EAM Solar

Earnings Release • Aug 14, 2018

EAM SOLAR ASA SECOND QUARTER 2018

14 August 2018

• 1. Power production H1'2018
• 2.H1'2018 financial results
• 1. Legal status update
• 4.Q&A

POWER PRODUCTION H1 2018

• Power production in the quarter of 4 103 MWh, 6% below same period in 2017.

• First half production of 6 133 MWh is 12% behind 2017 and 5% below normal P50 production level.

• Revenues H1 lower due to lower production volume first half compared to first half 2017

• Lower volume partly offset by slightly higher market price of electricity
• Costs in line with expectations
• Positive EBITDA from operations first half 2018 of EUR 982 thousand.
• Litigation costs EUR 1.25 million.

	Unaudited	Unaudited	Audited	Audited
EUR 000'	H1 2018	H1 2017	2017	2016
Revenues	2 064	2 199	4 213	4 454
Cost of operations	-358	-278	-769	-1 122
Sales, general and administration expenses	-724	-645	-1 688	-2 003
Legal costs	-1 245	-803	-6 649	-12 149
EBITDA	-263	472	-4 892	-10 820
Depreciation, amortizations and write downs	-932	-854	-1 909	-6 677
EBIT	-1 195	-382	-6 801	-17 497
Net financial items	-810	-52	97	-2 580
Profit before tax	-2 005	-434	-6 704	-20 077
Income tax gain/(expense )	-89	-34	-510	66
Net income	-2 095	-468	-7 214	-20 011

Two main legal processes ongoing in the first half

1) Criminal court of Milan

2) Arbitration proceedings in Milan

(Further comments given orally reflecting company reporting)