REC ASA - Mandatory Notification of Trade

Hafslund has the 22nd of March sold 35 million shares in Renewable Energy Corporation ASA at a price of NOK 138.- per share. Tore Schiøtz, CEO of Hafslund Venture AS, is Chairman of the Board of Renewable Energy Corporation ASA and primary insider in Renewable Energy Corporation ASA. Hafslund owns following this sale, directly and indirectly, 70 411 520 shares in Renewable Energy Corporation ASA. Tore Schiøtz owns, directly and indirectly, 500 000 shares in Renewable Energy Corporation ASA.
 
Oslo, 22 March 2007