Q-Free ASA - Earnings Release 2017

Q-FREE- RESULTS FOR THE SECOND QUARTER AND FIRST HALF 2017

Highlights:

Q2-2017

* 240 MNOK in revenues, up 5% YoY

* 10% reduction in operating expenses YoY

* 21 MNOK in EBITDA (8.9% margin), up from 9 MNOK in Q2-16

* 218 MNOK in order intake

* Order backlog maintained at 1.3 bn NOK, of which 346 MNOK are scheduled for

delivery in 2017

1H 2017

* 476 MNOK in revenues, 9% growth YoY

* 38 MNOK in EBITDA (7.9% margin), up from 14 MNOK in 1H 2016

* 383 MNOK in order intake vs 503 MNOK 1H 2016

-The second quarter of 2017 represents the third quarter in a row with revenue

growth, good cost control and EBITDA growth. In addition, we maintained our high

order backlog and improved our cash position. Provided key projects remain on

track, we are in an excellent position to achieve our double digit revenue

growth target for the year and deliver higher EBITDA in the second half of 2017

than in the first half, comments President & CEO, Håkon Volldal.

Enclosures: Q2-17 report and presentation

For further information, please contact:

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

About Q-Free

Q-Free is a leading global supplier of ITS (Intelligent Transportation Systems)

products and solutions. The company has approximately 420 employees, offices in

20 countries, and presence on all continents. Headquartered 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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