REC Silicon

REC Silicon - Claims under indemnity loans

Moses Lake, WA, November 18, 2020: Reference is made to the announcement from

REC Silicon ASA (the "Company") of 20 December 2019. As set out therein, the

Company received in December 2019 a claim of NOK 150 million (the "Claim") from

Nordea under an indemnification loan from Nordea related to the bankruptcy of a

former subsidiary in 2012. The relevant bankruptcy estates have not yet been

concluded. Nordea's Claim is based on an assumption from Nordea that its loss

will exceed said amount when the estates are concluded.

REC Silicon has now received a writ of summons (no: "stevning") which Nordea has

taken out before the Asker and Bærum District Court, for payment of the Claim.

The status of the Claim, including whether or not it may be time-barred in whole

or in part, continues to be subject to uncertainty. The Company will, together

with its advisors, consider the Claim and its basis, and revert with further

information as the process progresses.

For further information, please contact:

James A. May II, Chief Financial Officer

Phone: +1 509 989 1023

Nils O. Kjerstad IR Contact

Phone: +47 9135 6659

About REC Silicon

REC Silicon is a leading producer of advanced silicon materials, delivering

high-purity polysilicon and silicon gas to the solar and electronics industries

worldwide. We combine over 30 years of experience and proprietary technology

with the needs of our customers, with annual production capacity of more than

20,000 MT of polysilicon from our two US-based manufacturing plants. Listed on

the Oslo Stock Exchange (ticker: REC), the Company is headquartered in Lysaker,

Norway.

For more information, go to: www.recsilicon.com.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.

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