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Q-Free: Conversion of convertible bonds

Reference is made to the stock exchange notice 12 January 2021 regarding issuance and registration of new shares following conversion of Q-Free ASA’s NOK 80 million unsecured subordinated convertible bond loan (the “Convertible Bond Loan”), for an aggregate principal amount of NOK 67,000,000.

Q-Free ASA has now received additional conversion notices from the paying and conversion agent for the Convertible Bond Loan for bonds representing an additional amount of NOK 2,000,000 This will be converted into 550,524 new shares at the conversion price of NOK 3.6329. The aggregated received conversion notices are thus representing NOK 69,000,000 of the Convertible Bond Loan.

The new shares will be issued following registration in the Norwegian Business Register of the share capital increase pertaining to the conversion of bonds. According to the terms of the Convertible Bond Loan, the new shares shall be issued no later than on the 11th business day following the date of receipt of the conversion notice. The new shares will be issued on a separate ISIN until a listing prospectus for the new shares has been approved by the Norwegian Financial Supervisory Authority.

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

For further information, please contact:

Interim CFO, Trond Christensen: +47 481 02 754

President & CEO, HÃ¥kon Volldal: +47 977 19 973

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 400 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.