REC ASA - Trading update

Sandvika, June 22, 2009, with reference to the previously announced
NOK 4.5 billion rights issue, REC releases the following trading
update, which will be reflected in the rights issue prospectus
expected to be published on or around June 29, 2009.

- Information on the implementation of the rights issue, including
pricing, is expected to be determined after close of trading on June
22, 2009, together with signing of the final underwriting agreements
which will ensure full subscription of the NOK 4.5 billion rights
issue. The subscription period is anticipated to take place between
June 29, 2009 and July 13, 2009. The last day of trading of the
shares inclusive subscription rights will be today June 22, 2009.
Settlement is expected around July 21, 2009 and trading of the new
shares is expected to start on or about July 23, 2009.

- On June 19, the Company received an updated consent letter from its
bank syndicates to amend certain financial covenants. REC has also
secured a NOK 3 billion debt package consisting of a new loan
facility, an adjusted repayment structure and a bridge loan that will
run until a REC bond is launched at a later stage. An additional loan
facility of up to NOK 1 billion is presently in negotiation,
potentially increasing the debt package to NOK 4 billion.
Consequently, the aggregate gross liquidity effect from this
refinancing, both debt and equity, will be in the range of NOK 7.5 -
8.5 billion. Furthermore, with reference to the resolution adopted at
the extraordinary general meeting on June 5, 2009, REC may issue
convertible bonds during the second half of 2009. This will ensure
further robustness and flexibility, and enable REC to exploit
strategic opportunities.

- Regarding REC Solar: The weakening of the solar market has
continued so far into 2009 and REC Solar's sales prices for solar
modules for the whole year of 2009 on average is currently expected
to be down approximately 30 % compared to the average of 2008. As
previously communicated, production is currently running well below
design capacity.
- Regarding REC Wafer: REC Wafer sells a substantial portion of its
production on long-term contracts (4-8 years), generally with
predetermined volumes and prices. Due to the current market
situation, REC Wafer has received inquiries from a majority of its
customers with long-term contracts concerning possible adjustments to
delivery volumes and/or prices. It may be in REC Wafer's interest to
fully exercise its rights under the long-term sales contracts in
order to protect its position. On the other hand, it could be in REC
Wafer's commercial interest to, among other things, make individual
adjustments to the timing of shipments and/or prices in these sales
contracts, taking into consideration its long standing relationship
with key customers. Any adjustments will have an effect on EBITDA in
the relevant period. REC Wafer has so far only made certain minor
adjustments.

- Regarding REC Silicon: The Company announced in April 2009 that it
had encountered initial problems in the ramp-up of Silicon III. REC,
in close cooperation with its contractor, has redesigned the
discharge pipe and continues to test the implemented solution, which
so far has performed according to simulations. Generally, however,
interruptions must be expected in ramping up large complex chemical
plants, which implement new innovative technologies. There is
presently no change to the already communicated ramp-up schedule of
Silicon III.

- Regarding the Singapore Project: The project continues to trend
towards a lower capital expenditure compared to the initial
investment case, reflecting a less heated construction market. The
new plant is expected to be more cost competitive than REC's existing
facilities, ramp-up is expected to start in the first and second
quarter of 2010 and will be done in line with market demand and
prudent working capital management.

- Overall, average analysts' estimate reviews for 2009 published so
far in June seem to cater for these issues.


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.

Certain statements  contained  herein  that  are  not  statements  of
historical   fact,   may   constitute   forward-looking   statements.
Forward-looking  statements   involve   known  and   unknown   risks,
uncertainties and other factors that  could cause the actual  results
or events concerning the Company to be materially different from  the
historical results or from any future results expressed or implied by
such  forward-looking  statements.  Although  REC  has  attempted  to
identify important factors that could cause actual events or  results
to  differ  from  those   described  in  forward-looking   statements
contained herein, there can be no assurance that the  forward-looking
statements will prove to  be accurate as  actual future events  could
differ materially from those  anticipated in such statements.  Except
as may be required  by applicable law  or stock exchange  regulation,
REC undertakes  no  obligation  to update  publicly  or  release  any
revisions to these  forward-looking statements to  reflect events  or
circumstances after  the date  of  this document  or to  reflect  the
occurrence of unanticipated events.

  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.


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.