EAM Solar

Share Issue/Capital Change • Jan 17, 2014

EAM Solar ASA - Stock exchange notice

EAM SOLAR ASA (+47) 241 15 796 Dronningen 1 N-0287 Oslo, NORWAY mail@eamsolar.no www.eamsolar.no

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS STOCK EXCHANGE NOTICE

EAM: Status of bookbuilding

17 January 2014

Reference is made to the stock exchange notice of 14 January 2014 related to the on-going equity financing in EAM Solar ASA ("EAM Solar" or the "Company") (the "Private Placement") in relation to the sale and purchase agreement (the "SPA") to acquire a portfolio of 31 solar power plants in Southern Italy, with a combined capacity of 30 MW and an average annual electricity production capacity of approximately 44 GWh (the "Acquisition").

Based on feedback received in the marketing of the Private Placement, the Company has decided to adjust the size of the transaction to NOK 200-230 million and set the offer price to NOK 80 per share. The Private Placement is covered within the adjusted size range. The book-building period will close at 16:30 CET today.

Based on the net proceeds from the Private Placement, available cash resources and a committed credit facility of NOK 50 million (at 6% interest p.a., if drawn) secured by the existing solar power plants in EAM Solar, the Company has the necessary funding required to complete the Acquisition. In addition, the SPA allows for partial and sequential closing of the Acquisition.

The completion of the Private Placement is subject to the approval by the Board of Directors of EAM Solar pursuant to the resolution by the Extraordinary General Meeting held Tuesday 17 December 2013. Notification of allotment and payment instructions are expected to be sent out on or about 20 January 2014. The payment date is expected to be on or about 22 January 2014 while the delivery of the shares offered in the Private Placement is expected to take place on or about 24 January 2014 (following the publication by the Company of a listing prospectus in compliance with section 7-3 of the Norwegian Securities Trading Act).

Private Placement subscriptions: ABG Sundal Collier Norge ASA: +47 22 01 60 04 Arctic Securities ASA: +47 21 01 31 85 Carnegie AS: +47 22 00 93 40

For further information, please contact: Viktor E Jakobsen, Executive Director, phone +47 9161 1009, viktor@eamsolar.no Audun W Iversen, CEO, phone +47 9161 6250, audun@eamsolar.no

About EAM Solar:

EAM Solar ASA is a power company that acquires and operates solar power plants. The Company currently owns four solar power plants in Italy that operate under long-term electricity sales contracts. EAM Solar acquires solar power plants that are commissioned, connected to the grid and in power production at the time of financial close.

For more information, please visit www.eamsolar.no

Important Notice

The release is not for publication or distribution, in whole or in part directly or indirectly, in or into Australia, Canada, Japan or the United States (including its territories and possessions, any state of the United States and the District of Columbia).

This release is an announcement issued pursuant to legal information obligations, and is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"). The securities may not be offered or sold in the United States

EAM SOLAR ASA

except pursuant to an exemption from the registration requirements of the Securities Act. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into Australia, Canada, Japan or the United States. The issue, exercise, purchase or sale of subscription rights and the subscription or purchase of shares in the Company are subject to specific legal or regulatory restrictions in certain jurisdictions. Neither the Company nor the Manager assumes any responsibility in the event there is a violation by any person of such restrictions.

Law may in certain jurisdictions restrict the distribution of this release. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Carnegie is acting for the Company and no one else in connection with the Private Placement and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing advice in relation to the rights issue and/or any other matter referred to in this release.

Forward-looking statements:

This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.