REC Silicon

Earnings Release • Jul 20, 2017

REC Silicon - Second quarter 2017 results

REC Silicon - Second quarter 2017 results

Fornebu, Norway - July 20, 2017: REC Silicon ASA (REC Silicon) reported second

quarter revenues of USD 61.4 million, up from USD 57.5 million in the previous

quarter. The corresponding EBITDA during the second quarter was USD 1.3 million

compared to USD 4.6 million in the previous quarter.

The company reported a cash balance of USD 71.4 million on June 30, 2017. This

represents a decrease of USD 9.5 million compared to March 31, 2017.

Silicon gas sales volumes for the quarter were in line with expectations at 808

MT. Second quarter polysilicon production of 2,960 MT was slightly below

guidance given at the previous quarter.

FBR cash cost was in line with expectations at $11.0/kg for the quarter which

demonstrates the company's successful efforts to reduce costs and maintain

liquidity.

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. Tore Torvund, company CEO commented "It's exciting to see the

progress on the Yulin plant as preparations are underway to start the first

silane unit of this state of the art high purity FBR polysilicon plant."

For more information, please see the attached second 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

the following link: http://webtv.hegnar.no/presentation.php?webcastId=58377767

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 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): + 1 719 457 1036

Other international: +44 (0)330 336 9411

Please provide confirmation code 9586161 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 9412

USA (Toll Free): 866 548 4713

USA (Local): + 1 719 325 2213

Other international: +44 (0)330 336 9412

Please provide confirmation code 5505554 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.