22 May 2024

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

This status update should be read in conjunction with the company's annual
report for 2023, and information given in the company's shareholder meeting on 3
May 2024.


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

The company will publish a report for the 1st quarter of 2024 before the stock
exchange opens on Friday 24 May. The quarterly report will contain complete
information regarding the activity in the 1st quarter, as well as commenting on
important events up to and including the publication date and the general status
of operations.

The extraordinary general meeting on 10 May revealed a need for precise
information for the company's shareholders. Considering the need for
information, as well as in preparation for necessary company decisions the
shareholders must make at the company's planned general meeting on Thursday 27
June, an information meeting will be held on Thursday 30 May. The purpose of the
information meeting is, among other things, to have a conversation and
discussion with the company's shareholders about possible ways forward for the
company after a possible decision in the criminal case in Milan on 13 June 2024.
The time and place will be communicated in a separate stock exchange
announcement.

The company will hold an ordinary general meeting on Thursday 27 June 2024. A
notice of the general meeting with proposed resolutions and documents will be
sent to the company's shareholders by the end of Thursday 6 June at the latest.

The criminal case in Milan:

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

The tribunal (judges) informed that they expect to publish their decision on the
question of guilt in the criminal case on 13 June 2024. If the Court of Appeal
publishes its decision on 13 June, it will probably only contain a short
decision 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 EAM Solar
ASA.

Final sentencing decisions with reasons must initially be published within 90
days of sentencing. However, this deadline can be extended by a further 90 days
if the court so wishes. As Italy has a court break for the entire month of
August, this month is not counted in the 90 days. The judgment in the Court of
Appeal can be appealed to the Supreme Court. The appeal deadline to the Supreme
Court 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 management
agreement was irrevocable for both parties until 2021. The board of Energeia AS
has informed EAM Solar ASA that the management agreement between the companies
is terminated from the 21st of  May 2024.

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

The basis for separating the operations of EAM Solar ASA and Energeia AS has
come i.e. because of the companies no longer having any ownership relationship
or 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 two
companies. After the listing of Energeia AS in 2022, where Energeia gained many
new shareholders, this is no longer the case.

The business focus for EAM Solar ASA is mainly several legal processes to obtain
justice after the fraud the company suffered in 2014, as well as ownership of
four 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's
defined core activities going forward.

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

Practical implementation of the establishment of a separate organization in EAM
Solar ASA will be discussed in the planned information meeting for the
shareholders 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 and
operates solar power plants. The Company currently owns solar PV power plants in
Italy. The plants are operating under long-term sales contracts. In addition,
the Company's business is lawsuits in relation acquisition of solar power
plants. This information is subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.