REC Silicon

REC Silicon - Board composition

Reference is made to the extraordinary general meeting that was held in REC

Silicon ASA ("REC" or the "Company") on 21 October 2022 where a new board was

elected, and to the background information published by the company on 14

October 2022.

The board of directors of REC Silicon elected on 21 October 2022 would like to

thank the shareholders of the company for their confidence and the former board

of directors for their valuable contributions to the company. The board confirms

its commitments as expressed in the statement from 14 October 2022.

The board has taken note of the investor feedback articulated by Lodbrok Capital

as well as feedback received from other investors, many of which are supportive

of what the company has achieved and the strategy going forward.

The board believes that with the important work facing the company going

forward, it is in the interest of the company to supplement the board with one

more director to complement the competence represented by the four current board

members.

There is already a search ongoing by the nomination committee to identify such

candidates, which predates the receipt of the original shareholder letter from

Lodbrok Capital. The board expects that it will call for an extraordinary

general meeting in the near future where the appointment of one more board

member will be on the agenda. The board anticipates that the nomination

committee will propose a candidate who is independent of the major shareholders.

We do hope that this additional information gives our shareholders confidence in

the board and nomination committee's intention to comply with good standards of

corporate governance, both in terms of the board composition and also in the

case of related party transactions, consistent with our previous announcements.

For further information, please contact:

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: RECSI), the Company's registered address is 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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