REC ASA - Primary insider transaction

Sandvika, July 20, 2009; With reference to the rights issue announced on May 19, 2009, the following primary insiders have been allocated shares in accordance with the principles set out in the prospectus after oversubscribing relative to the number of subscription rights received in the transaction.
 
Primary insider Tore Schiøtz (Board member in REC ASA) has subscribed to
86,206 new shares according to all the subscription rights received. In addition to rights received, Mr. Schiøtz oversubscribed by a total of 35,000 shares and was allocated 3,242 shares through the allotment process. After this transaction, Mr. Schiøtz and related parties hold 339,448 shares in REC.

Primary insider Ole Enger (President and CEO of REC) has subscribed to 689 new shares according to all the subscription rights received. In addition to rights received, Mr. Enger oversubscribed by a total of 7,500 shares and was allocated 25 shares through the allotment process. After this transaction, Enger and related parties hold 2,714 shares in REC.
 
Primary insider John Andersen, Jr. (Executive Vice President - REC Solar & Group COO) has subscribed to 47,407 new shares according to all the subscription rights received. In addition to rights received, Mr. Andersen oversubscribed by a total of 13,973 shares and was allocated 1,361 shares through the allotment process. After this transaction, Andersen and related parties hold 186,251 shares and 20,123 options in REC.
 
Primary insider Bjørn Brenna (Executive Vice President & CFO) has subscribed to 12,907 new shares according to all the subscription rights received. In addition to rights received, Mr. Brenna oversubscribed by a total of 9,393 shares and was allocated 482 shares through the allotment process. After this transaction, Brenna and related parties hold 50,830 shares and 25,507 options in REC.
 
Primary insider Jon André Løkke (Senior Vice President & Investor Relation Officer) has subscribed to 31,237 new shares according to all the subscription rights received. In addition to rights received, Mr. Løkke oversubscribed by a total of 33,967 shares and was allocated 1,237 shares through the allotment process. After this transaction, Løkke and related parties hold 123,069 shares and 11,731 options in REC.
 
Primary insider Tore Torvund (Executive Vice President - REC Silicon) has subscribed to new 1,379 new shares according to all the rights received. In addition to rights received, Mr. Torvund oversubscribed by a total of 13,621 shares and was allocated 50 shares through the allotment process. After this transaction, Torvund and related parties hold 5,429 shares in REC.
 
Primary insider Erik Sauar (Senior Vice President & CTO) has subscribed to 56,296 new shares. Further, Mr. Sauar oversubscribed by a total of 40,000 shares and was allocated 2,115 shares through the allotment process. After this transaction, Sauar and related parties hold 426,374 shares and 17,145 options in Renewable Energy Corporation ASA.
 
About REC
REC is the leading vertically integrated player in the solar energy industry. REC Silicon and REC Wafer are among the world's largest producers of polysilicon and wafers for solar applications, and REC Solar is a rapidly growing manufacturer of solar cells and modules. REC Group had revenues of NOK 8,191 million and an operating profit of NOK 2,529 million in 2008. About 2,500 employees work in REC's worldwide organization. Please also see www.recgroup.com.
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES:
 
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Hong Kong or Japan.