REC Silicon

REC Silicon - Claims under indemnity loans

Moses Lake, WA, December 20th 2019: As set out in the 2018 Financial statements

(the "FS") of REC Silicon ASA (the "Company"), the Company has taken out an

indemnification loan from Nordea related to the bankruptcy of a former

subsidiary in 2012. In the FS, the Company advised that "at December 31, 2018,

the indemnification loan is NOK 200.0 million (USD 23.0 million) and can only be

called if certain conditions are met. Once the loan is called, outstanding

amounts will bear interest at a rate of NIBOR plus 0.5 percent. Although the

indemnification loan was callable in February 2016, this loan has not been

called and the timing of when it will be called is uncertain".

The Company has now received a claim of NOK 150 million from Nordea under the

indemnification loan. The relevant bankruptcy estates have not yet been

concluded, and the amount of loss suffered by Nordea as a result of the

bankruptcy may therefore not be calculated at this time. According to the claim

letter from Nordea, Nordea's current claim for NOK 150 million is based on an

assumption from Nordea that its loss will exceed said amount when the estates

are concluded.

The Company will therefore, together with its advisors, consider the claim and

its basis, and revert with further information when it has reached its

conclusions.

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 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 Fornebu, 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.

AI Terminal