NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE PRESS RELEASE.

29 August 2017.

Reference is made to previous stock exchange announcements regarding the rights issue (the "Rights Issue") by EAM Solar ASA (the "Company") of 1,250,000 new shares with a nominal value of NOK 10 each (the "Offer Shares") at a subscription price of NOK 24 per Offer Share.

The subscription period for the Rights Issue expired 28 August 2017 at 16:30 hours (CET). The final result shows that a total of 2,604,740 Offer Shares were subscribed for during the subscription period. The Rights Issue has consequently been oversubscribed by approximately 108 per cent.

The allocation of the Offer Shares is based on the allocation criteria set out in the prospectus dated 8 August 2017 (the "Prospectus"). A total of 1,250,000 Offer Shares have been allocated. Approximately 1,161,721 Offer Shares have been allocated to subscribers on the basis of exercised subscription rights. Approximately 88,279 Offer Shares have been allocated to holders of subscription rights as a result of oversubscription. No Offer Shares have been allocated to subscribers without subscription rights.

Notices of allocation of Offer Shares and the corresponding subscription amount to be paid by each individual subscriber are expected to be distributed today. Payment for the allocated shares falls due on 31 August 2017 in accordance with the payment procedures described in the Prospectus.

The Offer Shares may not be transferred or traded before they are fully paid and the share capital increase pertaining to the Rights Issue has been registered with the Norwegian Register of Business Enterprises. It is expected that the share capital increase will be registered in the Norwegian Register of Business Enterprises on or about 4 September 2017 and that the Offer Shares will be transferred to the VPS accounts of the subscribers and admitted to trading on the Oslo Axess on the same day.

Through the Rights Issue, the Company will receive proceeds of NOK 30 million before the deduction of transaction costs. The Company's general meeting resolved on 8 August 2017 to increase the share capital of the Company by NOK 12,500,000 through the issue of 1,250,000 Offer Shares in the Rights Issue. Following registration of the share capital increase in the Norwegian Register of Business Enterprises, the Company's share capital will be NOK 68,522,100, divided into 6,852,210 shares, each with a nominal value of NOK 10.

Carnegie AS acts as manager of the Rights Issue.

For further queries, 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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

IMPORTANT INFORMATION:

This announcement is not an offer to sell or a solicitation of offers to purchase or subscribe for securities of EAM Solar ASA. This announcement is not a prospectus for the purposes of Directive 2003/71/EC (as amended, together with any applicable implementing measures in any Member State, the "Prospectus Directive"). Copies of this announcement may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which this is barred or prohibited by law. The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, in any jurisdiction in which such offer or solicitation would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. A decision to invest in securities of EAM Solar ASA referred to in this announcement should be based exclusively on the prospectus published by EAM Solar ASA for such purpose.

This announcement and the information contained herein is not for publication or distribution into the United States of America and should not be distributed or otherwise transmitted into the United States or publications with a general circulation in the United States. This announcement does not constitute an offer or invitation to subscribe for or to purchase any securities in the United States of America. The new shares referred to herein have not been and will not be registered under the Securities Act or the laws of any state and may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). There will be no public offering of the new shares in the United States of America.

The information contained herein does not constitute an offer of securities to the public in the United Kingdom. No prospectus offering securities to the public will be published in the United Kingdom. This announcement is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons").

The new shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents.

Any offer of securities to the public that may be deemed to be made pursuant to this communication in any EEA Member State that has implemented Prospectus Directive is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive.

This publication may contain specific forward-looking statements, e.g. statements including terms like "believe," "assume," "expect," "forecast," "project," "may," "could," "might," "will" or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of EAM Solar ASA and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward- looking statements. EAM Solar ASA assumes no responsibility to up-date forward-looking statements or to adapt them to future events or developments.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

EAM Solar ASA published this content on 29 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 August 2017 12:22:02 UTC.

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