Italian Supreme Court Rejects all Appeals

18 Jun 2025 12:48 CEST

Yesterday, 17 June 2025, took place the hearing before the Italian Supreme Court
in relation to the appeals against the Appeal Court of Milan’s decision of 4
July 2024.

EAM has been informed that all appeals have been rejected. Those of the indicted
and of EAM. The decision of 4 July 2024 is now final. So far, no grounds for the
decision have been made. Such grounds are expected in around 60 days.

The Milan criminal proceedings which began with arrests in 2014 have now
concluded. Igor Akhmerov has been found liable for the crime contained in charge
B. Mr. Akhmerov, Marco Giorgi, Aveleos SA and Avelar Management have been held
liable for the crime contained in charge D.

EAM is disappointed in the Supreme Court’s decision not to reinstate the 2019
decision. The 2019 decision in EAM’s favor, along with the 2021 Supreme Court
annulment of the first appeal, has long given the company the justification to
believe that it had been a victim of contractual fraud. While EAM still believes
such, the company recognizes the judgement of the Italian courts.

Notwithstanding the decision of the Supreme Court, EAM has made plans for such
an outcome. One thing is clear: the Feed-in tariffs attached to power plants
purchased by EAM in 2014 were obtained with fraud. People who sold these assets
to EAM have been found liable for the frauds and sentenced to pay the Italian
State.

The company has been presented with a number of possible legal options which may
now begin since the criminal process has concluded. EAM will work with its
Italian civil counsels to determine which of, and when, these next processes
shall begin.

In the meantime, EAM will continue operating its 4 solar power plants with
Feed-in Tariffs in Italy and pursuing the amounts awarded in other venues.

EAM will revert to the market in the future once it has more information to
share.

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