REC Silicon

Earnings Release • May 3, 2017

REC Silicon - First quarter 2017 results

REC Silicon - First quarter 2017 results

Fornebu, Norway - May 3, 2017: REC Silicon ASA (REC Silicon) reported first

quarter revenues of USD 57.5 million, down from USD 80.4 million in the previous

quarter. The corresponding EBITDA during the first quarter was USD 4.6 million

compared to USD 4.9 million in the previous quarter.

The company also reported a March 31, 2017 cash balance of USD 80.9 million.

This represents a cash increase of $15.2 million compared to December 31, 2016.

Silicon gas sales volumes for the quarter were stronger than expected, at 820

MT, exceeding guidance by more than 9%. Q1 polysilicon production of 3,127 MT

was roughly in line with guidance.

Once again REC Silicon has beaten expectations on FBR cash cost, reporting

$10.70/kg for the quarter as the company continues to focus on maintaining

liquidity and reducing costs. Tore Torvund, company CEO stated, "our low FBR

cash cost continues to show the strength of our employees and technology. We

will continue to capitalize on these two assets to maintain liquidity and to

remain a low cost leader in the polysilicon industry.  Further, I am very

pleased with strong silicon gas sales, which exceeded expectations during what

has historically been a relatively weak quarter.  And, we expect these strong

silicon gas sales to continue throughout the year."

Construction on the Yulin joint venture plant continues to progress, and the

plant remains on target for start-up in the second half of 2017. The company is

actively engaged in ongoing negotiations to defer the company's remaining $169

million capital contributions until after 2018.

For more information, please see the attached first 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=51530812

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): 888 349 9618

USA (Local): + 1 719 325 2385

Other international: +44 (0)330 336 9411

Please provide confirmation code 5838812 and state your name, company and

country of residence.

Afternoon Program:

REC Silicon will host an analyst conference call later the same day 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): 888 882 8941

USA (Local): + 1 719 325 2346

Other international: +44 (0)330 336 9412

Please provide confirmation code 1438011 and state your name, company and

country of residence.

For further information, please contact:

Chris 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 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.