Q-Free ASA - Earnings Release 2017

Q-FREE - FIRST QUARTER RESULTS 2017

Q1-2017

* 236 MNOK in revenues, up 12% YoY

* 16 MNOK in EBITDA, best quarter since Q3-15

* 165 MNOK in order intake, several small unannounced orders with recurring

revenues

* 1.3 bn NOK in order backlog, 479 MNOK scheduled for delivery in 2017

* OPEX as percent of revenues reduced with 6 percentage points YoY

- We are satisfied with the first quarter of 2017. Strong organic revenue growth

combined with good cost management resulted in significantly improved EBITDA. We

see this as an important first step in restoring attractive margins in Q-Free.

We also managed to secure several contracts with recurring revenues and

increased our non-tolling revenues by almost 40 percent, comments President &

CEO of Q-Free ASA, Håkon Volldal.

Enclosures: Q1-17 report and presentation

For further information, please contact:

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

CFO, Roar Østbø: +47 932 45 175

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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