EXERCISE OF SHAREOPTIONS IN Q-FREE ASA

In connection with the expiration of the share option program in the Company, the following primary insiders of Q-Free have subscribed for and sold the following numbers of shares in Q-Free at the following conditions on 7 Mai 2009:

Øyvind Isaksen, CEO, subscribed for 225,000 shares at a price of NOK 9.73, and has sold 182,511 shares at a price of NOK 15.80. New shareholding after the transaction is 72,489.

Per Fredrik Ecker, VP Sales, subscribed for 50,000 shares at a price of NOK 9.73, and has sold
45,000 shares at a price of NOK 15.80. New shareholding after the transaction is 5,000.

Hans Christian Bolstad, VP R&D, subscribed for 50,000 shares at a price of NOK 9.73, and has sold 48,000 shares at a price of NOK 15.80. New shareholding after the transaction is 2,000.

Marianne Sandal, VP Operations, subscribed for 50,000 shares at a price of NOK 9.73, and has sold 48,000 shares at a price of NOK 15.80. New shareholding after the transaction is 12,000.

Steinar Furan, VP Business development, subscribed for 50,000 shares at a price of NOK 9.73, and has sold 48,000 shares at a price of NOK 15.80. New shareholding after the transaction is 20,000.

Stein-Tore Nybrodahl, HR manager, subscribed for 15,000 shares at a price of NOK 9.73, and has sold 13,500 shares at a price of NOK 15.80. New shareholding after the transaction is 5,000.

Ole Jørgen Fredriksen, Chairman of the Board, subscribed for 100,000 shares at a price of NOK 9.73, and has sold 81,116 shares at a price of NOK 15.80. New shareholding after the transaction is 168,884.

Christian Albech, board member, subscribed for 50,000 shares at a price of NOK 9.73, and has sold 50,000 shares at a price of NOK 15.80. New shareholding after the transaction is 0.

Jan Pihl Grimnes, board member, subscribed for 50,000 shares at a price of NOK 9.73. New shareholding after the transaction is 1,475,000, whereof 1,425,000 is owned by his company Redback As.

Torild Skogsholm, board member, subscribed for 50,000 shares at a price of NOK 9.73, and has sold 50,000 shares at a price of NOK 15.80. New shareholding after the transaction is 0.

Mimi Kristine Berdal, board member, subscribed for 50,000 shares at a price of NOK 9.73. New shareholding after the transaction is 50,000.

Trondheim 7. May 2009.

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