REC Silicon

Major Shareholding Notification • Mar 24, 2015

DISCLOSURE OF LARGE SHAREHOLDING IN REC SILICON ASA ("the Company") UNDER SECTION 4 OF THE SECURITIES TRADING ACT

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 20th March 2015 Morgan

Stanley & Co. International plc acquired an interest

in 32,500,780 shares of the company. Following the

acquisition, Morgan Stanley & Co. International plc

held a total interest in 126,705,486 shares, being

approximately 5.48% of the issued share capital of

the Company.

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

Co. LLC held an interest of 63,350,291 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

190,060,777 shares being approximately 8.21% of the

issued share capital of the Company, and now holds a

notifiable interest in the Company.

Morgan Stanley & Co. International plc is a direct

holder and is a subsidiary of Morgan Stanley

Investments (UK). Morgan Stanley Investments (UK) is

an indirect holder and is a subsidiary of Morgan

Stanley UK Group. Morgan Stanley UK Group is an

indirect holder and is a subsidiary of Morgan Stanley

Group (Europe). Morgan Stanley Group (Europe) is an

indirect holder and is a subsidiary of Morgan Stanley

International Limited. Morgan Stanley International

Limited is an indirect holder and is a subsidiary of

Morgan Stanley International Holdings Inc. Morgan

Stanley International Holdings Inc. is an indirect

holder and is a subsidiary of the beneficial owner

Morgan Stanley (parent 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).