REC ASA - Result of management offering

Not for distribution to United States news services or for dissemination in the United States or elsewhere where such dissemination is not appropriate.
This press release is issued pursuant to the requirements of Norwegian law and the Oslo Børs and is not intended to be an offer to sell the securities.  This press release may not be relied upon by any person to whom it was not intended to be provided. These materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.  Renewable Energy Corporation ASA has not registered, and does not intend to register, any portion of the offering in the United States.
 
Høvik, 27 April 2006: Reference is given to press release of 21 April 2006 with respect to the Global Offering of 73,000,000 new shares and 1,600,000 secondary shares in Renewable Energy Corporation ASA (REC) in connection with the listing of REC on Oslo Børs, as well as the Prospectus of even date prepared in this regard.
 
Pursuant to the terms of the Global Offering as set forth in the Prospectus, a part of the offering, the Management Offering, is directed at the members of the executive management of REC. The maximum amount per applicant in the Management Offering was NOK 5,000,000. The application period in the Management Offering have now ended, with the following applications as a result:
 
Management member:   Position:  
 Amount (NOK): 
Erik Sauar SVP-Chief Technology Officer    5,000,000
Bjørn Brenna  Executive VP-Finance and Adm.  5,000,000
Thor Christian Tuv Executive VP-REC Solar          5,000,000
John Andersen  Executive VP-REC ScanWafer        5,000,000
Svànaug Bergland  Senior VP-Org.dev. and corp.com  1,000,000

The members of the executive management applying for shares in the Management Offering will pursuant to the terms of the offering receive full allocation for applications up to an amount of NOK 5,000,000 (rounded down to nearest round lot).
 
The application and order periods for the Retail Offering, the Institutional Offering and the Employee Offering will continue as described in the Prospectus.
 
For further information, please contact:
 
Erik Thorsen, CEO
+47 90756685