REC Silicon

Earnings Release • Oct 30, 2017

REC Silicon - Third quarter 2017 Results

REC Silicon - Third quarter 2017 Results

Fornebu, Norway - October 30, 2017: REC Silicon ASA (REC Silicon) reported third

quarter revenues of USD 75.5 million, up from USD 61.4 million in the previous

quarter. The corresponding EBITDA during the third quarter was USD 3.6 million

compared to USD 1.3 million in the previous quarter.

The company reported a cash balance of USD 88.0 million on September 30, 2017.

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

Silicon gas sales volumes for the quarter exceeded expectations at 904 MT. Third

quarter polysilicon production of 2,835MT was slightly below guidance given at

the previous quarter.

FBR cash cost was better than expectations at $10.4/kg for the quarter which

continues to demonstrate the company's successful efforts to reduce costs and

maintain liquidity. Company CEO Tore Torvund commented "Our strong performance

in both cash cost and cash balance shows that we are positioned to address our

liquidity situation moving forward."

Progress on the Yulin joint venture plant continues as planned. The JV facility

expects to start up the first silane unit and FBR reactors in Q4 2017. The

second silane unit is scheduled to start up in Q1 2018. The company continues to

negotiate the deferral of the remaining $169 million capital contributions until

after 2018.

For more information, please see the attached third 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=67384321

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): 866 548 4713

USA (Local): + 1 719 325 2202

Other international: +44 (0)330 336 9411

Please provide confirmation code 8152730 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 51084

Norway (Local): +47 2350 0296

UK (Toll Free): 0800 279 7204

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

USA (Toll Free): 800 289 0438

USA (Local): + 1 719 325 2202

Other international: +44 (0)330 336 9411

Please provide confirmation code 4719392 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.