Appeal of Arbitration decision of 2019 in Milan dismissed by the Civil Appeal
Court of Milano

EAM Solar ASA filed on the 4th of July 2019 an appeal of the decision by Chamber
of Arbitration of Milan in case no. 8816 to the civil Court of Appeal of Milan
requesting the annulment of the arbitration award of the 2nd of April 2019.

The Civil Court of Appeal of Milan has decided to dismiss the request for the
annulment of the Arbitration.

The Arbitration decision of the Arbitral Tribunal in 2019 in the case no. 8816,
decided to dismiss EAM's claims for annulment of the Share Purchase Agreement of
2014 based on the claim of fraud. However, the Tribunal declared the right of
EAM to be compensated for losses suffered in connection with the breach of the
Representation and Warranties under the SPA within the limits of the liability
cap as defined in the SPA. The liability cap in the SPA is defined to be
approximately EUR 3,7 million.

The Tribunal also decided that the ascertainment of any fraudulent act or
behaviour of Messrs Giorgi and Akhmerov falls outside of the scope of the
Arbitral Tribunal's jurisdiction, thus concluding that the arbitration decision
was without any prejudice of any additional amount that might be found due
because of any fraudulent act or behaviour of Mr Giorgi or Mr Akhmerov.

The Arbitration decision of 2019 is still not final since EAM may decide to
appeal the dismissal by the Civil Appeal Court in Milan to the Supreme Court in
Italy within the deadline of the 22nd of September 2021.


Criminal proceedings in Oslo District Court against Enovos Luxembourg SA 

On Friday 28th of May, EAM Solar ASA filed a private criminal proceeding for the
crime of serious fraud against the company Enovos Luxembourg SA in Oslo District
Court. The criminal proceedings are now formally initiated by the Oslo District
Court. EAM will revert with information on court proceedings as this is
published by the court.



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.

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