Lodbrok and Water Street Request REC’s Board to Summon an EGM to Elect New Director

LONDON–(BUSINESS WIRE)–Lodbrok Capital LLP recently sent the letter below to the Board of REC Silicon ASA, requesting they summon an EGM for the purpose of electing an additional board member.

REC Silicon ASA (“REC” or “the Company”)

Fornebuveien 84

PO Box 63

1324 Lysaker

Norway

Attn: The Directors of the Board

EXTRAORDINARY GENERAL MEETING AND NOMINATION OF A NEW DIRECTOR

24 October 2022

Dear directors,

Funds managed by Lodbrok Capital LLP (“Lodbrok”) and Water Street Capital, Inc. (“Water Street”) at the time of this letter together own more than 6% of the shares in REC. Lodbrok has been an investor in the Company since its inception in 2017, and Water Street first got involved with REC more than a decade ago. Both Lodbrok and Water Street share a belief that REC is significantly undervalued considering the strategic importance of its assets.

Lodbrok and Water Street are requesting the Board of Directors to summon an extraordinary general meeting (“EGM”) for the purpose of electing an additional board member, who will bring relevant industry knowledge and strong governance pedigree that can hopefully serve as a great asset to the Company. More details on the proposed candidate will be provided well in advance of the EGM.

In recent weeks, Lodbrok has been contacted by a wide array of investors in REC, ranging from large international institutions to a grassroot movement of passionate retail shareholders with a deep understanding of the value potential in REC, as well as the risks and challenges to unlocking this potential. Uniformly these investors have echoed Lodbrok’s view that there is scope to improve the governance dynamics in REC, which in the opinion of Lodbrok and Water Street is most easily addressed by the election of an experienced incremental director at the Board.

In the coming weeks, Lodbrok looks forward to providing more details and engaging in a dialogue with other investors about the EGM, and all material shareholders are welcome to reach out at info@lodbrokcapital.com.

Sincerely,

Mikael Brantberg

Chief Investment Officer

Lodbrok Capital LLP

Joachim Bale

Partner

Lodbrok Capital LLP

Contacts

Lodbrok Media Contacts

Nepean

Nepeanlodbrokteam@nepean.co.uk