EAM Solar

Legal Proceedings Report • Aug 25, 2020

EAM Solar ASA: Legal status update

EAM Solar ASA: Legal status update

25 August 2020

On Monday, 24 August 2020 EAM received a notification that the Holiday Criminal Section of the Milan Appeal Court had rejected Aveleos’ request to suspend the enforceability of the provisional EUR 5m award.

In its Judgement of 18 April 2019, filed on 14 October 2019, the Criminal Court of Milan sentenced Igor Akhmerov, Marco Giorgi, and Aveleos to jointly pay a provisional damage to EAM Solar Asa and EAM Solar Italy Holding Srl in the amount of EUR 5 million.

On 27 July 2020 Aveleos filed a request to the Appeal Court to suspend the enforceability of this provisional award. On 19 August 2020 the case was heard before the Holiday Criminal Section of the Milan Appeal Court. The court rejected Aveleos’ application to suspend the enforceability of the provisional damage award.

While the award itself is now enforceable, it remains a provisional award. The award is capable of being overturned should the convicted individuals, Igor Akhmerov and Marco Giorgi, succeed in their appeals against conviction. The first hearing in this appeal proceeding will take place on 9 October 2020.

A courtesy translation into English of the judgement is attached together with the original judgement.

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 solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.