REC Silicon

Earnings Release • Feb 13, 2015

REC Silicon ASA's fourth quarter 2014 results

REC Silicon ASA's fourth quarter 2014 results

Fornebu, February 13, 2015: REC Silicon ASA reported fourth quarter 2014

revenues of USD 126.2 million compared to USD 126.5 million in the third

quarter. Higher polysilicon sales volumes were offset by lower polysilicon

prices and decreased sales volumes of silicon gases.

EBITDA for the fourth quarter was USD 38.0 million. Third quarter EBITDA

included the recognition of USD 101 million associated with the transfer of

technology to the Yulin JV. The underlying comparable EBITDA decreased by

approximately 17 percent compared to the prior quarter, primarily due to lower

polysilicon prices.

The polysilicon and silane gas loading expansion projects at Moses Lake and

Butte are proceeding according to schedule. Building permits have been obtained

and construction activity has commenced. The Yulin Joint Venture is also

progressing according to plan. The contract on detailed engineering has been

awarded and the work has commenced. REC Silicon made the first capital

contribution of USD 75 million to the JV in October 2014.

"Continued focus on efficient and stable operations resulted in record high

production volumes and secured REC Silicon's competitive cost position.

Although challenging market dynamics and the uncertainty created by the US/China

trade dispute led to pressure on solar grade polysilicon prices during the

quarter, REC Silicon's financials remain strong," commented Tore Torvund, CEO of

REC Silicon.

Net financial items resulted in income of USD 112.8 million, mainly reflecting

net currency gains, and fair value adjustment of convertible bonds offset by

interest expense.

Profit from continuing operations was USD 119.0 million in the fourth quarter,

compared to USD 119.5 million in the previous quarter.

Basic and diluted EPS from total operations was USD 0.05 in the fourth quarter

2014, unchanged from the previous quarter.

For more information, please see the attached fourth quarter 2014 report.

Morning program:

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

Konferansesenteret Høyres Hus, Stortingsgaten 20, 0117 Oslo, Norway. The

presentation will be held 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: +47 23 50 04 86

UK: +44 (0)20 3427 1909

USA:  +1 212 444 0412

International Toll: +44 (0)20 3427 1909

Please provide confirmation code 7022732 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.

International dial in: +47 23 50 04 86

Please provide confirmation code 1521035 and state your name, company and

country of residence.

For further information, please contact:

Mitra H. Negård, Investor Relations

REC Silicon ASA

Phone: +47 957 93 631

Email: mitra.negard@recsilicon.com

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 25 years of experience and proprietary technology with the

needs of our customers, and 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 Moses Lake, Washington

and employs 720 people.

For more information: www.recsilicon.com

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

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