EAM Solar

Legal Proceedings Report • Jan 20, 2021

EAM Solar ASA: Legal status update

EAM Solar ASA: Legal status update

20 January 2021

Criminal Appeal Court of Milan

The Criminal Appeal Court of Milan revoked the first instance decision of the Criminal Court of Milan, which concluded that EAM Solar ASA and EAM Solar Italy Holding Srl were victims of the fraud conducted by Igor Akhmerov and Marco Giorgi, indictment point “F”.

The Criminal Appeal Court also revoked the ruling to keep Aveleos financially liable for the acts of Akhmerov and Giorgi.

Akhmerov and Giorgi was acquitted by the Court for all points of indictment related to fraud against the GSE (State of Italy).

The Company will return with a more detailed legal status update in the near future.

The decision is not final and will be appealed.

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.