REC subsequent offering: Mandatory notification of trade

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Sandvika, August 31, 2012: Reference is made to the ongoing subsequent offering (the "Subsequent Offering" of minimum 1 and maximum 250,000,000 new shares (the "Offer Shares") at a subscription price of NOK 1.50 per Offer Share in Renewable Energy Corporation ASA ("REC" or the "Company"). The table below gives an overview of subscriptions for Offer Shares and sales of shares carried out by primary insiders in REC. The subscriptions for Offer Shares and sales of shares included in the table were conducted yesterday, August 30, 2012.

Name of primary insider Total shareholding before transactions Subscription rights received Number of Offer Shares subscribed for Total shareholding after transactions*
Kjell Christian Bjørnsen (1) 5,703 3,590 3,900 5,693
Bjørn Brenna (2) 85,511 53,826 60,000 89,340
Ole Enger 32,941 20,736 50,000 53,677
Odd Christopher Hansen (3) 600,000 62,950 300,000 662,950
Øyvind Hasaas 6,065 3,817 5,000 9,882
Kristin Meyer Jacobsen 1,290 812 1,520 2,102
Silje Johnsen 3,569 2,246 5,000 5,815
Florian Krumbacher 2,043 1,286 2,043 3,329
Peter Ruzicka 520,000 327,340 512,590 847,340
Tore Torvund 16,486 10,377 15,000 26,863
Mikkel Tørud 4,666 2,937 4,000 7,603

*Does not include Offer Shares (if any) allocated due to oversubscription but includes specified sales of shares

(1) Primary insider Kjell Christian Bjørnsen has in addition sold 3,600 shares at a price of NOK 1.77 per share

(2) Primary insider Bjørn Brenna has in addition sold 50,000 shares at a price of NOK 1.80 per share

(3) Primary insider Odd Christopher Hansen bought 500,000 shares on July 30, 2012 that did not qualify for subscription rights in the Subsequent Offering. All shares are included in the specification of the shareholdings above.

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 electronic industry. REC also engages in project development in selected PV segments. Founded in Norway in 1996, REC employs around 3,100 people globally with revenues of more than NOK 13 billion in 2011, approximately EUR 1.7 billion or USD 2.4 billion. Please visit www.recgroup.com.

  

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