EAM Solar

Legal Proceedings Report • May 11, 2015

EAM Solar ASA : Q1 2015 financial report

EAM Solar ASA : Q1 2015 financial report

Highlights in the first quarter 2015:

The reported Q1 power production was 7,0 GWh, 4.8% below the seasonal average

for the period.

Reported EBITDA in the quarter was EUR 1,0m, adjusted for acquisition and

transaction costs, EBITDA was EUR 1,3m.

24 April 2015 the company received the documents related to the criminal

investigation conducted by the court of Milan. In the received documentation the

prosecutor of the court of Milan has identified EAM Solar ASA as well as the

manager, EAM Solar Park Management AS, as civil victims of criminal contractual

fraud.

Hearing in the criminal proceedings has been set for 3 June 2015.

Claim filed to get the suspended tariffs reinstated. The company appealed the

unfavourable decision of the administrative court in December to a higher court,

and received a ruling in its favour by the Council of State in January 2015. The

Council of State has accepted the appeal as it deems that the claim filed with

the administrative court appears to be grounded.

The new hearing dates for the administrative court has been set for 9 July 2015

and 11 November 2015 where GSE must provide evidence of criminal activity to

support their actions and the administrative court must resolve on the merits of

the case, taking into consideration the ruling in the Council of State.

In the beginning of May, the GSE conducted inspections on the 17 power plants

affected by the suspension of tariffs. At the release of this report the

inspection had not yet been concluded.

For further information contact:

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

Audun W. Iversen, CEO, phone +47 9161 6250, audun@eam.no

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1920709]