First quarter 2010

HIGHLIGHTS

• Revenue growth of 22 percent
  • NOK 2,360 million versus NOK 1,936 million in the first quarter 2009
• Improved overall volume demand although continued price pressure
• Operating results negatively affected by reduced sales prices, expansion and ramp-up costs and increased depreciation on assets taken in use
  • EBITDA NOK 415 million versus NOK 510 million in the first quarter 2009
  • EBIT NOK -125 million versus NOK 298 million in the first quarter 2009
• First modules shipped from Singapore - promising operational results from the initial phase of wafer, cell and module production
• The “REC Peak Energy Module” was launched at a well attended customer event at the Singapore plant on April 22, 2010.
• Securing long-term funding through fully underwritten gross NOK 4 billion rights issue and approximately NOK 10 billion in new credit and guarantee facilities to replace existing bank facilities.