Q-FREE ASA - RESULT FOR THE FOURTH QUARTER 2010

"Good progress has been achieved during the fourth quarter 2010. We have
signed contracts for more than 550 MNOK post 3rd quarter, and
reestablished positive operating results and positive cash flow, - even
at moderate revenue level", says CEO Dr. Øyvind Isaksen.

HIGHLIGHTS //

·            Revenues 139 MNOK, 49 % reduction compared to Q4-09.
·            Operating profit (EBIT) 2.5 MNOK, 1.8 % margin
·            Pretax profit 8.1 MNOK, 5.9 % margin
·            Cash position strengthened, and expected to improve
further in the coming quarters
·            Order intake 248 MNOK
·            Order backlog 575 MNOK

Enclosures: Quarterly report and presentation

Trondheim, 8 February 2011

For further information, please contact:

CEO Øyvind Isaksen, cell: 47 905 59 401

CFO Roar Østbø, cell: 47 932 45 175