Q-FREE ASA – FOURTH QUARTER RESULT 2009

Q-Free achieved record high revenues and profitability in the fourth quarter 2009.

"We are pleased to present to our shareholders and employees all time high revenues and profitability this quarter. This is clearly the best motivation factor we can get", CEO Dr. Øyvind Isaksen comments. Highlights from the quarter - Record high revenues, 270.3 MNOK – 127 % growth compared to Q4-08 - Record high operating profit of 47.5 MNOK – 17.6% margin - Record high profit before tax amounted to 46.2 MNOK, - 17.1% margin - Gross margin of 65.3 % - Cash flow from operations, 34.8 MNOK - Order intake of 99 MNOK - Order backlog of 713 MNOK "2009 has given us a unique opportunity to take the next steps in the development of the company. The added references through successful delivery of the major projects in Slovakia, Portugal and Thailand are invaluable. We are currently exploring many important new projects, and with the new state of the art portfolio the company has formed a good basis for long term growth ", says CEO Øyvind Isaksen. Enclosures: Quarterly report and presentation Trondheim 10th of February 2010.

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