Q-Free ASA — M&A Activity 2019

Oct 7, 2019

Q-Free - Tolling contract in Thailand - 95 MNOK

Q-Free - Tolling contract in Thailand - 95 MNOK

Q-Free and a local partner have been awarded a contract with Don Muang Tollway

(DMT) to deliver tolling solutions for the 22 km tollway from Central Bangkok to

Don Muang Airport. The contract has a total value of approximately 95 MNOK. As

the lead partner Q-Free will book 100 percent of the contract revenue, however Q

-Free's share of the contract scope is 75 MNOK.

Q-Free will deliver roadside solutions comprising DSRC antennas, ALPR

enforcement, cash/CC/QR code payment solutions, and a completely new IT

infrastructure. Revenue recognition will start in 2019, although the majority

will be booked in 2020. Service and maintenance will be negotiated separately

and ensure recurring annual revenue after the system goes live.

- We are very pleased to have secured this substantial contract in Thailand. Q

-Free has over many years adapted its solutions to the Thailand market, has a

highly qualified local organization in place, and an excellent track record of

delivering high-performing and durable tolling solutions in Thailand. Therefore,

we are well positioned to successfully deliver the DMT project and win some of

the other large upcoming tolling projects in Thailand, comments President & CEO,

Håkon Volldal.

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 Intelligent Transportation Systems

comprising tolling, parking, infomobility, traffic management and C

-ITS/connected vehicle solutions. Founded in 1984 and headquartered in

Trondheim, Norway, the company has annual revenues of approximately 1 billion

NOK, approximately 385 employees, offices in 17 countries, and a presence on all

continents. Q-Free is listed on the Oslo Stock Exchange under the ticker QFR.

www.q-free.com

Twitter: @Q-FreeASA