FOURTH QUARTER 2022

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 fourth quarter 2022 results on February 23, 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.

› Fourth Quarter Highlights
› Financial Review
› Semiconductor Materials
› Solar Materials
› Yulin Update
› Supporting Initiatives

FOURTH QUARTER HIGHLIGHTS

Revenues: \$ 31.6M

EBITDA: (\$ 23.6M)

December 31, 2022 Cash Balance of \$ 105.3M

Cash Decrease During Q4 2022 of (\$ 26.0M)
- (\$ 22.2) Cash Outflows From Operating Activities
- (\$ 22.7M) Cash Outflows From Investing Activities
- (\$ 1.7M) Cash Outflows From Financing Activities
- \$ 5.1M Cash Effect From Foreign Exchange

Silicon Gas Sales

Sales Volume of 515MT (Decrease 12.2% vs. Q3 2022)
Silane Price Increase 4.2% vs. Q3 2022

Semiconductor Segment Polysilicon Sales

Semiconductor Grade Polysilicon Sales of 226MT
Total Polysilicon Sales of 302MT (Decrease 22.5% vs. Q3 2022)
Total Average Price Increase 3.2% vs. Q3 2022

Moses Lake Restart

All Required Activities Continue
First Production Target of Q4 2023 Unchanged

Markets

Binding Term Sheet with Hanwha Solutions for Polysilicon Executed
Inventory Drawdown and Corrections Continue Globally in our Focus Segments

	(USD MILLION) IN		Q4 -22		Q4 -21		2022		2021		Q3 -22
Revenues \$31.6M - Polysilicon Sales Volume Decrease by 22.5% vs. Q3-22 - Silicon Gas Sales Volume Decrease by 12.2% vs. Q3-22	Semiconductor Materials Solar Materials Other Revenues	\$ \$	31 5 0 1 0 1 31 6	\$ \$	43 2 0 0 0 1 43 2	\$ \$	147 4 0 2 0 2 147 8	\$ \$	142 8 0 1 0 2 143 2	\$ \$	36 6 0 1 0 1 36 7
EBITDA (\$23.6M)
- Impacts: Record High Periodic Energy Costs and Associated - Polysilicon Production Reduction Value Chain Inventory Drawdown and Producer Utilization - Drove Lower Silicon Gas Shipments	Semiconductor Materials Solar Materials Other EBITDA	\$ \$	(6 5) (10 5) (6 6) (23 6)	\$ \$	9 3 (2 6) (7 1) (0 4)	\$ \$	6 3 (19 9) (21 3) (34 9)	\$ \$	33 4 (5 7) (20 0) 7 7	\$ \$	(5 3) (3 3) (5 2) (13 8)
Solar Materials Segment - Net Expense of \$10.5M - Increased Restart Activities	EBITDA Margin		-74 7%		-1 0%		-23 6%		4% 5		-37 7%
Other
- Net Expense of \$6.6M - Increased Restart Activities	Polysilicon Production Polysilicon Sales		252 302		316 481		1 375 , 1 428 ,		1 225 , 1 636 ,		362 389
	Silicon Gas Sales		515		750		2 718 ,		3 078 ,		586