Q-Free ASA — Share Issue/Capital Change 2021

Jan 5, 2021

Q-Free ASA - Conversion of convertible bonds

Q-Free ASA - Conversion of convertible bonds

(Oslo, 5 January 2021) Reference is made to the 80 million unsecured

subordinated convertible bonds due 19 May 2023 issued by Q-Free ASA (the

"Company").

Rieber & Søn AS, the Company's largest shareholder, has today exercised

conversion right for convertible bonds in the aggregate principal amount of NOK

49,500,000 million, which pursuant to standard terms set out in the bond terms

are convertible into 13,625,478 new shares in the Company at a conversion price

of NOK 3.6329 per share.

Following the conversion Rieber & Søn AS will own 50,258,397 shares in the

Company, representing 48,87 % of the total shares outstanding and voting rights.

Rieber & Søn AS do not have any remaining holding in the convertible bond

following the conversion.

Rieber & Søn AS is represented on the Q-Free Board of Directors by Trond Valvik.