Q-FREE-ANNUAL RESULT 2014

Trondheim 30 March 2014:The Board of Directors of Q-Free ASA has on 27 March 2014 approved the Directors Report and the Consolidated Financial Statements for 2014. 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 20 May 2015.

The Group's Annual Audited Consolidated Financial Statements include some changes from the preliminary full year results presented 12 February 2015:

These changes are related to acquisition of Open Roads and is the following:

• Tax cost is reduced from NOK 30.4 million to NOK 10.6 million, and the profit after tax is improved from a loss of NOK 46.8 million to a loss of NOK 27.0 million
• Goodwill is increased from NOK 173.0 million to 192.9 million and equity is increased from NOK 465.5 million to NOK 485.4 million
• Because of this change Earnings per share is increased from NOK -0,70 to NOK -0.42  

Detailed financial reports as of 31 December 2014 and an updated Purchase Price Analysis (PPA) of the Open Roads acquisition is attached to this announcement.

The Board of Directors proposes to the Annual General Meeting that there will be no distribution of dividends for the accounting year of 2014.

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.

For further information, please contact:

CEO Thomas Falck, cell +47 468 00 767

CFO Roar Østbø, cell +47 932 45 175

About Q-Free

Q-Free is a leading global supplier of products and solutions within Road User Charging and Advanced Transportation Management Systems. The Q-Free Group has approximately 400 employees with offices in 18 countries and presence on all continents. The Q-Free head office is in Trondheim, Norway. Q-Free is listed on Oslo Stock Exchange under the ticker QFR.

www.q-free.com

Twitter: @Q-FreeASA