EAM Solar

EAM Solar ASA : Q1 2016 Financial Report

Highlights in the first quarter 2016:

· All 25 power plants produced electricity in the 1st quarter. The power

production was 6,474 GWh, 12% below the seasonal average for the period. At the

end of April 2016 accumulated power production is 7% below budget.

· The 17 power plant with terminated contracts produced 5% below normal due to

lead-time on repair work.

· EBITDA in the quarter was a loss of EUR 581k, adjusted for legal costs and

SPVs with terminated FIT contracts, the EBITDA was positive with EUR 332k.

· The Criminal Court of Milan finalized the preliminary hearing on the 15th of

March. The Courts conclusion from the preliminary hearing was that EAM is a

victim of criminal contractual fraud, and that Enovos, Avelar and Aveleos are

regarded as financially liable for the damages suffered by EAM. The criminal

trial will commence the 7th of June 2016 in Milan.

· EAM appealed GSEs termination decision to the Administrative Court of Lazio. A

court hearing was conducted the 28th of April, and EAM expects a decision by the

Court during the 2nd quarter 2016 on the validity of GSEs termination decision.

· The 5 SPVs affected by the criminal proceedings was admitted to commence

financial restructuring by the Bankruptcy Court in Milan. The deadline for

reaching a financial restructuring plan for court approval is the 8th of July

For information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, [email protected]

About EAM Solar: EAM Solar 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.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#2014708]

AI Terminal