REC Silicon

Major Shareholding Notification • Dec 9, 2019

REC Silicon ASA: Potential block sale of existing shares.

REC Silicon ASA: Potential block sale of existing shares.

Oslo, Norway - 9 December 2019.

Umoe AS (the “Seller”) has retained Arctic Securities AS and Pareto Securities AS (the “Managers”) to explore a potential block sale of existing shares in REC Silicon ASA (the “Company).

The Seller is contemplating selling its entire shareholding of 64,217,774 shares in the Company, representing approx. 22.95% of the Company’s outstanding shares, through an overnight accelerated bookbuilding process (the “Offering”).

The Offering will commence immediately following the publication of this announcement and may be closed at short notice at the full discretion of the Seller and/or the Managers. A further announcement will be made following pricing of the shares in the Offering. The Seller reserves the right, at its own discretion, to sell no shares at all.

The Seller conducts this Offering in order to strengthen its balance sheet and focus its renewable investments towards its 100% owned biofuel operation in Brazil.

The Seller is represented on the board of directors in the Company, by Jens Ulltveit-Moe, and is thus defined as a primary insider subject to disclosure duties under the Norwegian Securities Trading Act Section 4-2.

For further information, please contact:

Arctic Securities AS / +47 21 01 31 85

Pareto Securities AS / +47 22 87 87 50