EAM Solar

Earnings Release • Jul 29, 2014

EAM Solar ASA

Short summary report

Highlights in the 2nd quarter 2014

Main activity in the second quarter was the finalization of the negotiations and due diligence of the P31 portfolio. The final agreements for the purchase were signed on the 26th of June.

• Q2 power production was 3,28 GWh, 7% above seasonal average, bringing first half year production to 4,8 GWh equivalent to 2% above normal for the period (excluding P31 power plants).
• Reported EBITDA in the quarter was EUR 607k, adjusted for P31 acquisition costs, EBITDA was EUR 868k. Slightly higher cost of operations in the quarter is related to maintenance.
• EAM published a Stock exchange notice on Monday the 28th of July commenting on subsequent events relating to the P31 portfolio acquisition. EAM will revert with more precise information shortly.
• EAM will issue a full Q2'2014 report in the coming days.

(EUR 000')	Unaudited Q2 2014	Unaudited Q2 2013	Audited 2013	Audited 2012	Audited 2011
Revenues	1 378	986	3 110	3 106	340
EBITDA	607	667	1 216	806	-1 151
EBIT	248	426	2 220	2 438	-1 299
EBITDA adjusted EBIT adjusted	868 508	729 488	1 729 489	1 714 678	-28 -176
Financial position
Cash Other current assets Long term assets	35 148 3 886 27 649	8 416 1 734 20 551	4 861 880 24 144	713 1 550 19 871	8 000 639 6 918
Total assets	66 683	29 522	29 885	22 134	15 558
Short term interest bearing debt Other short term debt Equity	7 831 304 58 548	0 668 28 854	0 561 29 324	5 420 1 198 15 516	0 1 383 14 175

Key figures

Adjusted EBITDA for non-recurring items such as cost of acquisition and financing, gains from bargain purchase etc.

Oslo, 29th of July 2014

Board of Directors

Second quarter 2014 – short summary report

EAM Solar ASA Dronningen 1 NO-0287 Oslo NORWAY

Phone: +47 - 2411 5716 E-mail: viktor@eamsolar.no

www.eamsolar.no