Q-Free ASA - Capital/Financing Update 2021

Q-Free: Conversion of convertible bonds

Reference is made to the stock exchange notices published 5 and 6 January 2021

regarding conversion of Q-Free ASA's NOK 80 million unsecured subordinated

convertible bond loan (the "Convertible Bond Loan"), for an aggregate principal

amount of NOK 52,000,000.

Q-Free ASA has now received additional conversion notices from the paying and

conversion agent for the Convertible Bond Loan for bonds representing an

additional amount of NOK 15,000,000. The aggregated received conversion notices

representing NOK 67,000,000 of the Convertible Bond Loan will be converted into

18,442,566 new shares at the conversion price of NOK 3.6329.

The new shares will be issued following registration in the Norwegian Business

According to the terms of the Convertible Bond Loan, the new shares shall be

issued no later than on the 11th business day following the date of receipt of

the conversion notice. The new shares will be issued on a separate ISIN until a

listing prospectus for the new shares has been approved by the Norwegian

Financial Supervisory Authority.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Interim CFO, Trond Christensen: +47 481 02 754

President & CEO, Håkon Volldal: +47 977 19 973

About Q-Free:

Q-Free ASA (OSE: QFR) is a global innovator in intelligent transportation

systems that improve traffic flow, road safety, and air quality. With an open,

collaborative approach to tolling, traffic and active transportation management,

Q-Free works with customers and partners on every continent to digitize

infrastructure and overcome modern mobility challenges for the greater good of

society.

Headquartered in Trondheim, Norway, Q-Free has annual revenues of approximately

1 billion NOK and employs approximately 400 transportation innovators, experts,

and enthusiasts. To learn more about how Q-Free is changing the movements of

life, visit www.q-free.com or Twitter:@Q-FreeASA.

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