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Oslo, 21 February 2013

EAM Solar ASA applies for listing on Oslo Axess

EAM Solar ASA (“EAM Solar” or the “Company”) announces today that the Company filed an application with the Oslo Stock Exchange for listing of its shares for trading on Oslo Axess. The application for listing is expected to be considered at the Oslo Stock Exchange board meeting to be held on or about 20 March 2013.

EAM Solar is a utility company that acquires and operates solar power plants. The first two plants – Varmo and Codroipo in Italy – were acquired during the winter 2011/12. The two plants hold an aggregate production capacity of 4.65 MW, and are operating under long-term sales contracts covering the minimum economic lifetime of the plants. EAM Solar acquires power plants that are commissioned, connected to the grid and in power production at the time of financial close.

The contemplated initial public offering (“IPO”) and listing on Oslo Axess is a key step forward for EAM Solar, making the stable, high returns of solar power production available for a broader spectrum of investors and providing the Company with the capital access required to continue growing the Company.

EAM Solar is currently negotiating possible purchases of new solar power plants in Italy, which may considerably increase the Company’s electricity production capacity. New project investments will be funded through a combination of debt financing and new equity and in order to equity finance such growth, EAM Solar intends to carry out a new share issue of approximately NOK 100-200 million in connection with the listing. The Company has already received pre-commitments from a limited number of existing shareholders and new investors to subscribe for new shares in the IPO for an amount approximately corresponding to the low end of the indicative transaction size range.

The EAM Solar team represents a strong combination of solar PV expertise from manufacturing, power production, industrialization processes, investment banking and asset management focused on creating value through active ownership, entry into credible partnerships, and operational optimization processes.

Arctic Securities ASA and Carnegie AS have been retained as joint lead managers and joint bookrunners. Further information about the listing process and the contemplated IPO will be published at a later stage.

For further information please contact:

Audun W. Iversen, CEO, EAM Solar, phone +47 916 16 250, email [email protected]

Viktor E. Jakobsen, Chairman, EAM Solar, phone +47 916 11 009, email [email protected]

Important Notice

The distribution of this announcement may be restricted by law in certain jurisdictions. The Company assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. This announcement may not be used for, or in connection with, and does not constitute, any offer of securities for sale in the United States. This announcement is not for publication or distribution, directly or indirectly, in the United States (including its territories and possessions, any state of the United States and the District of Columbia). This announcement does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States.

This announcement is not and does not form a part of any offer for sale of securities. Any offering of the securities referred to in this announcement will be made by means of a prospectus. This announcement is not a prospectus for the purposes of Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the “Prospectus Directive”). Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.

The contents of this announcement have been prepared by and are the sole responsibility of the Company. The financial advisors are acting exclusively for the Company and no one else, and will not be responsible to anyone other than the Company for providing the protections afforded to their clients, or for advice in relation to the contents of this announcement or any of the matters referred to herein.

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