REC ASA - Purchase of own shares/mandatory notification

Sandvika, November 3, 2008; As part of the employee share purchase program, approved by the Annual General Meeting 19 May, 2008, Renewable Energy Corporation ASA has on November 3, 2008 purchased 294,200 shares at a price of NOK 69.36 per share which corresponds to the weighted average market share price on November 3, 2008.
 
After this transaction, and before allocating the shares to the employees, Renewable Energy Corporation ASA holds 294,200 treasury shares.
 
The shares will be allocated during November to the employees having subscribed for shares under the employee share purchase program.
 
As part of the REC as part of the share purchase program for employees, eight primary insiders in Renewable Energy Corporation ASA purchased shares at a price of NOK 69.36 before the discount offered to the employees.
 
Primary insider Ingelise Arntsen, Executive Vice President - REC Wafer purchased 505 shares.
After this transaction Ms. Arntsen and related parties hold 2,005 shares and 25,507 share options (strike price 178.59) in the company.
 
Primary insider Einar Kilde, Executive Vice President - REC Projects purchased 505 shares.
After this transaction Mr. Kilde and related parties hold 505 shares and 24,064 share options (strike price 178.59) in the company.
 
Primary insider Jørn Mobæk, employee representative on the Board of Directors, purchased 505 shares. After this transaction Mr. Mobæk and related parties hold 605 shares in the company.
 
Primary insider Unni Iren Kristiansen, employee representative on the Board of Directors, purchased 505 shares. After this transaction Ms. Kristiansen and related parties hold 2,005 shares in the company.
 
Primary insider Mona Christine Stensvik, employee representative on the Board of Directors, purchased 505 shares. After this transaction Ms. Stensvik and related parties hold 805 shares in the company.
 
Primary insider Rolf Birger Nilsen, employee representative on the Board of Directors, purchased 505 shares. After this transaction Mr. Nilsen and related parties hold 505 shares in the company.
 
Primary insider Nora Berg, executive assistant, purchased 433 shares. After this transaction Ms. Berg and related parties hold 433 shares in the company.