Disclaimer 2021

SECOND 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 second quarter 2021 results on July 22, 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.

SECOND QUARTER

Q2 Results

Financial Review

Silicon Gases & Semiconductor Update

Yulin Update

FBR Technology Update

US Based Low-Carbon Solar Value Chain

Battery Update

Q&A

Revenues: \$35.6M EBITDA: \$ 7.9M

June 30, 2021 cash balance of \$123.6M

Cash decrease of \$7.8M
Cash outflows from operating activities of \$6.1M

C.A.R.E.S. Act loans forgiven

\$3.9M Solar Materials segment loan forgiven (Loan repaid on June 28, 2021)
\$4.5 M Semiconductor Materials segment loan forgiven (Notification received on July 19, 2021)

BUTTE FACILITY

Silicon gas sales

Sales volume of 819MT

Semiconductor segment polysilicon sales

Semiconductor grade polysilicon sales of 375MT
Total Semiconductor segment polysilicon sales of 466MT

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

SECOND QUARTER

(USD million)	Q2 2021		Q1 2021		2020
	Revenues	EBITDA	Revenues	EBITDA	Revenues	EBITDA
Semiconductor Materials	35.5	11.5	28.0	10.8	121.4	36.3
Solar Materials	0.0	1.2	0.1	(1.9)	0.5	6.7
Other	0.1	(4.8)	0.1	(4.9)	0.1	(19.3)
REC Silicon Group	35.6	7.9	28.1	4.0	122.1	23.8

Key Financial Results – Semiconductor Materials

2021 \$30.7 \$30.3 \$35.9 \$28.0 \$35.5 Revenues EBITDA

\$11.7 \$10.8 \$11.5

SECOND QUARTER

2021

Revenues (Solar Mat'ls) EBITDA (Solar Mat'ls) EBITDA (Other & Eliminations)

Solar Materials

Revenues: \$0.0M EBITDA Contribution: \$1.2M

› \$3.9M Government Grant
- Forgiveness of C.A.R.E.S. Act loan
› Underlying Expense of \$2.7M

Other and Eliminations

› Net cost: (\$4.8M)
- Compared to \$4.9M in Q1'21

- Less (\$8.3M) Government Grant (C.A.R.E.S. Act loan forgiveness)

› EBITDA of \$7.9M

Cash Flows

› Working capital increase \$3.2M
- Decrease in inventories \$3.5M

activities (\$6.1M)

Decrease in receivables \$1.8M
Decrease in payables and accruals (\$2.1M)

Cash outflows from operating

› Interest paid (\$8.5M)
› US pension plan contributions (\$0.7M)
› Changes in other assets and liabilities \$0.4M

Cash outflows from investing activities (\$1.2M)

› Capex (\$1.2M)

Cash outflows from financing activities (\$0.5M)

› Payment of lease liabilities (\$0.5M)

Debt

Nominal debt - \$211.4M

› Decrease of (\$8.9M) in Q2'21
- (\$8.3M) Decrease in C.A.R.E.S. Act Loan (Government Grant)
- (\$0.5M) Decrease in Lease Liabilities (IFRS 16)
- (\$0.1M) Decrease in indemnity loan (Due to a stronger USD vs. NOK)

Nominal net debt - \$87.8M

› Decrease of (\$1.0M) in Q2'21
- Decrease in cash of \$7.8M
- Decrease in nominal debt of (\$8.9M)

Contingent Liabilities

› Indemnity loan - \$23.4M

Debt maturity profile

USD Million

Silicon Gases and Semiconductor Polysilicon

Electronic Grade Polysilicon

In line with expected demand

› Q2 '21 shipments increased to 375MT
- Semiconductor grade 210MT
- Inventory of Teardrop polysilicon sold as semiconductor grade quality 165MT
› Semiconductor shipments expected to grow gradually through Q3 '21 and Q4 '21

REC Shipments - Silicon Gases

› Increased shipments in Q2 '21
- Q2 '21 819 MT
- Semi, FPD and PV remained at high utilization
- Backlog increasing due to global logistics challenges
› Underlying demand remains robust
- Demand is increasing with device technology advancement
- Expect to increase shipment level for next two quarters

Yulin JV Update

SECOND QUARTER

Yulin JV, China

FBR-B achieving its intended quality and cost structure

Plant characteristics 2

› 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

› Q2 Production
- 119 MT of Loaded Silane
- 3,840 MT of FBR Granular
- 17 MT of Siemens
› Q2 Cash Positive
› Plant maintenance planned in Q3 2021
- Reduced production quantities

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

SECOND QUARTER

FBR - Most Competitive Technology for Polysilicon REC has developed the FBR technology over the last 20 years

› Silane-based FBR is the only commercial granular technology
› Yulin FBR-B has demonstrated excellent operational achievement
› Upgrade half of FBR-A reactors in Moses Lake to reach mono quality will be ~\$40M

SECOND QUARTER

2021

FBR Technology Significantly Outcompetes Siemens

Low cash cost and low CO² footprint due to favorable power consumption, continuous process

	Siemens		REC Silicon FBR
	Description	Effect	Description	Effect
Energy Consumption	High	~40% of total cash cost	Low	~10% of total cash cost
Production Process	Batch	Requires weekly turn around	Continuous	1-2 year between turn-around times
Labor Intensity	High (due to batch process)	~ 600 employees	Low (due to continuous process)	~ 200 Employees	pl E

SECOND QUARTER

²⁰²¹ Polysilicon from Yulin FBR-B meets Mono Quality Requirements Semiconductor specification achieved when surface metals removed

› Yulin FBR-B granular well within mono specifications as illustrated by sample collection
- Samples from six reactors during June 2021
› When surface metals are removed, Yulin FBR-B granular polysilicon meets semiconductor grade specifications
- Surface metals can be removed through etching or other alternative technologies

SECOND QUARTER

US Based Low-Carbon Solar Value Chain

SECOND QUARTER

› 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

SECOND QUARTER

SECOND QUARTER 2021 Idled Capacity at REC and other US Polysilicon Companies Ability to support 50% of US demand for solar installations

SECOND QUARTER 2021 A Non-Chinese, Low CO² PV Value Chain can be Established Requires investment in ingot & wafer capacity

	Polysilicon	Ingot/Wafer	Cell Capacity	Module Capacity	Available PV Market
US Capacity	~10 GW	0 GW	~1 GW	~4 GW	~20-25 GW
Major Country Capacity outside China	0 GW Idle US Capacity	Norway ~ 1GW	Korea ~9 GW, Taiwan ~2 GW	India ~11 GW Korea ~8 GW	ROW ~75 GW
Total Capacity Outside China	~10GW Idle US Capacity	~1GW	~33 GW	~72 GW	~100 GW
	Idle US Capacity	Build 10 GW in the US?	Use Existing Capacity Outside China?	Increase Capacity in US?

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)

SECOND QUARTER

Battery Update

SECOND QUARTER

Discussions with Silicon Anode Companies Continue 2021

› Ongoing discussions with several interested silicon anode companies
› Framework for offtake agreements have been submitted
- Commercial agreement not yet reached

Silane production capacity:

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

Q3 2021 Reporting October 20, 2021

SECOND QUARTER

2021

recsilicon.com

AI Terminal

REC Silicon

3726_rns_2021-07-22_5203ef43-9292-45e9-a802-42bc4567ade6.pdf

Disclaimer 2021

Revenues: \$35.6M EBITDA: \$ 7.9M

June 30, 2021 cash balance of \$123.6M

C.A.R.E.S. Act loans forgiven

BUTTE FACILITY

Silicon gas sales

Semiconductor segment polysilicon sales

MOSES LAKE FACILITY

Battery Materials Developments

Solar Materials Developments

Financial Review

Key Financial Results – Semiconductor Materials

Solar Materials

Other and Eliminations

- Less (\$8.3M) Government Grant (C.A.R.E.S. Act loan forgiveness)

Cash outflows from investing activities (\$1.2M)

Cash outflows from financing activities (\$0.5M)

Nominal debt - \$211.4M

Nominal net debt - \$87.8M

Contingent Liabilities

Debt maturity profile

USD Million

Electronic Grade Polysilicon

Yulin JV Update

Yulin JV, China

Plant characteristics 2

Sales Status

FBR - Most Competitive Technology for Polysilicon REC has developed the FBR technology over the last 20 years

FBR Technology Significantly Outcompetes Siemens

2021 Polysilicon from Yulin FBR-B meets Mono Quality Requirements Semiconductor specification achieved when surface metals removed

SECOND QUARTER 2021 Idled Capacity at REC and other US Polysilicon Companies Ability to support 50% of US demand for solar installations

SECOND QUARTER 2021 A Non-Chinese, Low CO2 PV Value Chain can be Established Requires investment in ingot & wafer capacity

US Political Initiatives

Create US manufacturing jobs and support the renewable US agenda

Battery Update

Discussions with Silicon Anode Companies Continue 2021

Silane production capacity:

Q3 2021 Reporting October 20, 2021

More from REC Silicon

Talk to a Data Expert

²⁰²¹ Polysilicon from Yulin FBR-B meets Mono Quality Requirements Semiconductor specification achieved when surface metals removed

SECOND QUARTER 2021 A Non-Chinese, Low CO² PV Value Chain can be Established Requires investment in ingot & wafer capacity