REC Silicon ASA's first quarter 2014 results

Sandvika, May 9, 2014: REC Silicon ASA reported first quarter 2014 revenues of
USD 113.4 million and EBITDA from continuing operations of USD 17.5 million. Net
debt has been reduced to USD 212 million, down from USD 307 million at December
31, 2013.

REC Silicon Segment reported first quarter revenues of USD 113.3 million, down
from USD 124.8 million in the previous quarter. The corresponding EBITDA during
the first quarter was USD 19.5 million, down from USD 31.3 million in the
previous quarter. The reduced EBITDA is due to lower production volumes caused
by a planned outage in Silane IV. The outage was extended as a result of
conditions identified during regular maintenance. As a result of lower
production, FBR cash cost increased to USD 13.6/kg.

On February 26, REC Silicon signed a joint venture agreement with Shaanxi Non-
ferrous Tian Hong New Energy Co., Ltd. to build a 19,000 MT polysilicon plant in
the Shaanxi province in China.  This joint venture will utilize REC Silicon's
proprietary FBR technology and silane experience and represents a strategic step
forward in REC Silicon's ambition to be a leading supplier of high quality
semiconductor materials.

"The formation of the Yulin Joint Venture has secured REC Silicon's position as
leader in the industry, while significantly improving our financial strength,"
commented Tore Torvund, CEO of REC Silicon.  "I'm pleased with the continued
market acceptance of our granular polysilicon and the slight recovery in
prices.  Although the planned outage of Silane IV resulted in lower production,
it was completed without any adverse material findings."

Silicon gas sales volumes continued to be strong.  Sales were driven by a
combination of improved PV, TFT, and Semiconductor demand and by competitive
capacity being currently offline.

Net financial items were expenses of USD 54.6 million, mainly reflecting
interest expenses and fair value adjustments of the convertible bonds.

The loss from continuing operations was USD 49.7 million in the first quarter,
compared to a loss of USD 3.2 million in the previous quarter. The increased
loss mainly reflects lower EBITDA and fair value adjustments of the convertible
bonds.

Basic EPS from total operations was negative USD 0.02 in the first quarter
2014, compared to USD 0.0 in the previous quarter.

Despite anti-dumping duties on solar grade polysilicon imported to China,
polysilicon demand and prices increased compared to the prior quarter.

For more information, please see the attached first quarter 2014 report.

Morning program:
On the release day, Tore Torvund, CEO of REC Silicon will give a presentation
together with the CFO. The presentation will take place at 08:00 a.m. CET at
Swedbank's office, Filipstad Brygge 1 (8th floor), 0115 Oslo, Norway.

There will be a live webcast from the presentation which can be accessed from:
www.recsilicon.com. The presentation will be held in English.

It will also be possible to listen to the presentation through a conference
call. Please make sure to dial in 10 minutes prior to scheduled start time on
one of the following numbers:

Norway Toll Free: 800 56 054
UK Toll Free: 0800 279 4992
USA Toll Free:  1877 280 2342
International Toll: +44 (0)20 3427 1912

Please provide confirmation code 6053320 and state your name, company and
country of residence.

Afternoon program:
REC Silicon will host an analyst conference call with the possibility for
questions and answers later the same day at 3:00 p.m. CET. Please make sure to
dial in at least five minutes ahead of time to complete your registration.

International dial in: +47 2350 0486

Please provide confirmation code 9899880 and state your name, company and
country of residence.

For further information, please contact:
Pål Elstad, Investor Relations
REC Silicon ASA
Phone: +47 991 66 293
Email: pal.elstad@recsilicon.com

About REC Silicon
REC Silicon is a leading producer of advanced silicon materials, delivering
high-purity polysilicon and silicon gas to the solar and electronics industries
worldwide. We combine 25 years of experience and proprietary technology with the
needs of our customers, and annual production capacity of more than 20,000 MT of
polysilicon from our two US-based manufacturing plants. Listed on the Oslo Stock
Exchange (ticker: REC), the company is headquartered in Moses Lake, Washington
and employs 740 people.
For more information, go to: www.recsilicon.com

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)



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