THIRD QUARTER 202 3

PRESENTATION

Kurt Levens, CEO Jack Yun, CFO

This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for REC Silicon ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for REC Silicon ASA's businesses, energy prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the presentation. Although REC Silicon ASA believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. REC Silicon ASA makes no representations or warranties, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither REC Silicon ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

This presentation was prepared for the third quarter 2023 results on November 15, 2023. Information contained herein will not be updated. The following slides should be read and considered in connection with the information given orally during the presentation.

REC Silicon ASA shares have not been registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.

›Third Quarter Highlights ›The Business Opportunity ›Activity Update ›Financials ›Operations and Markets

›Summary

THIRD QUARTER HIGHLIGHTS

›Moses Lake restart was initiated by November 1 st -First silicon production in November as planned ›Revenues \$34.8M ›EBITDA (\$17.8M)
›Markets
-Solar PV oversupply persists
-Semiconductor stable potential for 2H 24 recovery
›Completed high-purity granular polysilicon offtake agreement
›Final tranche of funding secured

THE BUSINESS OPPORTUNITY

A SILICON MATERIAL COMPANY PROVIDING ENABLING MATERIALS FOR THE GREEN ENERGY TRANSITION

EXPOSURE TO ENERGY TRANSITION MEGATRENDS

* From 2025 and onwards

REC SILICON FEATURES

›Largest supplier of silane outside China
›Low-cost, low-carbon PV polysilicon producer
›Strong position with leading semi-industry players
›Largest silane ISO Module container fleet
›Immediate capacity for silane to Si-Anode material
›15% stake in Chinese 30,000 MT silane facility (still in the sale process in China)

Moses Lake

› 25,000 MT silane gas capacity
Prime high-purity granular polysilicon capacity 16,000 MT
~ 2,400 MT silane for merchant sales
› Risk mitigating offtake contract
› Low energy low cost and conflict-free

Butte

› 7,400 MT silane gas capacity
High purity Float Zone polysilicon
› Silicon gases
Production expansion for DCS (3x)
Ongoing loading/container expansion for high value silicon gases

TR Silicon JV

› 30,000 MT silane gas capacity
19,000 MT FBR-B granular
300 MT Siemens semiconductor grade
2,000 MT Silane gas loading

SILANE-BASED INDUSTRIES FACING DISRUPTIVE CHANGES

* See appendix for detailed information

REC SILICON ROAD TO SUSTAINABLE PROFITABILITY

Current Exposure Exposure 2025 ->

ACTIVITY UPDATE

MOSES LAKE RESTART

›Startup activities commenced at the end of October
›Systems are methodically and sequentially being brought online and stabilized
›First silicon production planned in November
›First shipments still planned in Q1 2024
›This startup and ramp phase will continue for the next 12 months
Evaluating opportunities for accelerating certain activities and timeline
›Project activities still on budget

BUTTE EXPANSION AND OPERATIONS

› DCS expansion qualification scheduling ongoing
First commercial deliveries will occur in 2024
Existing loading capacity de-bottlenecked by 30%
› 90% of new containers investment will be in place by mid year 2024
Semi recovery indications in 2nd half 2024 for some segments
Will supply 12 new sites with ISO Module containers in 2024
Under discussions with three additional ISO module opportunities in 2024
›Electricity hedging in place for 60% of demand through mid 2024
Polysilicon prices, product mix and volumes balanced accordingly

FINANCIALS

	(Millions USD)	Q3-23	Q3-22	2022	Q2-23
Revenues \$34.8M - Polysilicon Sales volume increased by 10.5% vs. Q2-23 - Silicon Gas Sales volume decrease by 11.1% vs. Q2-23	Semiconductor Materials Solar Materials Other Revenues	\$ 34.7 0.1 0.1 \$ 34.8	\$ 36.6 0.1 0.1 \$ 36.7	\$ 147.4 0.2 0.2 \$ 147.8	\$ 36.6 0.1 0.1 \$ 36.7
EBITDA (\$17.8M)
- Impacts: Restart activities -	Semiconductor Materials Solar Materials	\$ 6.1 (16.0)	\$ (5.3) (3.3)	\$ 6.3 (19.9)	\$ 10.1 (11.4)
Semiconductor Materials Segment - EBITDA of \$6.1M	Other	(8.0)	(5.2)	(21.3)	(7.2)
	EBITDA	\$ (17.8)	\$ (13.8)	\$ (34.9)	\$ (8.5)
Solar Materials Segment - Net Expense of \$16.0M	EBITDA Margin	(51.2%)	(37.7%)	(23.6%)	(23.0%)
Other	Polysilicon Production	281 MT	383 MT	1,456 MT	302 MT
- Net Expense of \$8.0M	Polysilicon Sales	199 MT	426 MT	1,502 MT	184 MT
	Silicon Gas Sales	754 MT	586 MT	2,718 MT	849 MT

SEMICONDUCTOR MATERIALS SEGMENT FINANCIAL PERFORMANCE

Revenues \$34.7M

5.3% decrease in revenues vs. Q2-23
Polysilicon Sales Volume 10.5% increase vs. Q2-23
Semiconductor Grade Polysilicon decrease by 2.2%
Polysilicon Sales Price 3.6% decrease vs. Q2-23
Semiconductor Grade Polysilicon 9.0% increase vs Q2-23
Silicon Gas Sales Volume 11.1% decrease vs. Q2-23
Silicon Gas Sales Price 0.6% decrease vs. Q2-23

EBITDA Contribution \$6.1M

\$4.0M decrease in EBITDA contributed vs. Q2-23
Decreased production volumes
7.7% decrease in Polysilicon Production vs. Q2-23 23MT

Sales Volumes
	Q3-23	Q3-22	2022	Q2-23
Semiconductor Grade	MT 140	MT 299	MT 1 045 ,	MT 143
Other Grades	59 MT	127 MT	456 MT	37 MT
Polysilicon Sales	MT 199	MT 426	MT 1 502 ,	MT 181
Silicon Gas Sales	MT 754	MT 586	MT 2 718 ,	MT 849

CASH FLOWS

September 30, 2023 Cash Balance \$121.7M

\$106.6M Increase in Cash During Q3'23

Cash Flows From Operating Activities \$8.7M

(\$17.8M) EBITDA
(\$0.3M) Working Capital
(\$3.2M) Increase in inventories
(\$2.3M) Decrease in receivables
\$5.6M Increase in payables
\$30.0M Advance payment received
\$1.6M Interest received
(\$4.7M) Interest paid
\$0.1M Other items

Cash Outflows From Investing Activities (\$40.8M)

(\$40.8M) Capital Expenditures

Cash Flows From Financing Activities \$138.5M

\$140.0M Term loans
(\$1.5M) Payment of Lease Liabilities

Foreign Exchange Effect \$0.2M

Debt Maturity Profile

(USD Million)

OPERATIONS AND MARKETS

Silicon Gas Sales

Sales Volume of 754 MT (decrease 11.1% vs. Q2 2023)
Price decrease 0.6% vs. Q2 2023

Semiconductor demand low but stable

Indications from Semi manufacturers support a possible 2nd half recovery in some segments
Largest impact is on molecules utilized by newer advanced processes and expansions
Opportunistically supplying into non-core applications and geographies

No change to fundamental opportunity

Investments in Semiconductor, Solar PV and Battery materials are real and have begun
Adoption of advanced processes in Semiconductor and Solar PV will result in an increase of Silicon Gases required per unit
Digitalization, Data, Electrification, AI, Energy Transition still in place, and still need Silicon Gas

Silicon Gas Sales Volumes (MT)

Semiconductor Grade Polysilicon Sales Volumes (MT)

Semiconductor Segment Polysilicon Sales

Semiconductor Grade Polysilicon Sales of 140 MT
Total Polysilicon Sales of 199 MT increase of 10.5% vs. Q2 2023
Total Average Price (including byproduct) decrease of 3.6% vs. Q2 2023

Market signals give mixed results

Mainstream CZ Polysilicon remains soft commensurate with Semi market and our position as marginal in this resource
FZ Polysilicon demand remains strong and consistent driven by Energy Transition and Electrification
In all cases shipments dictated primarily by product mix constraints and capabilities in line with maximizing value creation

Global solar installation growth continues

Total year forecast climbs to over 350GW

Prices stabilized in Q3

China prices still under pressure from overcapacity
Concerns around global module inventory will keep prices suppressed along supply chain
Demand for material produced outside of China is increasing
Ultra-low carbon modules
UFLPA concerns
USA domestic content requests

New manufacturing

China polysilicon prices lead to some expansion delays as expected
USA starting to see construction of new facilities

Mono Grade Average Polysilicon Price USD/KG

Source: PV Insights

SUMMARY

› Moses Lake restart has commenced with first deliveries targeted for Q1 2024 – Offtake agreement in place
›Butte operation has stabilized EG polysilicon inputs and mix through mid 2024
›Semiconductor market recovery possible in second half 2024
›Secured long-term financing of Moses Lake restart and Butte upgrades
›Ongoing discussions with Silicon Anode material producers and potential channel partners
›Sales process of interest in TR Silicon JV still in process and progressing

Thank You

Q4 2023 Reporting February 2024

AI Terminal

REC Silicon

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