In connection with the expiration of the share option program in the Company, the following primary insiders of Q-Free have subscribed for and sold the following numbers of shares in Q-Free at the following conditions on 3rd of Mai 2012: 

Øyvind Isaksen, CEO, subscribed for 225,000 shares at a price of NOK 15.57, 225,000 shares at a price of 17.89 and 225,000 shares at a price of 18.39. Isaksen has sold 657,000 shares at a price of NOK 22.50. New shareholding after the transaction is 119,989. Isaksen has after the transaction no further share options.

Roar Østbø, CFO, subscribed for 50,000 shares at a price of NOK 15.57, 50,000 shares at a price of 17.89 and 50,000 shares at a price of 18.39. Østbø has sold 139,000 shares at a price of NOK 22.50. New shareholding after the transaction is 74,000. Østbø has after the transaction no further share options. 

Per Ecker, VP Sales, subscribed for 50,000 shares at a price of NOK 15.57, 50,000 shares at a price of 17.89 and 50,000 shares at a price of 18.39. Ecker has sold 136,000 shares at a price of NOK 22.50. New shareholding after the transaction is 20,500. Ecker has after the transaction no further share options. 

Marianne Sandal, VP Operations, subscribed for 50,000 shares at a price of NOK 15.57, 50,000 shares at a price of 17.89 and 50,000 shares at a price of 18.39. Sandal has sold 136,000 shares at a price of NOK 22.50. New shareholding after the transaction is 37,000. Sandal has after the transaction no further share options. 

Steinar Furan, Advisor to CEO, subscribed for 50,000 shares at a price of NOK 15.57, 50,000 shares at a price of 17.89 and 50,000 shares at a price of 18.39. Furan has sold 137,000 shares at a price of NOK 22,50. New shareholding after the transaction is 35,500. Furan has after the transaction no further share options. 

Henrik Stoltenberg, VP BD and MA, subscribed for 50,000 shares at a price of NOK 17.89,50,000 shares at price of 18.39 and 50,000 shares at price of 20.50. Stoltenberg has sold 142,000 shares at a price of NOK 22.50. New shareholding after the transaction is 8,000. Stoltenberg has after the transaction no further share options. 

Jos Nijhuis, VP RD, subscribed for 50,000 shares at a price of NOK 17.80, and 50,000 shares at a price of 17.89. Nijhuis has sold 92,000 shares at a price of NOK 22.50. New shareholding after the transaction is 525,000. Nijhuis has after the transaction no further share options. 

Stein-Tore Nybrodahl, HR manager, subscribed for 15,000 shares at a price of NOK 15.57, 15,000 shares at a price of 17.89 and 15,000 shares at a price of 18.39. Nybrodahl has sold 30,000 shares at a price of NOK 22.50. New shareholding after the transaction is 22,500. Nybrodahl has after the transaction no further share options. 

Trondheim 3rd of May 2012.