NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

(Oslo, 10 March 2021) Reference is made to the stock exchange notices on 5 January, 6 January, 7 January, 13 January, 8 February and 12 February 2021 regarding conversions of  Q-Free ASA’s (the “Company”) NOK 80 million unsecured subordinated convertible bond loan, which was converted in its entirety to 22,020,972 new shares in the Company, each with a par value of NOK 0.38 (the “Listing Shares”).

The Listing Shares were issued on a separate ISIN until a listing prospectus for the shares could be approved by the Norwegian Financial Supervisory Authority. A listing prospectus dated 10 March 2021 has today been approved by the Norwegian Financial Supervisory Authority and the Listing Shares will be transferred to and registered on the Company’s ordinary ISIN NO0003103103 10 March 2021, and expected freely tradable on Oslo Børs 12 March 2021, under the trading symbol “QFR”.

For more information, please refer to the prospectus which will, subject to regulatory restrictions in certain jurisdictions, be available at the Company’s website, https://www.q-free.com/ir/corporate-governance/#prospectuses-8.

THE PROSPECTUS SERVES AS A LISTING PROSPECTUS ONLY. THE PROSPECTUS DOES NOT CONSTITUTE AN OFFER, OR INVITATION TO PURCHASE, SUBSCRIBE OR SELL, ANY OF THE SECURITIES DESCRIBED HEREIN, AND NO SHARES OR OTHER SECURITIES ARE BEING OFFERED OR SOLD IN ANY JURISDICTION PURSUANT TO THIS PROSPECTUS

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

For further information, please contact:

Trond Christensen, CFO, +47 481 02 754, trond.christensen@q-free.com

Håkon Volldal, President & CEO, +47 977 19 973, hakon.volldal@q-free.com

About Q-Free:

Q-Free ASA (OSE: QFR) is a global innovator in intelligent transportation systems that improve traffic flow, road safety, and air quality. With an open, collaborative approach to tolling, traffic and active transportation management, Q-Free works with customers and partners on every continent to digitize infrastructure and overcome modern mobility challenges for the greater good of society.

Headquartered in Trondheim, Norway, Q-Free has annual revenues of approximately 1 billion NOK and employs approximately 380 transportation innovators, experts and enthusiasts. To learn more about how Q-Free is changing the movements of life, visit www.q-free.com or Twitter:@Q-FreeASA