Q-FREE ASA - RESULT FOR THE FIRST QUARTER 2011

“Progress continues, - increased revenues, improved profitability, good news flow, increased backlog  and settlement agreement in Slovakia signed”, says CEO Dr. Øyvind Isaksen.HIGHLIGHTS Revenues 170 MNOK. Operating profit (EBIT) 5 MNOK,  3.0 % margin Pretax profit 4 MNOK, 2.4 % margin  Order intake 237 MNOK Order backlog 642 MNOK Settlement agreement signed with SkyToll, - cash position expected to improve further in the coming quarters “The Company has already achieved some important wins in 2011, and it is all reasons to believe that 2011 will get us “back on track”