REC Silicon

Investor Presentation • Jan 21, 2021

REC Silicon Investor Presentation

© REC Silicon ASA. All rights reserved. Confidential January 2021

	SILANE
BATTERY VALUE CHAIN	SEMICONDUCTOR	SOLAR VALUE CHAIN
Silicon Anodes to Drive Silane Market Expansion. ………………………………….…	Proven Global Leader. ……………	Established Footprint to Capture Solar Market Upside. ………………………………….…
Moses Lake ➢ Sole major supplier of pure silane outside China ➢ Co-Location discussions with multiple potential partners ➢ ~\$1.0B gross silane plant capex	Butte ➢ 3,200MT Si-gas ➢ Module loading	Moses Lake ➢ Moses Lake FBR Poly: 18,000MT Technology ➢ Yulin JV Technology Transfer Agreement of USD 200M
Growth Driver	EBITDA ~\$30M	Market Inflection

Pareto Investor Conference | Semiconductor Semiconductor Segment Provides Stable Cash Flows.

Pareto Investor Conference | Semiconductor Butte is the only large capacity silicon gas provider

	Silicon gases	• 7,200 MT silane capacity • 240 MT DCS capacity • 300 MT MCS capacity • 2.4 MT DiSilane capacity
Silicon gas	Silicon gas market share	50% of Total Global Market $\bullet$ • 70% of Semi Market
	Investment opportunities within silicon gas	DCS: \$5M for an additional 300MT $\bullet$ DiSilane: \$2.7M for an additional 2.1MT $\bullet$	Prior 12-month EBITDA contribution:
Electronic	Float Zone - Highest Purity	• REC is one of only two companies manufacturing FZ • > 30 years experience producing FZ product	\$30M
polysilicon	Float Zone sells at a significant premium over EG polysilicon	• 800 MT Possible Investment for Larger Rod Mass ~\$20M (not $\bullet$ active)

Provided a normalization of the polysilicon market, REC Silicon has a Proven Profitable Platform.

Non-Chinese Value Chain

Drivers:

• ➢ China Dependence
• ➢ Low-Carbon
• ➢ Forced Labor Issues

China dominates the global PV value chain…

1 GW today in Norway, evaluating to add 3-4 GW of wafer production capacity

Vertically integrated solar manufacturer to be co-located with REC Silicon

5 GW of cell and module capacity in Germany

REC Silicon, Hemlock, Wacker, NorSun, QCells,

…but several players intend to challenge the Chinese dominance.

Non-Chinese Value Chain

Drivers:

• ➢ China Dependence
• ➢ Low-Carbon

➢ Forced Labor Issues

Polysilicon producers are concentrated in Xinjiang

BATTERY VALUE CHAIN	SEMICONDUCTOR	SOLAR VALUE CHAIN
Silicon Anodes to Drive Silane Market Expansion.	Proven Global Leader. ……………	Established Footprint to Capture Solar Market Upside.
………………………………….… Moses Lake ➢ Sole major supplier of pure silane outside China ➢ Co-Location discussions with multiple potential partners ➢ ~\$1.0B gross silane plant capex	Butte ➢ 3,200MT Si-gas ➢ Module loading	………………………………….… Moses Lake ➢ Moses Lake FBR Poly: 18,000MT ➢ Yulin JV Technology ➢ Yulin JV Technology Transfer Agreement of USD 200M
Growth Driver	LTM EBITDA ~\$30M	S/D market Inflection

	Wave 0 Since 2015	Wave 1 Early-2020s	Wave 2 Mid-2020s	Wave 3 Late-2020s
Anode	Graphite-based		Silicon-based	Li-metal
Electrolyte	Liquid (e.g. $LIPF_4$ )		Solid (e.g. Polymer- or Ceramic-based)
Cathode	Nickel- & cobalt-based			Sulfur-based
Energy Density (est.)	1x	1.2x	1.5x	Over 2x

Moses Lake and Butte are the only existing silane plants in the US and Europe. Total capacity of 32,000 MT silane which is enough silicon for batteries for 2.5M EVs at current silane-based silicon anode performance. Reduces to ~1M EVs as silicon content increases in the battery.

Pareto Investor Conference | Battery REC Silicon is sole western silane producer; co-location critical due to silane logistics.

© REC Silicon ASA. All rights reserved. Confidential 1/15/2021 15

	SILANE
BATTERY VALUE CHAIN	SEMICONDUCTOR	SOLAR VALUE CHAIN
Silicon Anodes to Drive Silane Market Expansion. ………………………………….…	Proven Global Leader. ……………	Established Footprint to Capture Solar Market Upside. ………………………………….…
Moses Lake ➢ Sole major supplier of pure silane outside China ➢ Co-Location discussions with	Butte ➢ 3,200MT Si-gas ➢ Module loading	Moses Lake ➢ Moses Lake FBR Poly: 18,000MT Technology
multiple potential partners ➢ ~\$1.0B gross silane plant capex		➢ Yulin JV Technology Transfer Agreement of USD 200M
Growth Driver	EBITDA ~\$30M	Market Inflection