REC - Disclosure of significant holding and primary insider notice

Reference is made to the stock exchange notice on 30 April 2013 regarding a contemplated private placement of up to 329,569,968 existing shares in Renewable Energy Corporation ASA ("REC") by Orkla ASA ("Orkla") (the "Private Placement").

The book-building in the Private Placement has been successfully completed, and Orkla has today sold 329,569,968 shares in REC, representing 15.6 percent of the total outstanding share capital of REC, at NOK 1.59 per share. Following the sale, Orkla holds no shares in REC. As a result of the sale, Orkla will book a gain of approx. NOK 158 million in Q2.

As a consequence of the transaction Orkla has passed the thresholds of 15, 10 and 5 percent of the outstanding share capital, cf. the Securities Trading Act section 4-3 first paragraph.

SEB and DNB Markets have acted as joint-lead managers and book-runners for the Private Placement.

Orkla is considered as primary insider in REC.

Orkla ASA,
Oslo, 30 April 2013

For further information, please contact:

Rune Helland, SVP Investor Relations
Tel: +47 22 54 44 11/ +47 97 71 32 50

Håkon Mageli, Executive Vice President, Communication and Corporate Affairs
Tel: +47 928 45 828

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