Revised proposal for REC Board of Directors

Sandvika, May 22, 2012; Renewable Energy Corporation ASA (REC) has received notification from Orkla ASA (Orkla) on a revised proposal for REC Board of Directors. After the earlier announcement of the recommendation for REC Board of Directors by the Nomination Committee, Orkla has made organizational changes, and Orkla has therefore put forward a revised proposal for shareholder elected board members in REC. Orkla furthermore proposes to reduce the number of shareholder elected board members in REC from eight to five members.

Orkla proposes the following candidates for the REC Board of Directors; Jens Ulltveit-Moe, new (Chairman), Odd Christopher Hansen, re-elected, Heléne Vibbleus Bergquist, re-elected, Mimi K. Berdal, re-elected, Peter Ruzicka, new.

Orkla will support the re-election of Rune Selmar as member of the Nomination Committee, and it is furthermore proposed that Torkild Nordberg is replaced by Karl Otto Tveter as member. Orkla proposes Christian Berg, who is not on election this year, as new chairman of the Nomination Committee.

Voting on these proposals will take place at REC Annual General Meeting today at 13.00 CET at Høyres Hus, Stortingsgaten 20, 0161 Oslo.

About REC

REC is a leading vertically integrated solar energy company. REC produces polysilicon, wafers, cells and modules for the solar industry, and silicon materials for the electronics industry. REC also engages in project development in selected PV segments. Founded in Norway in 1996, REC employs around 3,200 people globally with revenues of more than NOK 13 billion in 2011. Please visit www.recgroup.com to learn more about REC.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)