EAM Solar

EAM Solar ASA : Hearing in the Criminal Court of Milan confirms EAMs legal position as victim of fraud

15(th) of July 2016

On Wednesday the 13(th) of July, 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.

Yesterday, the Criminal Court of Milan confirmed the ruling made in the

Preliminary Hearing that EAM Solar ASA and EAM Solar Italy Holding Srl is to be

regarded as victims of criminal contractual fraud.

As previously announced, the preliminary hearing in the Criminal Court of Milan

concluded on the 16(th) of March 2016 that the Prosecutors Office of Milan's

request for trial was merited on all charges.

EAM has filed a petition to the Court of Milan to include Aveleos SA, Enovos

Luxembourg SA and Avelar Energy Ltd as financially liable for the damages

suffered by EAM stemming from the fraud. The Criminal Court of Milan is expected

to decide in this matter when the next proceedings commence on the 13(th) of

September 2016.

For information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, [email protected]

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.

[HUG#2028852]

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