REC Silicon - Disclosure of large shareholding

Reference is made to the announcement made by REC Silicon ASA (“REC Silicon” or the “Company”) on 14 January 2022 regarding the strategic equity investment agreement between REC Silicon, Hanwha Solutions Corporation (“Hanwha Solutions”) and Aker Horizons ASA, through its subsidiary Aker Horizons Holding AS, pursuant to which REC Silicon shall issue, and Hanwha Solutions shall subscribe for, 48,213,001 new shares in REC Silicon at a subscription price of NOK 20 per share (the “Share Issue”) and Aker Horizons Holding AS have agreed to sell and Hanwha Solutions shall acquire 21,891,275 existing shares in the Company at a price of NOK 20 (the “Share Sale”).

Following completion of the Share Sale and the Share Issue, Hanwha Solutions’ ownership interest in REC Silicon will be approximately 16.67% through its holding of 70,104,276 shares in the Company. The foregoing calculations are based on 420,625,659 outstanding shares in REC Silicon after the issuance of the new shares in the Share Issue.

This information is subject to the disclosure requirements set out in section 4-2 of the Norwegian Securities Trading Act.