REC Silicon — Major Shareholding Notification 2010

May 6, 2010

Combined disclosure and primary insider notification: internal transfer of the Orkla Group's shares in REC

The Orkla Group's total shareholding in REC accounts

for approximately 39.73% of REC's current share

capital. The shares are owned in part by Orkla ASA

directly, and in part by Elkem AS (a wholly-owned

subsidiary of Orkla ASA). Orkla ASA, which is

represented on REC's Board of Directors, and Elkem AS

have today decided to gather the Orkla Group's

holding of REC shares, which for historical reasons

has been divided between the two companies, in Orkla

ASA. This means that Elkem AS is transferring 155 912

989 shares in REC to Orkla ASA, equivalent to 23.45%

of current share capital. In addition, all of the

subscription rights issued to Elkem AS in connection

with the adopted rights issue in REC, which total 77

956 494 subscription rights, are being transferred to

Orkla ASA. Orkla ASA already owns 108 244 768 shares

in REC, equivalent to 16.28% of current share

capital. In addition, Orkla ASA has been allocated 54

122 384 subscription rights in connection with the

rights issue in REC.

The transfer does not entail any change in the Orkla

Group's aggregate holding of REC shares or

subscription rights. The transfer does not give rise

to any taxable gain, nor does it have any other real

economic consequences for the Orkla Group. The reason

for the transfer is that it is considered practical

to gather ownership in one company.

The shares and subscription rights are being

transferred at market price as of the date of the

agreement, i.e. NOK 17.46 per share and NOK 5.44 per

subscription right.

After this transaction, Orkla ASA holds a total of

264 157 757 shares and 132 078 878 subscription

rights in REC (approximately 39.73% of current share

capital and voting rights). Orkla's shareholding has

thereby exceeded the following disclosure thresholds

prescribed in section 4-2 of the Securities Trading

Act: 20%, 25% and 1/3. After this transaction, Elkem

AS holds no shares or subscription rights in REC.

Elkem has exceeded the following disclosure

thresholds: 20%, 15%, 10% and 5%.

Orkla ASA has been granted a dispensation by the Oslo

Stock Exchange under section 6-2 (3) of the

Securities Trading Act regarding mandatory bids.

The subscription rights referred to above are

warrants issued by REC in connection with the rights

issue approved on 29 April 2010. One subscription

right entitles the holder to subscribe for one new

share in REC. The subscription period will expire on

20 May 2010. Orkla will exercise all of the

subscription rights on the first day of the

subscription period, 6 May 2010.

Orkla ASA,

Oslo, 6 May 2010

Reference:

Rune Helland, SVP Orkla Investor Relations,

Tel.: +4722 544411

Siv Merethe Skorpen Brekke, Orkla Investor Relations,

Tel.: +4722 544455