MINUTES OF THE ANNUAL GENERAL MEETING 2010

Q-Free ASA held its ordinary Annual General Meeting in Oslo on the 20th of May 2010 at 15:30 pm. The Board of Director’s annual report and the annual accounts for 2009 were approved unanimously. It was resolved that no dividends will be distributed for the financial year 2009. Jan Pihl Grimnes and Torild Skogsholm were re-elected as members of the Board of Directors. The Board of Directors will, according to this election, have the following composition: Ole Jørgen Fredriksen (Chairman) Christian Albech Mimi Kristine Berdal Torild Skogsholm Jan Pihl Grimnes Sissel Lillevik Larsen (Employee elected) Frank Aune (Employee elected) The Annual General Meeting approved the following Board Authorisations: Authorisation to increase the share capital up to approximately 10% of the share capital. The authorization will be in force until the 20th of May 2012. Authorisation to the Board of Directors to acquire the Company`s own shares, limited to up to approximately 5% of the Company`s share capital. The authorisation will be in force until the ordinary Annual General Meeting in 2011. A translation into English of the Minutes of the Annual General Meeting is enclosed. Oslo 20th of May 2010.

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