CONTEMPLATED SECONDARY SALE OF SHARES IN RENEWABLE ENERGY CORPORATION ASA

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Orkla ASA ("Orkla") hereby announces a contemplated private placement of up to 329,569,968 existing shares in Renewable Energy Corporation ASA ("REC"). The price per share in the Private Placement will be determined through an accelerated book-building process. The minimum order and allocation has been set to the number of shares that equals an aggregate purchase price of at least the NOK equivalent of EUR 100,000.

The book-building period commences today, 30 April 2013, at 16:35 CET and may close at any time on short notice. Orkla may complete or terminate the Private Placement at its own discretion.

SEB and DNB Markets have been appointed as joint-lead managers and book-runners for the Private Placement.  

Orkla is currently a primary insider in REC.

For further information, please contact:
SEB, telephone  +47 21 00 85 32
DNB Markets, telephone +47 24 16 92 26
Oslo, 30 April 2013

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This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the Australia, Canada, Japan or the United States.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.