EAM Solar

Legal Proceedings Report • Jan 11, 2019

EAM Solar ASA: Legal status update

EAM Solar ASA: Legal status update

11 January 2019

As previously announced in the quarterly report for the third quarter, the Company received in February 2018 a summons for allegedly false and misleading statements filed by Aveleos SA in Luxembourg in conjunction with the statements EAM made in its third quarter report 2017, where the Company made a provision for impairment on the receivables against Aveleos SA and explained the reasons for such impairment. The counterparty has twice asked for postponement of the proceedings and the first hearing took place on 11 October 2018. There was not enough time to finalise the hearing and it was therefore rescheduled for 12 November 2018. On 12 November the counterparty asked for yet another postponement and a new hearing was scheduled and took place on 3 December 2018.

Yesterday the Company received the ruling of the District Court of Luxembourg where it made the following statements:

They declare themselves territorially incompetent to hear the requested conservatory measures in respect of the subpoena,

They declare inadmissibility of the alternative request made by Aveleos at hearing on 3 December 2018,

They reject the request of Aveleos SA on the basis of Article 240 of the new Code of Civil Procedure,

They condemn Aveleos SA to pay to EAM Solar ASA EUR 1,500 , and

They let the costs of the case be borne by Aveleos SA

The criminal case is now in its final stages with closing arguments by the different parties. Further hearings have been scheduled and a verdict in the first instance may happen as early as the first quarter 2019, this is however uncertain.

For further information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar ASA: EAM Solar ASA is a utility company that acquires and operates solar power plants. The Company currently owns solar PV power plants in Italy. The plants are operating under long-term sales contracts. In addition, the Company's business is lawsuits in relation solar power plants.

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