REC Silicon

Earnings Release • Feb 9, 2018

REC Silicon - Fourth Quarter 2017 Results

REC Silicon - Fourth Quarter 2017 Results

Fornebu, Norway - February 9, 2018: REC Silicon ASA (REC Silicon) reported

fourth quarter 2017 revenues of USD 78.0 million, up slightly from USD 75.5

million in the previous quarter. The corresponding EBITDA during the fourth

quarter was USD 10.3 million compared to USD 3.6 million in the previous

quarter.

The company reported a cash balance of USD 104.5 million on December 31, 2017.

This represents an increase of USD 16.6 million compared to September 30, 2017.

Silicon gas sales volumes for the quarter were 969 MT representing an 8%

increase over guidance. Fourth quarter polysilicon production of 2,616MT was

broadly in line with guidance given during the previous quarter earnings

release.

The company continued to exceed FBR cash cost expectations with a quarterly cash

cost of $10.4/kg for the fourth quarter.

Production at the Yulin JV started in December 2017 as planned. The first silane

unit and associated FBR and Siemens reactors are in operation. Construction of

the second silane unit is near complete and will be started during the second

quarter of 2018. Production is expected to increase throughout the first half of

2018 with designed production levels to be achieved by year end.

Tore Torvund, REC Silicon CEO commented, "With the previously announced

financing arrangement of the JV along with our recent strong performance, the

company is well positioned to address its 2018 debt obligations."

For more information, please see the attached fourth quarter 2017 report.

Morning Program:

The company will give a presentation at 8:00 am CET today at Høyres Hus

Konferansesenter, Stortingsgaten 20, Oslo, Norway. The presentation will be in

English.

A live webcast from the presentation can be accessed at www.recsilicon.com or

with the following link:

http://webtv.hegnar.no/presentation.php?webcastId=77779062

It will also be possible to listen to the presentation through a conference

call. Please make sure to dial in 5-10 minutes prior to the scheduled start time

on one of the following numbers:

Norway (Toll Free): 800 51084

Norway (Local): +47 2350 0296

UK (Toll Free): 0800 279 7204

UK (Local): +44 (0)330 336 9411

USA (Toll Free): 800 239 9838

USA (Local): + 1 323 794 2551

Other international: +44 (0)330 336 9411

Please provide confirmation code 2932843 and state your name, company and

country of residence.

Afternoon Program:

REC Silicon will host an analyst conference call later today at 3:00 p.m. CET.

Please make sure to dial in at least 5-10 minutes ahead of time to complete your

registration.

Norway (Toll Free): 800 57933

Norway (Local): +47 2350 0296

UK (Toll Free): 0800 279 7204

UK (Local): +44 (0)330 336 9411

USA (Toll Free): 800 239 9838

USA (Local): + 1 323 794 2551

Other international: +44 (0)330 336 9411

Please provide confirmation code 6809513 and state your name, company and

country of residence.

For further information, please contact:

Christopher Bowes, Investor Relations

REC Silicon ASA

Phone: +1 509 793 8127

Email: chris.bowes@recsilicon.com

Nils O. Kjerstad

IR Contact Europe

Phone: +47 9135 6659

Email: nils.kjerstad@crux.no

About REC Silicon

REC Silicon is a leading producer of advanced silicon materials, delivering

high-purity polysilicon and silicon gas to the solar and electronics industries

worldwide. We combine over 30 years of experience and proprietary technology

with the needs of our customers, with annual production capacity of more than

20,000 MT of polysilicon from our two US-based manufacturing plants. Listed on

the Oslo Stock Exchange (ticker: REC), the Company is headquartered in Fornebu,

Norway.

For more information, go to: www.recsilicon.com

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.