Q-FREE FIRST QUARTER 2013 RESULTS

Q-Free reports an operating loss (EBIT) of NOK 53 million for the first quarter 2013, including a provision of NOK 25 million for restructuring costs under a new Profit Improvement Program. This compares to an operating loss of NOK 10 million in the first quarter 2012. Loss before tax was NOK 55 million in the first quarter 2013, down from a loss of NOK 8 million in the first quarter last year.Revenues increased by 14% to NOK 138 million in the first quarter, and the negative development in profitability mainly reflect changes in the revenue composition and increased operating costs.