EAM Solar

Earnings Release • Feb 25, 2015

EAM Solar ASA: Q4 2014 Financial Report

EAM Solar ASA: Q4 2014 Financial Report

EAM: Q4 2014 Financial Report

25th of February 2015

The highlights from the report are as follows:

In the fourth quarter EAM signed a six-month standstill agreement with Aveleos

SA, in order to secure liquidity, and jointly clarify facts about the solar

power plants affected by the investigation by the prosecutor of Milan.

The reported Q4 power production was 6,3 GWh, 3% above the seasonal average,

bringing the full year 2014 production to 22,8 GWh equivalent to 2% below normal

for the period.

Reported EBITDA in the quarter was EUR -0,2m, adjusted for acquisition and

transaction costs, EBITDA was EUR 0,7m. There is a higher cost of operation in

the quarter compared with last year related to maintenance and increased scope

of operations, due to the P31 purchase.

The GSE cancelled the RID contracts for the SPVs affected by the on-going

investigations with effect from 31 December 2014. EAM subsequently entered into

new power purchase agreements with other counterparts for the sale of

electricity with effect from 1 January 2015.

EAM has had several court hearings during the fourth quarter 2014 and the first

quarter 2015. See report for further details.

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#1897474]