REC - Disclosure of proxies to EGM

Sandvika, July 19, 2012: In connection with the extraordinary general meeting (the "EGM") of Renewable Energy Corporation ASA ("REC") on July 27 2012, the chairman of the board Jens Ulltveit-Moe has received voting rights based on proxies for 399,656,140 shares, equal to 40.08% of the shares of  REC. The proxies apply exclusively for the EGM.

This entails that Mr. Ulltveit-Moe and closely related parties hold a total of 46.05% of the votes of REC, of which 40.08% as voting rights based on proxies and 5.97% through Mr. Ulltveit-Moe's closely related party Umoe AS (before the planned private placement of shares to be considered at the EGM).

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