PRESENTATION

Disclaimer 2021

THIRD QUARTER

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 2021 results on October 20, 2021. 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

Q3 Results

Financial Review

Silicon Gases & Semiconductor Update

US Solar Update

Battery Update

Yulin Update

Short-term Business Plan

Q&A

Revenues: \$36.2M EBITDA: (\$ 3.7M) Loss

September 30, 2021 cash balance of \$126.3M

Cash increase of \$2.7M
Cash inflows from operating activities of \$3.8M

Settlement of indemnification loans

Agreement reached on October 18, 2021
Settlement of all claims for \$10.8M
- Payment of \$3.7M from restricted cash
Income from discontinued operations of \$13.4M in Q3'21

BUTTE FACILITY

Investment in future growth

Expand distribution capacity
Improve Float Zone polysilicon product offering

Silicon gas sales

Sales volume of 728MT
Silane price increase 7.6% vs. Q2 2021

Semiconductor segment polysilicon sales

Semiconductor grade polysilicon sales of 234MT
Total polysilicon sales of 397MT
Total average price increase 20.0% vs. Q2 2021

MOSES LAKE FACILITY

Battery Materials Developments

Discussions with silicon anode companies ongoing

Solar Materials Developments

Increasing interest in development of US based PV supply chain
Continued strong PV demand

Financial Review

(USD million)	Q3 2021		Q2 2021		2020
	Revenues	EBITDA	Revenues	EBITDA	Revenues	EBITDA
Semiconductor Materials	36.2	1.8	35.5	11.5	121.4	36.3
Solar Materials	0.0	(2.3)	0.0	1.2	0.5	6.7
Other	0.1	(3.3)	0.1	(4.8)	0.1	(19.3)
REC Silicon Group	36.2	(3.7)	35.6	7.9	122.1	23.8

Key Financial Results – Semiconductor Materials

THIRD QUARTER

2021

› Total polysilicon sales volumes 397MT (15.0% decrease vs. 466MT in Q2'21)

Semiconductor grade volumes 234MT (37.6% decrease vs. 375MT in Q2'21)
20.0% Average price increase vs. Q2'21
- Higher mix of Solar Grade polysilicon (68.9% Solar Grade price increase vs. Q2'21)
39.4% Semiconductor grade price increase vs. Q2'21
- Due to high sales volumes of CZ grade semiconductor polysilicon during Q2 2021
› Silicon gas sales volumes 728MT (11.1% decrease vs. 819MT in Q2'21)
- 7.6% Silane price increase vs. Q2'21

EBITDA Contribution of \$1.8M

Compared to Q2'21 EBITDA contribution of \$11.5M

› (\$4.5M) forgiveness of C.A.R.E.S. Act Loan in Q2'21
› (\$2.9M) Higher electricity prices
› (\$2.3M) Lower manufacturing utilization due to completion of planned maintenance and delayed restart to avoid high electricity prices

Solar Materials

Revenues: \$0.0M EBITDA Contribution: (\$2.3M) Loss

› Net Expense of \$2.3M
- Comparable to prior period results excluding items of other income/expense
› Previous quarter results included:
- Q2'21 \$3.9M forgiveness of C.A.R.E.S. Act Loan
- Q3'20 \$16.0M Non-cash settlement of property tax

Other and Eliminations

› Net cost: (\$3.3M)
- Compared to (\$4.8M) in Q2'21
- Reduction in estimated expenses for employee incentive plans

THIRD QUARTER

Cash Flows

Cash inflows from operating activities \$3.8M

› EBITDA Loss of (\$3.7M)
› Working capital decrease \$8.3M
- Decrease in inventories \$6.8M
- Decrease in receivables \$1.8M
- Decrease in payables (\$0.2M)
› Customer Prepayments \$2.1M (Q4'21 Revenues)
› Interest paid (\$2.2M)
› US pension plan contributions (\$0.3M)
› Currency loss of (\$0.3M) (Stronger USD vs. NOK)
› Changes in other assets and liabilities (\$0.1M)

Cash outflows from investing activities (\$0.6M)

› Capex (\$2.1M)
› Maturities of municipal bonds \$1.4M
› Decrease in restricted cash \$0.1M

Cash outflows from financing activities (\$0.5M)

› Payment of lease liabilities (\$0.5M)

Debt

Nominal debt - \$198.5M

› Decrease of (\$12.9M) in Q3'21
- (\$ 0.3M) Decrease in Lease Liabilities (IFRS 16)
- (\$12.5M) Decrease in indemnity loan
  - (\$12.0M) due to Settlement
  - (\$ 0.5M) Due to a stronger USD vs. NOK

Nominal net debt - \$72.3M

› Decrease of (\$15.5M) in Q3'21
- Increase in cash of (\$2.7M)
- Decrease in nominal debt of (\$12.9M)

Contingent Liabilities

› Indemnification loans resolved
- Agreement reached on October 18, 2021
- Settlement of all claims for \$10.8M
  - Payment of \$3.7M from restricted cash
  - Feb. 2022 Payment of \$7.2M

Debt maturity profile

USD Million

USD Senior Secured Bond
Note Property Tax Settlement
Lease Liabilities
Indemnity Loan

10 © REC Silicon ASA. All rights reserved. Confidential October 20, 2021

Semiconductor and Silicon Gases

THIRD QUARTER

REC Shipments - Semiconductor Polysilicon

Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21

Semiconductor Polysilicon Teardrop Forecast

› Underlying Q3 '21 Semiconductor shipments increased to 234 MT
- Customer provided logistics caused some volume to move to Q4
› Commitments for Q4 provide for high visibility of shipment volume
- Global logistics challenges create some uncertainty of timing
› Customer forecasts indicate demand strength to continue
- More visibility and earlier more firm commitments

Demand for Silicon Gases Strong

Global logistics shorts volume

THIRD QUARTER 2021
730 831 746 881 ⁷⁸¹⁸¹⁹ 728 - 100 200 300 400 500 600 700 800 900 1,000 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Metric tons

REC Shipments - Silicon Gases

› Shipments dampened in Q3 '21
- Ship and container delays create bottlenecks
- Supply chain logistics costs increasing for customers
- Semiconductor remains at high utilization
› Underlying demand remains robust
- Demand continues increasing with device technology advancement
- High visibility on Q4 commitments
- Logistics will continue to present volume risk at some level

Investment for Growth - Now and into the Future Maintain Global Leadership Position

› Increase Silicon Gases distribution capacity
- Support recently online and future awarded business across the globe
- Provides cushion against logistics shocks and customer location transitions
› Float Zone (FZ) to support Electrification macro trend
- Customers require larger (more mass) FZ rods
- Customers forecast 9-10% CAGR in this segment for next few years
› Proposed investment with high returns

US Solar Update

THIRD QUARTER

AD/CVD towards Imports from China in place since 2012 2021

› Antidumping and Countervailing Duties against China and Taiwan crystalline silicon photovoltaic products went into effect in December 2012
- AD/CVD penalties range from 90% 240%
- The duties have been reviewed and continued each year
› At the same time AD/CVD duties were placed on crystalline silicon photovoltaic cells whether or not assembled into a module
› Ongoing review into 2022

THIRD QUARTER 2021
› Trump Administration imposed tariffs against solar panels produced outside the US in 2018

Tariffs on Solar Panels 155]
Components	Year 1	Year 2	Year 3	Year 4
Safeguard Tariff on Modules and Cells 30%		25%	20%	15%
Cells Exempted from Tariff		2.5 gigawatts 2.5 gigawatts 2.5 gigawatts 2.5 gigawatts

At end of 2020, Year 4 increased to 18%
› Expires Feb 6, 2022. Currently US module companies are asking for an extension of the tariffs.
› Exemption of 5GW of cells has been requested compared to 2.5GW today

Solar Panel Import to the US, by Country Administration wants to increase production of solar panels in US

› 2020 US PV Installations 19.2GW
› 2020 US PV Module Capacity 6.5GW
- Cell Capacity <1GW
- Wafer Capacity 0GW
› US PV Installations in 2030 projected to be 55GW with current administration plans

THIRD QUARTER

US Political Initiatives

Increased government support for renewable energy

› US Senate and Congress Supporting Investments
- Senate introduces bill to support advanced solar manufacturing production
- House companion version has been introduced
› The SMTC is part of the \$3.5T budget proposed in the reconciliation process
- Budget reconciliation allows for approval by a simple minority in the Senate
- Senate to create detailed plan for \$3.5T for House vote followed by Senate vote
- Timing & outcome is uncertain
- Being linked to bipartisan infrastructure deal

Modules	Assembly (7 ¢/W) or Fully Integrated (11 ¢/W)
Photovoltaic Cells	4 €/W
Photovoltaic Wafers	\$12/m² [approx. 5-6 ¢/W]
Solar Grade Polysilicon	\$3/kg approx. 1 ¢/W
	Solar Tracker Components Torque Tube/Purlin (87 ¢/kg) and Structural fasteners (\$2.28/kg)
Inverters	>1.5MW (.25 ¢/W), 170kW - 1.5MW (1.5 ¢/W), 20-170kW (2¢/W), 650W-20kW (6.5¢/W), <650W (11¢/W)

› The credits are maintained until the end of 2028, and then step down to 70% in 2029, 35% in 2030, and 0% in 2031
› The credit is refundable, so if there is no tax to be deducted, it can be returned in cash
› Inverters and trackers have been added to the bill

› Chinese polysilicon producers have been asked to shut down due to power shortage
› Subsidized power has been the basis for the Chinese poly and ingot production
- Will it continue?
› Will solar panels eventually become more expensive?

Battery Update

Electrical Vehicle will Dominate in the Future

US Manufacturers/Government motivation to build a competitive EV Industry

› US Government has allocated \$6B for battery development
- › Bipartisan Infrastructure bill

Battery production dominated by China

2020 77% China
2025 Forecast
- 65% China
- 25% Europe
6% USA

THIRD QUARTER

Silicon Anodes may be next step in Increased Battery Efficiency Anodes containing silicon increases capacity by ~40%

› Silane is the most efficient silicon source for advanced silicon anodes
› REC is negotiating with several silicon anode companies for silane supply
› REC requires pre-payments for entering long term silane supply contracts

Silane production capacity: ~25,000 tons per year Highest purity & lowest cost Hydroelectricity = low carbon footprint

Co-location is Necessary

THIRD QUARTER

Yulin Update

THIRD QUARTER

Yulin JV, China

FBR-B achieving its intended quality and cost structure

THIRD QUARTER 2021

Plant Characteristics 3

› Construction completed in 2018
› Large scale silicon manufacturing facility with
- 19,000 MT FBR-B granular Polysilicon
- 300 MT Siemens semiconductor grade Polysilicon
- 500 MT Silane Gas loading
› Operating Performance
- Mono capable FBR production
- Design capacities demonstrated

rd Quarter Production

› Q3 Production
- 102 MT of Loaded Silane
- 3776 MT of FBR Granular
- 14 MT of Siemens
› Q3 Cash Positive
› Plant maintenance started late Q3 and continues into early Q4 2021

Sales Status

› Currently all production sold out
› Granular product qualified with multiple domestic mono PV customers
› Product is utilized in both initial charge and recharge applications

Short-term Business Plan

THIRD QUARTER

Maintain ability for possible Moses Lake startup in 2023 2021

› Tight polysilicon market
- High polysilicon prices
- High energy prices
- FBR would be very competitive in today's market (low energy consumption)
› Approached by several companies for polysilicon supply
› Government support for restart (SMTC)
› Negotiations continue with silicon anode companies

THIRD QUARTER

AI Terminal

REC Silicon

3726_rns_2021-10-20_0a489953-ff58-4dd0-a5cf-65b6ae1b2373.pdf

Disclaimer 2021

Revenues: \$36.2M EBITDA: (\$ 3.7M) Loss

September 30, 2021 cash balance of \$126.3M

Settlement of indemnification loans

BUTTE FACILITY

Investment in future growth

Silicon gas sales

Semiconductor segment polysilicon sales

MOSES LAKE FACILITY

Battery Materials Developments

Solar Materials Developments

Financial Review

Key Financial Results – Semiconductor Materials

EBITDA Contribution of \$1.8M

Other and Eliminations

Cash Flows

Cash outflows from investing activities (\$0.6M)

Cash outflows from financing activities (\$0.5M)

Nominal debt - \$198.5M

Nominal net debt - \$72.3M

Contingent Liabilities

Debt maturity profile

USD Million

10 © REC Silicon ASA. All rights reserved. Confidential October 20, 2021

Semiconductor and Silicon Gases

Demand for Silicon Gases Strong

REC Shipments - Silicon Gases

Investment for Growth - Now and into the Future Maintain Global Leadership Position

US Solar Update

AD/CVD towards Imports from China in place since 2012 2021

Solar Panel Import to the US, by Country Administration wants to increase production of solar panels in US

US Political Initiatives

Increased government support for renewable energy

Battery Update

Electrical Vehicle will Dominate in the Future

Battery production dominated by China

Yulin Update

Yulin JV, China

Plant Characteristics 3

rd Quarter Production

Sales Status

Short-term Business Plan

Maintain ability for possible Moses Lake startup in 2023 2021

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