REC Silicon

Earnings Release • May 6, 2015

REC Silicon ASA's first quarter 2015 results

REC Silicon ASA's first quarter 2015 results

Fornebu, May 6, 2014: REC Silicon ASA reported first quarter 2015 revenues of

USD 74.4 million and EBITDA of USD 24.8 million.

REC Silicon reported first quarter revenues of USD 74.4 million, compared to USD

126.2 million in the previous quarter. The corresponding EBITDA during the first

quarter was USD 24.8 million compared to USD 38.0 million in the previous

quarter. The decrease in EBITDA can be attributed to lower sales volumes and

lower prices.

Second quarter production remained strong with total polysilicon production near

guidance provided. The company realized FBR cash production cost of $10.7/kg

compared to guidance of $11.5/kg.

"Continued strong and efficient operations coupled with safety as a top priority

allowed us to meet overall polysilicon and silicon gas targets for the quarter,"

commented Tore Torvund, CEO.

Weak overall market conditions, disruption caused by the West Coast port

slowdown in the US, and high production volumes resulted in inventory growth.

Market conditions exhibit signs of oversupply while it is anticipated that the

market will return to balance in the second half of 2015.

The Yulin JV Board approved the investment decision for the Expansion initiative

in China and construction activities will begin during the second quarter of

2015. Mr. Torvund said, "Activities in the Yulin JV are progressing according to

plan. The realization of this next generation FBR polysilicon plant will support

the increasing demand in China's growing PV industry."

Profit from continuing operations was USD 46.7 million in the first quarter,

compared to USD 119.0 million in the previous quarter. The decrease is caused

primarily by lower, but substantial, currency gains caused by a stronger US

dollar compared to the prior quarter.

Basic and diluted EPS from total operations was USD 0.02 in the first quarter

2015, compared to USD 0.02 in the previous quarter.

For more information, please see the attached first quarter 2015 report.

Morning program:

The Company will give a presentation at 08:00 a.m. CET today at Vika Atrium

Konferansesenter, Munkedamsveien 45 Oslo, Norway. The presentation will be in

English.

There will be a live webcast from the presentation which can be accessed from:

www.recsilicon.com.

It will also be possible to listen to the presentation through a conference

call. Please make sure to dial in 10 minutes prior to scheduled start time on

one of the following numbers:

Norway Toll Free: +47 23 16 2787

UK Toll Free: +44 (0)20 3427 1900

USA Toll Free:  +1-646-254-3361

International Toll: +44 (0)20 3427 1900

Please provide confirmation code 7393737 and state your name, company and

country of residence.

Afternoon program:

REC Silicon will host an analyst conference call with possibilities for

questions and answers later the same day at 3:00 p.m. CET. Please make sure to

dial in at least five minutes ahead of time to complete your registration.

Norway Toll Free: +47 23 50 0485

UK Toll Free: +44 (0)20 3427 1921

USA Toll Free:  +1-646-254-3387

International Toll: +44 (0)20 3427 1921

Please provide confirmation code 8707836 and state your name, company and

country of residence.

For further information, please contact:

Chris Bowes, Investor Relations

REC Silicon ASA

Phone: +1 509 793 8127

Email: chris.bowes@recsilicon.com

Nils O. Kjerstad

IR Contact Europe

Phone: +47 9135 6659

Email: nils.kjerstad@crux.no

About REC Silicon

REC Silicon ASA is a leading producer of advanced silicon materials, supplying

high-purity polysilicon and silicon gases to the solar and electronics

industries worldwide. We combine 30 years' experience and best-in-class

proprietary technology to deliver on customer expectations. Our two U.S. based

plants have a capacity of more than 20,000 MT high-purity polysilicon. REC

Silicon is headquartered in Moses Lake, Washington and employs approximately

720 people. Listed on the Oslo stock exchange under the ticker: REC.

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

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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