EAM Solar ASA: Company update

22 May 2024

Based on the decision of the Court of Appeal in Milan to postpone the decisionin the criminal case from 16 May to 13 June, as well as the interest linked tothe outcome of the criminal case in Milan, the company wishes to provideinformation to the company's shareholders about what is planned regardinginformation activity and company decisions in the remaining part of the secondquarter of 2024.

This status update should be read in conjunction with the company's annualreport for 2023, and information given in the company's shareholder meeting on3May 2024.

The company's reporting, planned information meeting and ordinary generalmeeting in May and June 2024:

The company will publish a report for the 1st quarter of 2024 before the stockexchange opens on Friday 24 May. The quarterly report will contain completeinformation regarding the activity in the 1st quarter, as well as commentingonimportant events up to and including the publication date and the generalstatusof operations.

The extraordinary general meeting on 10 May revealed a need for preciseinformation for the company's shareholders. Considering the need forinformation, as well as in preparation for necessary company decisions theshareholders must make at the company's planned general meeting on Thursday 27June, an information meeting will be held on Thursday 30 May. The purpose oftheinformation meeting is, among other things, to have a conversation anddiscussion with the company's shareholders about possible ways forward for thecompany after a possible decision in the criminal case in Milan on 13 June2024.The time and place will be communicated in a separate stock exchangeannouncement.

The company will hold an ordinary general meeting on Thursday 27 June 2024. Anotice of the general meeting with proposed resolutions and documents will besent to the company's shareholders by the end of Thursday 6 June at thelatest.

The criminal case in Milan:

On Thursday 16 May, the tribunal in the Court of Appeal in Milan held ahearingin the appeal process of the Milan Criminal Court's sentencing decision ofApril2019. As far as the company currently knows, the hearing on 16 May mainlyconsisted of the defendants' defenders reading out their points of appealagainst the indictment and the sentence of 2019 and lasted approx. 4 hours.

The tribunal (judges) informed that they expect to publish their decision onthequestion of guilt in the criminal case on 13 June 2024. If the Court of Appealpublishes its decision on 13 June, it will probably only contain a shortdecision on the question of guilt for the defendants according to the six (6)charges in the criminal case, of which one charge deals with fraud by EAMSolarASA.

Final sentencing decisions with reasons must initially be published within 90days of sentencing. However, this deadline can be extended by a further 90daysif the court so wishes. As Italy has a court break for the entire month ofAugust, this month is not counted in the 90 days. The judgment in the Court ofAppeal can be appealed to the Supreme Court. The appeal deadline to theSupremeCourt is 45 days after the Court of Appeal has published the full judgment.

Change in the management of EAM Solar ASA:

Energeia AS has managed the company EAM Solar ASA since 2010. The managementagreement was irrevocable for both parties until 2021. The board of EnergeiaAShas informed EAM Solar ASA that the management agreement between the companiesis terminated from the 21st of May 2024.

The management agreement has a notice period of 12 months. Energeia AS willassist EAM Solar ASA during this period with the management of the company asithas been carried out since 2010. Energeia AS will assist the board of EAMSolarASA with the establishment of a separate organization that will be able tocontinue operations as an independent company.

The basis for separating the operations of EAM Solar ASA and Energeia AS hascome i.e. because of the companies no longer having any ownership relationshipor any natural common business interests.

In the period from 2010 until the stock market listing of Energeia in 2022,there was a close connection in dominant share ownership between the twocompanies. After the listing of Energeia AS in 2022, where Energeia gainedmanynew shareholders, this is no longer the case.

The business focus for EAM Solar ASA is mainly several legal processes toobtainjustice after the fraud the company suffered in 2014, as well as ownership offour solar power plants in Italy.

Energeia AS focuses on its business activities related to the ownership,installation and operation of energy systems in the Netherlands and Norway.Management of other companies is not included as one of the Energeia group'sdefined core activities going forward.

The ordinary general meeting of EAM Solar ASA on 27 June 2024 will elect aboard. This board will have as one of its initial tasks to establish anindependent and viable organization with assistance from Energeia AS.

Practical implementation of the establishment of a separate organization inEAMSolar ASA will be discussed in the planned information meeting for theshareholders on 30 May 2024.

For further information, please contact:Viktor E Jakobsen, Chair, phone +47 9161 1009, viktor@eam.no About EAM Solar ASA: EAM Solar ASA is a utility company that acquires andoperates solar power plants. The Company currently owns solar PV power plantsinItaly. The plants are operating under long-term sales contracts. In addition,the Company's business is lawsuits in relation acquisition of solar powerplants. This information is subject to the disclosure requirements pursuant tosection 5-12 of the Norwegian Securities Trading Act.

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