Solar — Earnings Release 2015

May 29, 2015

REC Solar ASA : First Quarter 2015 results

REC Solar ASA : First Quarter 2015 results

Key highlights

* Closing of the sale of the business of REC Solar ASA to Bluestar Elkem

Investment Co. Ltd in May 2015

* Module revenues of USD 148.3 million, down 16.0% from Q4 2014 mainly due to

lower sales volumes to Europe

* EBITDA of USD 15.3 million, down 8.4%  from Q4 2014

* 263 MW of module production, up 2.0% from Q4 2014

* Solar panel cash cost at USD ~58 cents/Wp in Q1 2015, down ~2 cents/Wp from

Q4 2014

For more information, please see the attached first quarter 2015 report.

The earnings release concerning the first quarter 2015 results will be posted on

www.newsweb.no and on REC Solar's web site www.recgroup.com.

For further information, please contact:

Kim Boman

Investor Relations

Telephone: +47 959 63 912

Email: kim.boman@recgroup.com

About REC Solar ASA

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

(ticker: RECSOL).

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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