Q-FREE ASA - FRAME AGREEMENT IN BRAZIL - POTENTIAL OF 109 MNOK

Q-Free has been awarded a frame agreement for delivering tags and infrastructure to Centro Gestão Meios de Pagto (CGMP) in Brazil valued at 109 MNOK. Guaranteed order intake from this agreement will be 62 MNOK. CGMP is the largest tag distributor in Brazil and has been an established customer of Q-Free since 1999.

- Q-Free is the undisputable market leader in the Brazilian tolling market, having delivered approximately 2.2 million tags over the years. The tag market in Brazil is expected to increase significantly in 2010 due to the fast growth of the Brazilian economy, CEO Øyvind Isaksen comments. Q-Free has a fully owned subsidiary in São Paulo, Brazil. The frame agreement is expected to be delivered within the first quarter of 2011. Trondheim 9th of February 2010.

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