MARCH REPORT OF LEONARDO CORPORATION

The activity of Leonardo Corporation and our global licensee continued this month with the manufacturing of Ecats for electrical substations which demand 6/7 kV AC. These substations are in addition to the previously announced 20/22 kV AC plant.

Substantial progress has been made with the 25 kW prototype. Modules of 100 W and multiple assemblies are still envisaged; still pending is the decision about the delivery date of small assemblies. Those who have placed pre-orders will be contacted when we are ready to deliver and receive payment.

Warm Regards,
Andrea Rossi
CEO Leonardo Corporation