Financial Result Q1 2004: Opera Reports Revenue Increase of 75%

Oslo, Norway - May 7, 2004

Opera Software ASA today announced financial results for its fiscal 2004 first quarter ended March 31, 2004. For the quarter, the Company earned revenues of MNOK 21.7, up from MNOK 12.4 in Q1 2003, a growth of 75% on the year-ago quarter. Earnings before interest and tax ("EBIT") for the quarter ended at MNOK -3.4, compared to a loss of MNOK -6.4 in the year-ago quarter.

Opera saw increase in growth on all product lines. Income from Internet devices grew from MNOK 6.9 in 1Q03 to MNOK 14.7 in 1Q04, a growth of 111%. Income from Desktop grew from MNOK 5.5 in 1Q03 to MNOK 7.0 in 1Q04, a growth of 29%. Operating costs increased from MNOK 18.7 in 1Q03 to MNOK 24.7 in 1Q04, a growth of 31%. Operating costs increased from MNOK 18.8 in 1Q03 to MNOK 25.1 in 1Q04, a growth of 33.7%.

"The strong growth in revenues continued in the first quarter," says Jon S. von Tetzchner, CEO, Opera Software ASA. "The Company decided to increase the cost base, because of customer-driven employee growth and a substantial increase in market activity."

Opera had cash and cash equivalents of MNOK 145.9 at the end of the quarter.

The full Quarterly Report and today's presentation to investors can be found at www.opera.com/company/investors/

About Opera Software ASA

The worldwide World Wide Web — any device, any platform, any bandwidth, absolutely anywhere in the world. Opera Software was founded in 1994, based on the idea that access to the web should be a universal right. 250 million people (and counting) use the Opera web browsers for computers, mobile phones, TVs and other connected devices. Opera also delivers tools, distribution, engagement, monetization and market insights to developers, publishers and brands around the world. We are passionate about breaking down barriers, so everyone can share in the power of the internet. Our vision of one web for all remains at the heart of what we do, because we believe that participation changes everything. Opera Software ASA is listed on the Oslo Stock Exchange under the ticker symbol OPERA. Learn more about Opera at www.opera.com.