REC Silicon

Major Shareholding Notification • Mar 23, 2015

Disclosure of shareholding

Disclosure of shareholding

DISCLOSURE OF LARGE SHAREHOLDING IN REC SILICON ASA

("the Company") UNDER SECTION 4 OF THE SECURITIES

TRADING ACT

This notification relates to the ordinary shares

(the "shares") of the Company.

We hereby notify you that on 19th March 2015 Morgan

Stanley & Co. International plc disposed of

37,631,871 shares of the Company. Following the

disposal, Morgan Stanley & Co. International plc held

a total interest in 0 shares, being approximately

0.00% of the issued share capital of the Company.

In addition and as at the same date, Morgan Stanley &

Co. LLC held an interest of 63,348,614 shares, being

approximately 2.74% of the issued share capital of

the Company and Morgan Stanley Smith Barney LLC held

an interest of 5,000 shares, being approximately

0.00% of the issued share capital of the Company.

As a result Morgan Stanley held a total interest of

63,353,614 shares being approximately 2.74% of the

issued share capital of the Company and therefore no

longer holds a notifiable interest in the Company.

Morgan Stanley & Co. LLC is a direct holder and is a

subsidiary of Morgan Stanley Domestic Holdings Inc.

Morgan Stanley Domestic Holdings Inc. is an indirect

holder and is a subsidiary of Morgan Stanley Capital

Management LLC. Morgan Stanley Capital Management LLC

is an indirect holder and is a subsidiary of the

beneficial owner Morgan Stanley (parent company).

Morgan Stanley Smith Barney LLC is a direct holder

and is a subsidiary of Morgan Stanley Smith Barney

Holdings LLC. Morgan Stanley Smith Barney Holdings

LLC is an indirect holder and is a subsidiary of

Morgan Stanley Domestic Holdings Inc. Morgan Stanley

Domestic Holdings Inc. is an indirect holder and is a

subsidiary of Morgan Stanley Capital Management LLC.

Morgan Stanley Capital Management LLC is an indirect

holder and is a subsidiary of the beneficial owner

Morgan Stanley (parent company).