REC Silicon — Major Shareholding Notification 2015

Jul 22, 2015

DISCLOSURE OF LARGE SHAREHOLDING

DISCLOSURE OF LARGE 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 and

voting rights (the "shares") of the Company.

We hereby notify you that on 21st July 2015 Morgan

Stanley & Co. International plc ("MSIP") disposed of

38,397,453 shares of the Company. Following the

disposal, MSIP no longer has a notifiable interest in

the shares of the Company due to the application of

the exemption available under Section 4-4 (2) of the

Norwegian Securities Trading Regulations.

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

Co. LLC held an interest of 71,455,216 shares, being

approximately 3.09% of the issued share capital of

the Company and Morgan Stanley Smith Barney LLC held

an interest of 4,000 shares, being approximately

0.00% of the issued share capital of the Company.

As a result Morgan Stanley held a total interest of

71,459,216 shares being approximately 3.09% 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).