Q-FREE - ANNUAL RESULT 2011

The Board of Directors of Q-Free ASA has today approved the Directors Report and the Consolidated Financial Statements for 2011. The Consolidated Financial Statements are presented according to IFRS and will be presented for final approval at the Annual General Meeting scheduled to be held 22nd of May 2012.

The Group's Annual Audited Consolidated Financial Statements include no changes compared to the preliminary results for 2011, presented in the fourth quarter report. The Board of Directors proposes to the Annual General Meeting that there will be no distribution of dividends for the accounting year of 2011.

The Annual report including the approved accounts will be published on the Company's website www.q-free.com together with the notice for the Annual General Meeting.

Trondheim 28.03.2012

For further information, please contact:

CEO Øyvind Isaksen, cell +47 908 76 398

CFO Roar Østbø, mobil +47 932 45 175

About Q-Free

Q-Free is a leading global supplier of solutions and products for Road User Charging and Traffic Surveillance having applications mainly within electronic toll collection for road financing, congestion charging, truck-tolling, law enforcement and parking/access control. Q-Free offers solutions and products based on state of the art technology, and is the leading supplier within DSRC (tag), ALPR (Automatic License Plate Registration) and GNSS (Global Navigation Satellite System) based solutions, with deliveries in Europe, Africa, Asia-Pacific, Middle East and North- and South America. The company has approximately 270 employees and is represented in 17 countries. Headquarter is based in Trondheim, Norway. Q-Free is listed on the Oslo Stock Exchange with the ticker QFR. www.q-free.com

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