as photo blogging via mobile browsers My Opera is the glue: The hub of Opera’s cross-platform proposition

41

My Opera – the facts My Opera Community closing in on one million members: June 30: 877,650 members August 24: 973,500 members Growth since 1Q: 19% Growth since 2Q 2006: 112% (414,962 members per June 30, 2006) 1 500 sign-ups per day

My Opera statistics

Cumulative registered users 1 000 000

900 000

800 000

700 000

600 000

500 000

42

Summary

44


Update on Opera’s FY2007 financial goals

Metric

Goal 2007

Baseline

Revenue

Accelerated growth vs. 2006 vs. 2005

>39% growth

41%

>1% EBITDA*

1.2%

EBITDA*

Single digit

Note: This does NOT constitute financial guidance

*Non-IFRS EBITDA excludes stock option cost

1H performance

45


Update on Opera’s FY2007 operational goals Metric

Goal 2007

YTD performance

Opera Desktop

50% increase in users

~20% increase

Opera Devices

20 Devices announcements

6 announcements

Opera Mini B2C

30 million cumulative users

19.9 million

Opera Mini B2C

10 billion cumulative page views

7.8 billion

100 new phone announcements Opera Mobile Opera (Opera Mobile and Opera Mini) Mini B2B Opera Mobile Opera 50% increase in shipments with Opera pre-installed vs. 2006 Mini B2B Opera Community

Increase registred users by 100%

Note: This does NOT constitute financial guidance

79 announcements 29% 1H 2007 vs. 1H 2006 60% increase

Thank you for listening!