Solar — Earnings Release 2013

Jan 30, 2014

REC Solar ASA - Preliminary figures for Q4 2013

REC Solar ASA - Preliminary figures for Q4 2013

Oslo, January 30, 2014 - REC Solar ASA (the "Company") was listed on Oslo Børs

on 25 October 2013, the same day that it acquired the solar entities previously

owned by REC Silicon ASA. Therefore, as of 31 December 2013, the Company has a

financial history of only two months. In order to provide better understanding

of the Company's trading performance, consolidated re-presented([1]) results

based on the full Q4 2013 have been prepared. These financials are unaudited.

Following a concern that the fourth quarter re-presented results are higher than

market expectations, a brief update is provided.

The Company's re-presented consolidated revenues for Q4 2013 are expected to be

USD 182 million, of which USD 181 million are related to the Module business.

Re-presented EBITDA for the same period is estimated to be approximately USD 21

million in the Module Business and USD 18 million on a consolidated group basis.

The improvement in the results is primarily caused by continued cost reductions

and sales volume growth for the Company's premium solar panels.

As of 31 December 2013 the Company had a cash balance of USD 68 million.

The Board of Directors has decided that the European based Systems business is

not part of the future strategy of the Company. The re-presented EBITDA of USD

18 million is after the European based Systems business incurred a re-presented

EBITDA loss of USD 3 million.

In Q4 2013 the Company's solar panel production was 228 MW.

The Company will account for the acquisition of the solar entities as a business

combination according to IFRS 3. The Company's Q4 2013 interim report will be

prepared in accordance with IAS 34 and will be based on the period starting from

25 October 2013 and ending 31 December 2013. The Company expects these

consolidated results to show revenues of USD 123 million and an EBITDA of USD

14 million. The EBITDA profit excludes a preliminary estimate of USD 121 million

of negative goodwill.

The Company will release its complete Q4 2013 financial results on Tuesday, 25

February 2014 at approximately 7:00 am (CET).

For further information, please contact:

Øyvind Hasaas, CEO

Phone: +65 9770 4708

E-mail: oyvind.hasaas@recgroup.com

Martin Cooper, CFO

Phone: +65 8518 2537

E-mail: martin.cooper@recgroup.com

Kim Boman, IR

Phone: +65 9035 9062

E-mail: kim.boman@recgroup.com

Please note:

([1]) The re-presented figures assume that the acquisition of the solar entities

occurred on the 1st October and represent 3 months of operations. The re-

presented figures exclude certain accounting effects that arise in connection

with the acquisition. Some of these could have had effect on the Q4 figures if

the acquisition had not occurred and the solar operations had been presented as

part of REC Silicon ASA. The re-presented figures for Q4 2013 have therefore not

been prepared in compliance with IAS 34 Interim Financial Reporting ("IAS 34")

and are unaudited.

REC Solar ASA announces certain preliminary estimates of its financial condition

and results from operations for the period ended 31 December 2013. The

preliminary financial estimates are subject to change. Any such changes could be

material. These preliminary estimates are not intended to be, and should not be

construed as a comprehensive statement of the Company's financial condition or

results for Q4 2013 and year ended 31 December 2013. Actual results may

ultimately materially differ.

With the exception of the change of presentational currency from NOK to USD the

accounting policies and methods of computation used in the preparation of the

preliminary financial information for the two month period are consistent with

the policies described in the prospectus dated 3 October 2013.

The re-presented EBITDA is not in accordance with IFRS, and among other things

exclude some effects that are accounted for in the preliminary purchase price

allocation according to IFRS 3, and should not be viewed as financial

information complying with IFRS. This prospectus includes a full description of

the Company's accounting policies.

About REC Solar ASA

REC Solar ASA is a leading global provider of solar energy solutions. With more

than 15 years of experience, we offer sustainable, high performing products,

services and investments for the solar industry. Together with our partners, we

create value by providing solutions that better meet the world's growing energy

needs. REC Solar ASA is headquartered in Norway and listed on the Oslo Stock

Exchange (ticker: RECSOL). Our 1,600 employees worldwide generated revenues of

USD 703 million in 2012.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1757947]