EAM Solar

Share Issue/Capital Change • Nov 14, 2017

EAM Solar ASA : Q3 2017 Financial Report

EAM Solar ASA : Q3 2017 Financial Report

Highlights in the quarter:

In the quarter the Company made a

share capital increase by the issuance

of 532 210 shares in the Company to

EAM Solar Park Management AS ("the

Manager"). The shares were consideration

for the financial participation

mechanism in the Management Agreement,

and were non-dilutive for the

shareholders. As part of the transaction

the Company recognised a cost and

debt of EUR 1 888 thousand that was

settled with the shares.

In the quarter the Company also conducted

a fully underwritten rights issue

with gross proceeds of NOK 30 million,

resulting in 1 250 000 shares being issued.

EBITDA for the first nine months 2017

came in at minus EUR 6.1 million. Adjusted

for legal costs and the purchase

of the financial participation mechanism,

and write down of receivable

against Aveleos SA, normal operations

yielded an EBITDA of EUR 1.9 million in

the first nine months of 2017, equivalent

to an EBITDA margin of 52 per cent.

The following special items have been

recognised during the quarter;

Provision for doubtful debt against

Aveleos SA of EUR 4 418 thousand,

given that Aveleos SA is de-facto

bankrupt.

Provision for cost coverage of legal

cost based on the agreement with

Therium of EUR 191 thousand.

Cost of settling the financial participation

mechanism of EUR 1 888

thousand.

Change in the management agreement

with effect of EUR 55 thousand.

For information, please contact:

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

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.