Fourth quarter 2008

HIGHLIGHTS

• Revenue growth of 27 percent
  • NOK 2,380 million versus NOK 1,874 million in the fourth quarter 2007
• EBITDA growth of 10 percent
  • NOK 936 million versus NOK 848 million in the fourth quarter 2007
  • EBITDA margin of 39 percent versus 45 percent in the fourth quarter 2007
  • Expansion cost of NOK 86 million versus NOK 55 million in the fourth quarter 2007
• EBIT growth of 3 percent
  • NOK 696 million versus NOK 677 million in the fourth quarter 2007
• Pre-tax profit of NOK 1,581 million and EPS of NOK 2.25
• Negative effect of inventory build-up and one-off items in REC Solar
• Long-term polysilicon and wafer contracts signed
• Post quarter events include:
  • Delayed start-up of REC Silicon plant III, announced in February 2009
  • Longer construction time and higher cost expected for mono expansion in Glomfjord