Q-FREE - MANDATORY NOTIFICATION OF TRADE

Trondheim, Oslo 11 November 2014: Chairman of the board, Terje Christoffersen has today purchased 25,000 QFR shares through his ownership in Tell It AS at an average price of NOK 12. Christoffersen owns indirectly through Tell It AS 45,072 shares in Q-Free ASA after the transaction.

Board member, Jan Pihl Grimnes has today purchased 132,000 QFR shares through his ownership in Redback AS at an average price of NOK 12. Grimnes owns directly and indirectly through Redback AS 1,687,000 shares in Q-Free ASA after the transaction.

CEO, Thomas Falck has today purchased 25,000 QFR shares through his ownership in Sølen AS at an average price of NOK 12. Falck owns indirectly through Sølen AS 63,483 shares in Q-Free ASA after the transaction.

CFO, Roar Østbø has today purchased 10,000 QFR shares at an average price of NOK 12. Østbø owns 100,000 shares in Q-Free ASA after the transaction. Østbø holds 150,000 share options in Q-Free ASA.

VP Managed services, Frank Kjelsli has today purchased 3,000 shares in Q-Free ASA at an average price of NOK 12. Kjelsli owns 10,000 shares in Q-Free ASA after the transaction.

VP Nordic, Pål Rune Johansen has today purchased 5,000 shares in Q-Free ASA at an average price of NOK 12. Johansen owns 5,000 shares in Q-Free ASA after the transaction.