REC ASA - Rights issue oversubscribed

Sandvika, July 14, 2009. Preliminary counts indicate that REC
received subscriptions for a total of approx. 269 million new shares.
170,453,354 new shares were offered. Thus, the rights issue was
oversubscribed by close to 60 percent.

Reference is made to the prospectus dated June 23, 2009 regarding the
fully underwritten rights issue of 170,453,354 new shares in REC at a
subscription price of NOK 26.50 per new share, with subscription
rights for existing shareholders as of the end of June 22, 2009.

The subscription period in the rights issue expired yesterday, July
13, 2009 at 17:30 (Oslo time). By the end of the subscription period,
preliminary counts indicate that REC had received subscriptions for a
total of approx. 269 million new shares. 170,453,354 new shares were
offered.

Allocation of shares to the subscribers is expected to be resolved by
the board of directors of REC on or about July 17, 2009 in accordance
with the allocation criteria set out in the prospectus. The final
result of the rights issue is expected to be published through Oslo
Børs' information system on or about July 17, 2009 and notifications
of allocated new shares and the corresponding subscription amount to
be paid by each subscriber are expected to be distributed in letters
from VPS on or about the same date.

The payment for the new shares falls due on July 21, 2009 in
accordance with the payment procedures described in the prospectus.

Through the rights issue REC will receive proceeds amounting to
approximately NOK 4,517 million before transaction costs.

It is expected that the share capital increase pertaining to the new
shares will be registered in the Norwegian Register of Business
Enterprises on or about July 23, 2009 and that the new shares will be
delivered to the subscribers' VPS accounts on or about July 24, 2009.

The share capital of REC will, as a consequence of the rights issue,
be increased with NOK 170,453,354 by issue of 170,453,354 new shares.
Following registration of the share capital increase, the Company's
share capital will be NOK 664,768,079 divided into 664,768,079
shares.

For the rights issue, DnB NOR Markets acted as Global Coordinator and
Joint Bookrunner, and ABN AMRO, BNP Paribas and Nordea Markets acted
as Joint Lead Managers and Joint Bookrunners.

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


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