REC Silicon

Investor Presentation • Sep 15, 2021

A Global PV and Semiconductor Company

James A. May II, CFO

Polysilicon: Foundation of our High-tech Future

Semiconductor Business

	Silane Gas	MCS	DCS	DiSilane Gas
Total Available Market	~3,500MT	~160MT	~1,900MT	~45MT
REC "Sales"	~2,400 MT	~140MT	~240MT	~2MT
REC Market Share	~70%	~90%	~13%	~5%

REC 70% Company I 21% Company II 3% Company III 3% Company IV 1% Other 2% Silane Sales Volume

Excludes: The Chinese market

Semiconductor Polysilicon REC Silicon important FZ supplier

	Semiconductor CZ Polysilicon	Semiconductor FZ Polysilicon	Company C 18% Company A 40% REC
Total Available Market	~38,000MT	~1,500MT	2% Company B
REC "Sales"	~350MT	~450MT	32% Semi Wafer Market Share
REC Market Share	~1%	~30%	Others 3% Company 4 10% Company 1 32%

Building a US Based Low-Carbon Solar Value Chain

US Solar PV Installation Growth Continues

• › Investment Tax Credit extended 3 years
  • Driving increased installation
  • More support for further extensions
• › Increasing governmental support for renewable energy
• › Biden Administration pushing for faster transition to renewables

Source: Wood Mackenzie/SEIA U.S. solar market insight® 2021 Q2

Idled Capacity at REC and other US Polysilicon Companies Ability to support 50% of US demand for solar installations

US Political Initiatives

Create US manufacturing jobs and support the renewable US agenda

• › US Senate and Congress Supporting Investments
  • Senate introduces bill to support advanced solar manufacturing production
  • Discussion around further extension of the solar investment tax credit
• › Department of Energy Supports Supply Chain
  • Creating national blueprint for lithium batteries
  • Taking actions to support investment in advanced manufacturing and US job creation
• › Washington State Governor Visits REC
  • Receives Update on Solar and Battery markets
  • Discusses US initiatives
• › US Government takes actions on forced labor in Xinjiang
  • Withhold Release Order to detain silicabased shipments made with forced labor
  • Add 5 PRC entities (3 polysilicon producers) to list of entities participating in force labor
  • Bi-partisan legislation passed by the Senate (SB S65)

Solar Manufacturing Tax Credit (SMTC) Proposal To support supply chain in the US in the solar power field

Product	Tax Credit
Module	7 cents/watt
Cell	4 cents/watt
Ingot & wafer	\$12/m² (= 5.5 cent/watt)
Polysilicon	\$3/kg (= 1.0 cent/watt)
Thin-film module	11 cents/watt

• › Credit cap per company (including affiliates) is 11 cents/watt
  • 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
• › The SMTC is part of the \$3.5T budget plan slated for the reconciliation process
  • Budget reconciliation allows for approval by a simple minority in congress
  • Senate to create detailed plan for \$3.5T for House vote followed by Senate vote
  • Timing & outcome are uncertain
  • Being linked to bipartisan infrastructure deal

Battery Update

Electrical Vehicle will dominate in the future

Combustion vehicle peaked in 2017

EV sales to increase from 3.1 million in 2020 to 14 million in 2025

• Policy support
• More efficient and lower cost batteries
• China and Europe will be the main EV market

Battery production dominated by China

• 2020 77% China
• 2025 forecast
  • 65% China
  • 25% Europe
  • 6% USA

• › Silane is the most efficient silicon source for advanced silicon anodes
• › Anodes containing silicon increases capacity by ~40%
• › REC is negotiating with several silicon anode companies for silane supply

Tesla Battery Day, September 22, 2020

Silane will be the preferred Silicon source in Battery Anodes

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REC well positioned to supply global market with silicon gases

› Distribution capacity expansion capex ~\$30M per 1,000MT

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Summary

Silane: Feedstock for the Energy Transition

Thank you