Q-Free ASA - Earnings Release 2015

Q-FREE -FOURTH QUARTER AND PRELIMINARY FULL YEAR RESULTS 2015

Trondheim/Oslo 10 February 2016

Q4-15 Highlights

-Revenues in the fourth quarter were NOK 211 million (258), down 18.0% QoQ

-EBITDA NOK - 71 million, (-33.6% margin) normalised EBITDA NOK 9 million before

non-recurring restructuring cost of NOK 80 million

-Positive cash flow from operations, increased cash at hand since Q3

-Order intake of NOK 210 million

-Initiated the Q-FREE ITS Transformation programme

2015 Highlights

-Revenues NOK 804 MNOK up 2 % YoY

-ATMS increased revenues of 88% YoY, pro forma growth rate 25%

-Order intake NOK 1,070 million and backlog of NOK 748 million

The Board of Directors and Management decided during the fourth quarter to

initiate the next steps in the transformation of Q-Free from a Road User

Charging company into a fully integrated ITS-company. This also implied a

streamlining of the organisation and a reduction of the fixed cost base some NOK

70 million.

Q-Free is focusing on developing a sound commercial and operational platform to

support further growth, and is bringing to market joint offerings and leveraging

technologies from various parts of the Q-Free portfolio. These will primarily be

in the areas of Tolling, Parking Management and Traffic Management.

- We are clearly not satisfied with the financial performance during 2015.

However, the good order intake in 2015, the increased pipeline for the Q-Free

portfolio and the reduced cost base will enable Q-Free to become more financial

robust and profitable in 2016 and onwards. Q-Free aims to continue the

transformation to serve the global ITS market, comments Acting CEO Roar Østbø.

Enclosures: Q4-15 report and presentation

For further information, please contact:

Acting CEO and CFO Roar Østbø: +47 932 45 175

About Q-Free

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

ITS market. The Q-Free Group has approximately 430 employees with offices in 20

countries and presence on all continents. The Q-Free head office is in

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

QFR.

www.q-free.com

Twitter: @Q-FreeASA

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