EAM Solar

Legal Proceedings Report • Sep 14, 2016

EAM Solar ASA : Criminal Court of Milan decides that Enovos, Avelar and Aveleos are financially liable for damages

EAM Solar ASA : Criminal Court of Milan decides that Enovos, Avelar and Aveleos are financially liable for damages

14(th) of September 2016

On Tuesday the 13(th) of September, the Criminal Court of Milan reconvened the

proceedings of the criminal case 44638/13 against Igor Akhmerov, Marco Giorgi

and others concerning fraud against the State of Italy in conjunction with

application for Solar PV feed-in-tariff incentives and criminal contractual

fraud against EAM Solar ASA in conjunction with the sale of the P31 SPVs.

In the hearing on the 13(th) of September 2016, the three judges (tribunal) of

the 10(th) Criminal Division of the Court of Milan rejected the requests

presented by Aveleos S.A., Avelar Energy Ltd. and Enovos Luxembourg S.A. aimed

at obtaining their exclusions from the criminal proceedings in their quality of

financially liable parties towards EAM Solar ASA and EAM Solar Italy Holding

S.r.l.

Consequently, the Court has definitively confirmed the positions of the three

companies, summoned by EAM Solar ASA and EAM Solar Italy Holding S.r.l., as

financially liable parties for the economic damages arising from the criminal

offence of contractual fraud contested to the defendants Marco Giorgi and Igor

Akhmerov.

The proceedings will continue at the hearing on the 2(nd) of November 2016

scheduled for the analysis of the preliminary issues.

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.