EAM Solar

Legal Proceedings Report • Dec 2, 2021

EAM Solar ASA: Full Supreme Court annulment of acquittal decision received

EAM Solar ASA: Full Supreme Court annulment of acquittal decision received

2 December 2021

Reference is given to the Stock Exchange notice of the 7th of October 2021, whereby the Company was informed that the Supreme Court of Italy decided to annul the 20th of January 2021 judgment of acquittal by the Milan Criminal Court of Appeal in the subsidy fraud case against the State of Italy and contractual fraud against EAM Solar ASA.

The Supreme Court has now issued its full decision for the annulment of the acquittal ruling. The original decision (in Italian language) is attached to this stock exchange notice. An English translation will be issued as soon as this is ready.

The short summary of the reason for the Supreme Court to annul the Milan Appeal Court acquittal decision in its entirety is that the Supreme Court found that the Milan Appeal Court did not fulfil its obligation to conduct a correct and comprehensive review of the factual evidence in the criminal case, resulting in an erroneous evaluation of the evidence with the effect that the acquittal decision was based on obvious inconsistent and illogical arguments.

The Supreme Court is sending the criminal case back to a different chamber of the Milan Appeal Court for a new proceeding in the criminal case with the requirement that the new court proceedings must proceed with a complete review of the evidence, making correct application of the principles of law and the rules of logic as formulated in the Supreme Court decision.

On the fraud of EAM the Supreme Court concludes that the evidenced withholding of essential information during the contractual negotiations in itself constitute a contractual fraud.

Attachment: Supreme Court ruling of the 6th of October 2021 (Italian language).

For further information, please contact:

Viktor E Jakobsen, CEO, 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.