Solar — Audit Report / Information 2015

Jun 11, 2015

KPMG AS P.O. Box 7000 Majorstuen Sørkedalsveien 6 N-0306 Oslo

Telephone +47 04063 +47 22 60 96 01 Fax Internet www.kpmg.no Enterprise 935 174 627 MVA

To the Shareholders in REC Solar ASA under liquidation

INDEPENDENT AUDITOR'S REPORT

Report on the liquidation balance sheet and on the summary of assets, rights and liabilities ("Liquidation Reports")

We have audited the Liquidation Reports as at 31 May 2015 prepared in conjunction with the liquidation of REC Solar ASA. The Liquidation Reports are prepared by the liquidation Board of Directors.

The liquidation Board of Directors Responsibility for the Liquidation Reports

The liquidation Board of Directors is responsible for the preparation of the Liquidation Reports in accordance with the Norwegian Public Limited Liability Companies Act, and for such internal control as the liquidation Board of Directors determine is necessary to enable the preparation of Liquidation Reports that free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on the Liquidation Reports based on our audit. We conducted our audit in accordance with laws, regulations, and auditing standards and practices generally accepted in Norway, including International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Liquidation Reports are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures to the Liquidation Reports. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Liquidation Reports, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the liquidation Board of Directors' preparation of the Liquidation Reports, in accordance with the Norwegian Public Limited Liability Companies Act, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the Liquidation Reports.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the Liquidation Reports as at 31 May 2015 are in all material respects prepared in accordance with the Norwegian Public Limited Liability Companies Act.

Oslo, $\lambda$ 1 June 2015 KPMG AS

State Authorized Public Accountant

Offices in:

Oslo Haugesund Stavanoe Alta Knarvik Stord Arendal Kristiansand Straume Arendar
Bergen
Elverum
Finnsnes Larvik –
Tromse Larvik
Mo i Rana
Molde
Narvik rrenne
Trondheii
Tynset ensberg Sandefjord Grimstad lesund Hamar Sandnessjøer

KPMG AS, a Norwegian member firm of the KPMG network of indeper
member firms affiliated with KPMG International Cooperative ("KPMG
International"), a Swiss entity.

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