REC ASA - Terms of the NOK 4.5 billion rights i...

Sandvika, June 22, 2009. REC has today set the terms of its NOK 4.5
billion fully underwritten rights issue, as resolved by the
Extraordinary General Meeting on June 5, 2009:

  * The share capital of REC will be increased by NOK 170,453,354
    through an issue of 170,453,354 new shares.
  * Shareholders in REC as of end of trading June 22, 2009 will
    receive 1 transferable subscription right for every 2.9 existing
    shares held. 1 subscription right entitles the holder to
    subscribe and receive allocation of 1 new share.
  * The subscription period shall commence on June 29, 2009 and end
    on July 13, 2009 at 17:30 (CET).
  * The subscription price will be NOK 26.50 per share (this
    represents a discount to TERP of approximately 43 percent).
  * The rights issue is fully underwritten by REC's main
    shareholders, Orkla/Elkem and Hafslund, and other large
    shareholders, as well as by DnB NOR Markets, ABN AMRO Bank N.V.,
    BNP PARIBAS and Nordea Markets.

The Extraordinary General Meeting of REC  on June 5, 2009 resolved  a
share capital increase in the form  of a rights issue. REC has  today
determined the terms of the rights issue.

In the rights issue,  the share capital of  REC will be increased  by
NOK 170,453,354  through  an issue  of  170,453,354 new  shares.  The
existing shareholders in REC, as per the end of trading June 22, 2009
(recorded in the VPS on June  25, 2009), will receive 1  transferable
subscription right for every 2.9 shares held in REC as per the end of
June 22,  2009.  1 subscription  right  will entitle  the  holder  to
subscribe and receive  allocation of  1 new  share. The  subscription
rights will be tradable and listed on Oslo Børs with ticker "REC  T".
Any subscription  right  not used  or  sold during  the  subscription
period will lapse and cease to carry any value.

The subscription price per new share in the rights issue is NOK 26.50
per share. In  line with  current market  practice, the  subscription
price corresponds to a  discount of approximately  43 percent to  the
theoretical ex-rights price of NOK 46.21 based on REC's closing share
price on June 22, 2009. Following completion of the rights issue, the
share  capital  of  REC  will  be  NOK  664,768,079,  consisting   of
664,768,079 shares, each with  a nominal value of  NOK 1. The  rights
issue will result in gross proceeds to REC of NOK 4.517 billion.

The rights issue  is fully underwritten.  A consortium consisting  of
REC's main  shareholders Orkla/Elkem  and Hafslund,  and other  large
shareholders  including  Folketrygdfondet,   have  entered  into   an
underwriting agreement and thereby  committed to subscribe for  their
respective proportions  (covering  approximately  60%  of  the  total
equity offering), on the first  day of the subscription period  (i.e.
29 June 2009).

The remaining portion  of the  rights offering is  underwritten by  a
bank syndicate,  consisting  of DnB  NOR  Markets (acting  as  Global
Coordinator and Joint  Bookrunner), ABN AMRO  Bank N.V., BNP  PARIBAS
and  Nordea  Markets  (acting  as  Joint  Lead  Managers  and   Joint
Bookrunners).

Over-subscription by holders of subscription rights and  subscription
for shares without subscription rights is permitted. Further  details
of the terms of the rights issue will be described in the  prospectus
to be released on or about 29 June, 2009.

Expected timetable for the rights issue:


+-------------------------------------------------------------------+
| June 23, 2009       | REC  shares  trade   excluding  rights   to |
|                     | participate in the rights issue             |
|                     |                                             |
|---------------------+---------------------------------------------|
| June 25, 2009       | Record date  for determining  the right  to |
|                     | receive subscription rights, at which  date |
|                     | the VPS  shareholders  register  will  show |
|                     | shareholders of the Company as per the  end |
|                     | of trading June 22, 2009                    |
|                     |                                             |
|---------------------+---------------------------------------------|
| On  or  about  June | Publication of prospectus                   |
| 29, 2009            |                                             |
|---------------------+---------------------------------------------|
| June 29, 2009       | Subscription  rights  distributed  to   VPS |
|                     | registered shareholders  according  to  the |
|                     | record date transcript                      |
|                     |                                             |
|---------------------+---------------------------------------------|
| June 29 to July 13, | Subscription   period   and   trading    in |
| 2009 at 17:30 CET   | subscription rights                         |
|                     |                                             |
|---------------------+---------------------------------------------|
| On  or  about  July | Allocation and  announcement of  the  final |
| 17, 2009            | result                                      |
|                     |                                             |
|---------------------+---------------------------------------------|
| On  or  about  July | Payment                                     |
| 21, 2009            |                                             |
|---------------------+---------------------------------------------|
| On  or  about  July | Listing and commencement  of trading  in    |
| 23, 2009            | the  new shares issued                      |
|                     |                                             |
+-------------------------------------------------------------------+


Any changes to this timetable will be announced through the Oslo Børs
information system.

All information related to the rights issue will be made available on
www.recgroup.com/rightsissue

For more information, please contact;
Jon André Løkke, SVP & Investor Relation Officer, [phone]

For more information on the transaction, please contact;
DnB NOR Markets, [phone]

About REC
REC is the leading vertically  integrated player in the solar  energy
industry. REC Silicon  and REC  Wafer are among  the world's  largest
producers of polysilicon and wafers  for solar applications, and  REC
Solar is a rapidly growing  manufacturer of solar cells and  modules.
REC Group had revenues of NOK  8,191 million and an operating  profit
of NOK 2,529  million in 2008.  About 2,500 employees  work in  REC's
worldwide organization. Please also see www.recgroup.com.

NOT FOR RELEASE,  PUBLICATION OR  DISTRIBUTION, IN WHOLE  OR IN  PART
DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE
UNITED STATES:

This press release does  not constitute or form  part of an offer  or
solicitation to purchase  or subscribe for  securities in the  United
States. The securities referred to herein may not be offered or  sold
in the  United  States  absent  registration  or  an  exemption  from
registration as  provided in  the  U.S. Securities  Act of  1933,  as
amended. The Company does not intend  to register any portion of  the
offering of  the securities  in the  United States  or to  conduct  a
public offering of  the securities  in the United  States. Copies  of
this announcement are not  being made and may  not be distributed  or
sent into the United States, Australia, Canada, Hong Kong or Japan.


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