Q-Free ASA - Earnings Release 2018

Q-FREE- FIRST QUARTER RESULTS 2018

Highlights Q1-2018:

* 204 MNOK in revenues, down 13% YoY

* 16 MNOK in EBITDA, unchanged from Q1 2017

* 203 MNOK in order intake, up 23% YoY

* The Slovenia Truck Tolling system went live on 1 April 2018, and ~200 MNOK in

payment received on 26 April

* Portfolio restructuring according to plan - operations in Serbia divested in

Q1 2018, parking management business in Malta to be exited end of Q2-18.

- In the first quarter of 2018, Q-Free demonstrated the increased robustness of

its business model. Even with a YoY revenue decline of 13 percent, the company

maintained its nominal EBITDA due to portfolio optimizations and strong cost

control. Q-Free is also pleased to inform that the Slovenia truck tolling

project successfully went live on 1 April and that payment for this delivery has

been received. We are now in a position where we can shift focus to other

opportunities. The bid and tender activity is at a record high level, and the

company is targeting several large and medium-sized contracts in the coming two

quarters, comments CEO in Q-Free, Håkon Volldal.

Enclosures: Q1-18 report and presentation.

For further information, please contact:

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

CFO, Tor Eirik Knutsen: +47 950 50 062

About Q-Free

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

products and solutions. The company has approximately 400 employees, offices in

17 countries, and a 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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