EAM Solar (EAM) Status Update summary

Basis for extraordinary general meeting

• Shareholders can access all necessary information on EAM's website and in published stock exchange notices.

• A prospectus will be published to inform those interested in contributing equity.

• Participation or proxy submission for the general meeting is encouraged.

• Approval of the equity increase requires a two-thirds majority of both participating and cast votes.

• Liquidity is critical for continued operations; short-term funding can only be secured through a share issue.

Equity increase proposal

• Share capital to be increased by NOK 10–25 million via issuance of 100–250 million new shares at NOK 0.10 each.

• Pre-emptive rights are set aside, but registered shareholders at the end of the subscription period can subscribe.

• Subscription period runs from 17 October to 31 October 2024.

• Payment for shares must be made within three days after the subscription deadline.

• Estimated costs for the capital increase are NOK 400,000.

Legal status of criminal case

• The criminal case judgment in Milan is being appealed to the Italian Supreme Court.

• The appeals court upheld convictions for subsidy fraud against the Italian state but acquitted defendants of fraud against EAM.

• The judgment is not final; if not appealed, the 2019 conviction stands.

• A final conviction for fraud and subsidy fraud would breach a fundamental purchase agreement condition.

• This provides grounds for a civil lawsuit for damages suffered by EAM due to criminal acts.