Q-Free ASA - Capital/Financing Update 2014

LOAN AGREEMENT EXPORT CREDIT NORWAY - AVAILABILITY PERIOD EXPIRED FOR JAKARTA PROJECT

Oslo/Trondheim, July 9 2014: Q-Free has received information from Export

Credit Norway that it does not extend the current availability period

under the loan agreement with PT Rin in Indonesia. This will have

implications for the start up of the Electronic Law Enforcement

project in Jakarta.

Export Credit Norway has informed Q-Free that as certain milestones were

not met by PT Rin on time, the Availability Period relating to Export

Credit Norway's commitment to let PT Rin draw on the loan has

expired. However, Export Credit Norway has also informed Q-Free that the

loan agreement is still valid. It is Q-Free's understanding that Export

Credit Norway may reengage with PT Rin, provided that PT Rin re

-establishes a renewed basis for mutual progress.

All parties have expressed that they are positive to continuing the

dialogue with the aim of possibly re-establishing the funding commitment

from Export Credit Norway and launching the project.

Start-up of the project is still pending an initial, locally

funded customer payment of USD 6 million to Q-Free.

"The process of getting started with the ELE project in Jakarta has

taken far more time than we had anticipated, and the expiration of the

availability period for the Export Credit Norway loan is obviously a set

-back in this process. We have previously said that we were working

towards July 1st as a deadline for launching this project. We now see

that this project will not commence as planned. However, we are still

working with Rin with the intent of getting the project

launched", says CEO Thomas Falck in Q-Free ASA.

For further information, please contact:

CEO Thomas Falck, cell: +47 468 00 767

CFO Roar Østbø, cell: +47 932 45 175

About Q-Free:

Q-Free is a leading global supplier of products and solutions within

Road User Charging and Advanced Transportation Management Systems. The

company has approximately 350 employees in 17 countries and is

represented on all continents. The company's main offices are in

Trondheim, Norway. Q-Free is listed on Oslo Stock Exchange under the

ticker QFR.

www.q-free.com

Twitter: @Q-FreeASA

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