NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN OR SWITZERLAND, OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Sandvika, September 4, 2012: Reference is made to the stock exchange notices dated September 1, 2012 and September 4, 2012 related to the subsequent offering (the "Subsequent Offering") of minimum 1 and maximum 250,000,000 new shares (the "Offer Shares") at a subscription price of NOK 1.50 per Offer Share in Renewable Energy Corporation ASA ("REC"). The table below gives an overview of allocation of Offer Shares to primary insiders in REC.
| Name of primary insider | Allocation of Offer Shares | Total shareholding after allocation |
| Kjell Christian Bjørnsen | 3,900 | 6,003 |
| Bjørn Brenna | 60,000 | 95,511 |
| Ole Enger | 50,000 | 82,941 |
| Odd Christopher Hansen | 300,000 | 900,000 |
| Øyvind Hasaas | 5,000 | 11,065 |
| Kristin Meyer Jacobsen | 1,520 | 2,810 |
| Silje Johnsen | 5,000 | 8,569 |
| Florian Krumbacher | 2,043 | 4,086 |
| Peter Ruzicka | 512,590 | 1,032,590 |
| Tore Torvund | 15,000 | 31,486 |
| Mikkel Tørud | 4,000 | 8,666 |
For further information, please contact
Mikkel Tørud, VP & IRO, phone: +47 976 99 144
About REC
REC is a leading vertically integrated solar energy company. REC produces polysilicon, wafers, cells and modules for the solar industry, and silicon materials for the electronics industry. REC also engages in project development in selected PV segments. Founded in Norway in 1996, REC employs around 3,100 people globally with revenues of more than NOK 13 billion in 2011. Please visit www.recgroup.com to learn more about REC.
Important notice
This announcement is not an offer for sale of securities in the United States or any other country in which such offer would be unlawful or would require a prospectus, registration or other measures. The securities referred to herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. REC 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, Canada, Australia, Hong Kong, Japan or Switzerland, or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.