FIRST QUARTER 2023

PRESENTATION

DISCLAIMER

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 first quarter 2023 results on May 11, 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.

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› First Quarter 2023 Highlights
› Financial Review
› Semiconductor Materials
› Solar Materials
› Foundational Activities Update

FIRST QUARTER HIGHLIGHTS

Revenues: \$ 29.1M EBITDA: (\$ 23.0M)

March 31, 2023 Cash Balance of \$ 49.1M

Cash decrease during Q1 2023 of (\$ 56.2M)
- (\$ 28.9) Cash outflows from operating activities
- (\$ 22.5M) Cash outflows from investing activities
- (\$ 0.8M) Cash outflows from financing activities
- (\$ 4.0M) Cash effect from foreign exchange

Silicon Gas Sales

Sales volume of 640MT (increase 24.3% vs. Q4 2022)
Price decrease 6.8% vs. Q4 2022

Semiconductor Segment Polysilicon Sales

Semiconductor Grade Polysilicon Sales of 95MT
Total Polysilicon Sales of 183MT (decrease 39.2% vs. Q4 2022)
Total average price (including byproduct) decrease of 3.8% vs. Q4 2022

Moses Lake Restart

Site construction has commenced
First production target of Q4 2023 unchanged

Markets

Semiconductor market remains challenged
Anode material producer activity is showing tangible progress

Financing

\$110M three-year corporate bank loan finalized

FINANCIAL REVIEW

	(Millions USD)	Q1-23	Q1-22	2022	Q4-22
Revenues \$29.1M - Polysilicon Sales volume decrease by 39.2% vs. Q4-22 - Silicon Gas Sales volume increase by 24.3% vs. Q4-22	Semiconductor Materials Solar Materials Other Revenues	\$ 29.0 0.1 0.1 \$ 29.1	\$ 34.5 - 0.1 \$ 34.6	\$ 147.4 0.2 0.2 \$ 147.8	\$ 31.5 0.1 0.1 \$ 31.6
EBITDA (\$23.0M)
- Impacts: High periodic energy costs - Shipment deferrals - Solar Materials Segment - Net Expense of \$11.7M Increased restart activities -	Semiconductor Materials Solar Materials Other EBITDA EBITDA Margin	\$ (3.4) (11.7) (8.0) \$ (23.0) (79.2%)	\$ 10.7 (2.8) (4.4) \$ 3.6 10.3%	\$ 6.3 (19.9) (21.3) \$ (34.9) (23.6%)	\$ (6.5) (10.5) (6.6) \$ (23.6) (74.7%)
Other - Net Expense of \$8.0M Increased restart activities -	Polysilicon Production Polysilicon Sales Silicon Gas Sales	244 MT 183 MT 640 MT	395 MT 285 MT 764 MT	1,456 MT 1,502 MT 2,718 MT	267 MT 302 MT 515 MT