Q-Free Q4 2008 Report / Consolidated Financials per 31.12.2008 (Unaudited)

During the fourth quarter 2008 Q-Free generated revenues of NOK 118.9 million, compared to NOK 102.7 million in the corresponding quarter 2007.

During the fourth quarter 2008 Q-Free generated revenues of NOK 118.9
million, compared to NOK 102.7 million in the corresponding quarter
2007. Operating profit (EBIT) in the fourth quarter 2008 totalled NOK
12.1 million, compared to NOK 4.6 million in the fourth quarter 2007 and
NOK 11.1 million in the third quarter 2008.


"The market activity remains high and the long term growth potential has
been confirmed. Through the acquisition of Building Capital Ltd. we have
taken further measures in becoming a technology neutral solution
provider", says CEO of Q-Free, Øyvind Isaksen.

Order intake during the quarter reached NOK 75.4 million. In addition
to an order for on board units (OBU) of NOK 10.6 million from HAC
(Hrvatske Autoceste d.o.o) in Croatia, the order intake during Q4-08
comprises smaller product and project orders from Norway, Brazil and
Australia, in addition to Automatic License Plate Reading (ALPR)
software licences orders to North America through Dacolian BV


HIGHLIGHTS Q4 2008

- Operating revenues of NOK 118.9 million compared to NOK 102.7 million
in the corresponding quarter 2007 and NOK 120.5 million in the third
quarter 2008.

- Operating profit (EBIT) of NOK 12.1 million compared to NOK 4.6
million in the fourth quarter 2007 and NOK 11.1 million in the third
quarter 2008.

- Gross margin of 67.5% compared to 71.9% in the fourth quarter 2007 and
61.2% in the Q3 2008.

- Profit before tax amounted to NOK 19.4 million, compared to NOK - 2.1
million in the fourth quarter 2007 and NOK 7.9 million in the third
quarter 2008.

- Order intake amounting to NOK 75.4 million compared to NOK 108.2
million in Q4-07 and NOK 127.6 million in Q3-08.

- Strong position for future growth.

HIGHLIGHTS 2008

- Operation revenues of NOK 509 million compared to NOK 411 million in
2007.

- Operating profit (EBIT) of NOK 44 million compared to NOK 21 million
in 2007.

- Order backlog of NOK 339 million compared to NOK 371 million per Q4-07
and NOK 380 million per Q3-08.

Associated companies: