Q-Free ASA — M&A Activity 2018

Mar 23, 2018

Q-FREE - DIVESTMENT OF SERBIAN ENTITY

Q-FREE - DIVESTMENT OF SERBIAN ENTITY

Q-Free has today entered into a definitive agreement to sell its fully owned

Serbian subsidiary Q-Free d.o.o. Beograd (formerly ELCOM d.o.o.) to Bosko

Lekovic. Bosko Lekovic has been the Managing Director of Elcom over many years

and has since November 2017 had the position as Technical Director.

The decision to exit Q-Free Beograd is part of Q-Free's strategy to build

leading positions in target segments, and reduce the complexity of its

operations and reallocate resources to businesses with higher value creation

potential.

The negative accounting effect of the transaction was taken as part of the

impairment booked in Q4-17. The transaction will be closed in Q1-18 and have

limited accounting effect in quarter.

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 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