EAM Solar

Legal Proceedings Report • Jun 8, 2017

EAM Solar ASA :Conservative seizure of assets granted to EAM

EAM Solar ASA :Conservative seizure of assets granted to EAM

8 June 2017

In a ruling dated 31 May 2017, notified on 7 June 2017, the Court of Milan has

ordered the conservative seizure (pursuant to article 316 of the Italian

Criminal Procedure Code), in favour of EAM Solar ASA and EAM Solar Italy Holding

S.r.l., on all assets connected to Marco Giorgi and Igor Akhmerov, up to the

total amount of Euro 33.062.632,62.

The Court's decision was made in order to secure a possible compensation of part

of the cash outlay made by of EAM companies in July 2014 in conjunction with the

P31 fraud.

The amount identified by the court in this conservative seizure ruling is not to

be interpreted as a limitation to the final damages claims that may be awarded

EAM Solar ASA in the criminal proceedings in Milan.

The Court's decision was founded on the argument that with respect to the

accused Giorgi and Akhmerov, there is good reason to believe that the guarantees

for the payment of the civil obligations deriving from the crime of contractual

fraud is lacking or will be dispersed.

Although requested by EAM, the Court did not grant conservative seizure against

the parties with civil liabilities Aveleos SA, Avelar Energy Ltd and Enovos

Luxembourg SA. The Court's argument for not granting the conservative seizure of

assets was founded on the fact that;

"there is no doubt that such companies are entities of relevant economic

capability. [.] Thus, it is not proven, with respect to these companies, that

the guarantees for payment compensation claim to EAM companies' would be

lacking" (Ruling from the Court of Milan dated 31 May 2017, page 6).

The ruling can be appealed, pursuant to articles 318 and 324 of the Italian

Criminal Procedure Code, within ten days from the date of the seizure's

execution.

EAM will initiate the necessary measures to secure assets in accordance with the

Court's ruling.

For information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar: EAM Solar 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.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.