Value Proposition

9
© 2011 REC All rights reserved. Confidential
REC has a healthy debt/equity ratio compared to peers
REC Market Intelligence
Debt / Equity Ratio
(1)
comparison REC peers
Quarterly
(1) D/E= (short-term debt + long-term debt) / total shareholders equity; Calculation incl. bonds payable, notes payable and convertibles as part of debt
Source: Company statements
0,6
0.5
0.4
0.8
0.5
Q1 2013Q4 2012Q3 2012Q2 2012Q1 2012
è Healthy debt/equity ratio with 0.5 Q4 2012
and 0.6 Q1 2013 compared to the majority of
industry peers
è Otherwise, leading solar industry players are
continuously increasing their D/E ratio
ESTIMATES; BASED ON PUBLIC DATA
1.6
2.1
1.8
1.6
2.4
1.9
1.8
1.8
2.4
1.9
1.8
1.8
3.6
2.8
2.4
2.1
3.7
2.9
2.7
2.1
0.8
0.7
1.1
0.9
0.2
0.2
0.2
0.3
105.5
20.7
7.7
106.6
8.7
6.4
4.1
2.0
8.5
2.7
2.4