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Q-Free: Conversion of convertible bonds

Reference is made to the stock exchange notice published 5 January 2021 regarding Rieber & Søn AS’ conversion of its portion of Q-Free ASA’s NOK 80 million unsecured subordinated convertible bond loan (the “Convertible Bond Loan”), for an aggregate principal amount of NOK 49,500,000.

Q-Free ASA has now received conversion notices from the paying and conversion agent for the Convertible Bond Loan for bonds representing an additional amount of NOK 2,500,000. The aggregated received conversion notices representing NOK 52,000,000 of the Convertible Bond Loan will be converted into 14,313,633 new shares at the conversion price of NOK 3.6329.

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, Håkon 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.