EAM Solar

Legal Proceedings Report • Jul 5, 2024

EAM Solar ASA: Outcome of Milan Criminal Appeal

EAM Solar ASA: Outcome of Milan Criminal Appeal

4 July 2024

Today, 4 July 2024, EAM was informed of the outcome of the Milan Criminal Appeal proceedings where, under indictment point F, EAM held the status of a victim for the alleged fraud of Marco Giorgi and Igor Akhmerov.

The Court of Appeal of Milan has acquitted Akhmerov and Giorgi for fraud in relation to indictment point F and denied the civil liability of these defendants recognised in the first instance judgement in 2019.

In relation to indictment points B and D, the Court upheld the first instance determination of fraud against the State of Italy in relation to solar plants constructed under Conto Energia 2 and 4. However, the criminal offences are now time-barred by the statute of limitations, the Court of appeal did therefore not make any judgement on guilt. However, the court upheld the civil liability of SAEM, Aveleos and Avelar Management towards the civil parties under points B) and D).

At this moment EAM has no knowledge of the grounds or reasoning for the decision, having only received the short-form version of the judgement. EAM is informed that the full grounds of the judgement will be filed within 30 days. Since Italy has a court holiday in August, the full judgement may be published in September.

EAM is examining, with its legal counsel, a possible appeal to the Supreme Court of Cassation.

Attached is a copy of the decision in its original Italian.

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.