ALLOCATION OF OPTIONS

Dublin, Ireland, 22 December 2023 – Transatlantic renewable independent power producer (“IPP”) Alternus Energy (OSE:ALT) (the “Company” or “Alternus”) today announced that the board of directors of Alternus has today resolved to increase the total number of options authorized under the Plan and allocate in total 6,000,000 options, excercisable at today’s closing share price and vesting over a period of four years, inter alia to members of the board of directors and the management team, pursuant to the Company's Share Option Plan which was previously approved and announced on 9 December 2021. The options have been allocated without payment of any consideration. The options were allocated to primary insiders as follows: 1,250,000 options to Chief Executive Officer, Vincent Browne. 1,250,000 options to Executive Vice Chairman of the Board, John Thomas. 1,000,000 options to Chief Financial Officer, Joseph Duey. 300,000 options to Chief Legal Officer, Tali Durant. 300,000 options to Chief Commercial Officer, David Farrell. 210,000 options to Chief Information Officer, Larry Farrell. 190,000 options to Altnua CEO, William Sadlier. 125,000 options to Chief Technology Officer, Gary Swan. 60,000 options to Chief Sustainability Officer, Gita Shah. 122,500 options to member of the board of directors, John McQuillan. 122,500 options to member of the board of directors, Tone Bjornov 122,500 options to member of the board of directors, Javade Chaudhri. The remaining 947,500 options were issued to other management and employees. Please see the attached forms of notifications. This information is subject to the disclosure requirements pursuant to Artcile 19 of the EU Market Abuse Regulation and Section 5-12 the Norwegian Securities Trading Act.