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REC Silicon - Announcement from Hanwha Solutions on nominated board members

On 18 November 2021 Hanwha Solutions Corporation announced an agreement with
Aker Horizons ASA ("AKH") and REC Silicon ASA ("REC") to acquire 16.67 percent
of the shares in REC through a private placement and a share purchase from AKH.
Completion of the transaction occurred on 19 January 2022.

On 23 March 2022 Hanwha Corporation and Hanwha Solutions Corporation announced a
new agreement to acquire the remaining 16.67 percent of the shares in REC held
by AKH. Completion of this transaction is expected to occur in May 2022.
Following this transaction Hanwha Corporation and Hanwha Solutions Corporation
will own up to 1/3 of the shares in REC and become the largest shareholder in
the company.

This press release is issued by Hanwha Corporation and Hanwha Solutions
Corporation. The purpose of the press release is to provide the shareholders of
REC with further information ahead of the Extraordinary General Meeting that is
scheduled to be held on 2 May 2022 to appoint new members to the board of
directors of REC.

The Hanwha group is a leading business enterprise based in South Korea with USD
61 Bn. of revenue and USD 199 Bn. of assets. Hanwha Solutions Corporation, one
of the key subsidiaries of the Hanwha group, is an PV supplier and manufacturer
globally, operating the largest module production plant in the US and has also a
significant presence in Europe through its Q CELLS division.

Q CELLS is a leading supplier with the highest market share in the US
residential market and commercial solar market with 24 percent and 21 percent,
respectively, and will continue to invest to expand the renewable business in
the US.

REC is a polysilicon producer with the lowest CO2 footprint worldwide, with the
production facility in Moses Lake being a key asset that is currently not
operating due to market distortions.

𝗗𝘂𝗿𝗶𝗻𝗴 𝟮𝟬𝟮𝟭 𝗮𝗻𝗱 𝟮𝟬𝟮𝟮 𝗺𝗮𝗿𝗸𝗲𝘁 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 𝗵𝗮𝘃𝗲 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁𝗹𝘆 𝗳𝗼𝗿 𝗥𝗘𝗖 𝘁𝗼 𝗽𝗹𝗮𝘆 𝗮 𝗸𝗲𝘆 𝗿𝗼𝗹𝗲 𝗶𝗻 𝗿𝗲𝘀𝘁𝗼𝗿𝗶𝗻𝗴 𝗮 𝗱𝗼𝗺𝗲𝘀𝘁𝗶𝗰 𝘀𝗼𝗹𝗮𝗿 𝘃𝗮𝗹𝘂𝗲 𝗰𝗵𝗮𝗶𝗻 𝗶𝗻 𝘁𝗵𝗲 𝗨𝗦. 𝗧𝗵𝗶𝘀 𝗿𝗲𝗽𝗿𝗲𝘀𝗲𝗻𝘁𝘀 𝗮 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗳𝗼𝗿 𝗿𝗲𝘀𝘁𝗮𝗿𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗼𝗳 𝘀𝗼𝗹𝗮𝗿 𝗴𝗿𝗮𝗱𝗲 𝗽𝗼𝗹𝘆𝘀𝗶𝗹𝗶𝗰𝗼𝗻 𝘄𝗶𝘁𝗵 𝗮𝗻 𝘂𝗹𝘁𝗿𝗮-̄𝗹𝗼𝘄 𝗰𝗮𝗿𝗯𝗼𝗻 𝗳𝗼𝗼𝘁𝗽𝗿𝗶𝗻𝘁 𝗮𝘁 𝘁𝗵𝗲 𝗠𝗼𝘀𝗲𝘀 𝗟𝗮𝗸𝗲. 𝗛𝗮𝗻𝘄𝗵𝗮 𝘄𝗶𝘀𝗵𝗲𝘀 𝘁𝗼 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝘁𝗵𝗲 𝗲𝗳𝗳𝗼𝗿𝘁 𝘁𝗼 𝗿𝗲𝗼𝗽𝗲𝗻 𝗠𝗼𝘀𝗲𝘀 𝗟𝗮𝗸𝗲,̓ 𝘁𝗼 𝗮𝘀𝘀𝗶𝘀𝘁 𝗥𝗘𝗖 𝗶𝗻 𝗮𝘀𝘀𝘂𝗺𝗶𝗻𝗴 𝗮 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗮𝘀 𝗮 𝗰𝗼𝗿𝗻𝗲𝗿 𝘀𝘁𝗼𝗻𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗨𝗦 𝘀𝗼𝗹𝗮𝗿 𝘀𝘂𝗽𝗽𝗹𝘆 𝗰𝗵𝗮𝗶𝗻. 𝗛𝗮𝗻𝘄𝗵𝗮'́𝘀 𝗮𝗺𝗯𝗶𝘁𝗶𝗼𝗻 𝗶𝘀 𝘁𝗼 𝗮𝘀𝘀𝗶𝘀𝘁 𝗥𝗘𝗖 𝘁𝗼 𝗿𝗲𝗼𝗽𝗲𝗻 𝘁𝗵𝗲 𝗠𝗼𝘀𝗲𝘀 𝗟𝗮𝗸𝗲 𝗳𝗮𝗰𝘁𝗼𝗿𝘆 𝗳𝗿𝗼𝗺 𝟮𝟬𝟮𝟯. 𝗜𝗻 𝗮𝗱𝗱𝗶𝘁𝗶𝗼𝗻,̓ 𝗮𝘀 𝗮 𝘄𝗲𝗹𝗹-̄𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝗲𝗱
𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿 𝗳𝗼𝗿 𝘀𝗶𝗹𝗮𝗻𝗲 𝗴𝗮𝘀,̓ 𝗥𝗘𝗖 𝗮𝗻𝘁𝗶𝗰𝗶𝗽𝗮𝘁𝗲𝘀 𝘃𝗮𝗿𝗶𝗼𝘂𝘀 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 𝘄𝗶𝘁𝗵 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝗳𝗿𝗼𝗺 𝗛𝗮𝗻𝘄𝗵𝗮.


The Extraordinary General Meeting is held to appoint new members to the board of
directors to reflect the new ownership situation in REC and Hanwha's commitment
to support the company. Hanwha has nominated four highly qualified candidates,
including two senior executives from Hanwha Solutions Corporation and Hanwha
Corporation, and two experienced independent directors. The proposed board will
be well positioned to take responsibility for the overall management of the
company and to ensure that the company maintains sound and proper
internal/external control against any potential risks.

Accordingly, it is our pleasure to nominate the board of directors composed as
below:

+--------------------+------------+-----------------+--------------------------+
| Name | Role | Nationality | Note |
+--------------------+------------+-----------------+--------------------------+
| | | | CEO of Hanwha Solutions/ |
| Mr. Koo Yung Lee | Chair |Republic of Korea| Q CELLS Division |
+--------------------+------------+-----------------+--------------------------+
| | | | CEO of Hanwha |
| | | | Corporation/Global |
| Mr. Maeng Yoon Kim |Deputy Chair|Republic of Korea| Division |
+--------------------+------------+-----------------+--------------------------+
| Dr. Renate | | | Professor at Technical |
| Oberhoffer-Fritz |Independent | Germany | University of Munich |
+--------------------+------------+-----------------+--------------------------+
| | | | Investor in early phase |
| | | | startups in the energy |
|Ms. Heike Heiligtag |Independent | Germany | sector |
+--------------------+------------+-----------------+--------------------------+

All four members have significant experience to provide leadership and the right
environment to effectively promote the success of the company for the benefit of
its shareholders. Hanwha Solutions Corporation and Hanwha Corporation consider
that all members are highly effective with a good understanding of the REC's
opportunities as well as managing any risks that come along with the business.
The members will be committed to carrying out the business in a responsible way
and remain focused on improving the business of REC on behalf of all the
shareholders.

For further information, please contact:
Nils O. Kjerstad
IR Contact
Phone: +47 9135 6659
Email: nils.kjerstad@crux.no

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 30 years of experience and proprietary technology with the
needs of our customers, with 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: RECSI), the Company is headquartered in Fornebu, Norway.

For more information, go to: www.recsilicon.com


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