PARETO ENERGY CONFERENCE

September 20, 2023

DISCLAIMER

This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for REC Silicon ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for REC Silicon ASA's businesses, energy prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the presentation. Although REC Silicon ASA believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. REC Silicon ASA makes no representations or warranties, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither REC Silicon ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

This presentation was prepared for the second quarter 2023 results on August 15, 2023. Information contained herein will not be updated. The following slides should be read and considered in connection with the information given orally during the presentation.

REC Silicon ASA shares have not been registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.

A Silicon Material company providing enabling materials for the green energy transition

August 15, 2023

EXPOSURE TO ENERGY TRANSITION MEGATRENDS

* From 2025 and onwards

REC SILICON FEATURES

›Largest supplier of silane outside China
›Low-cost, low-carbon PV polysilicon producer
›Strong position with leading semi-industry players
›Largest Silane ISO Module container fleet
›Immediate capacity for silane to Si-Anode material
›15% stake in Chinese 30,000 MT silane facility

Moses Lake

› 25,000 MT silane gas capacity
Prime high-purity granular polysilicon capacity 16,000 MT
~ 2,400MT silane for merchant sales
› Risk mitigating offtake contract
› Low energy low cost and conflict-free

Butte

› 7,400 MT Silane gas capacity
High purity Float Zone polysilicon
› Silicon gases
- Production expansion for DCS (3x)
- Ongoing loading/container expansion for high value silicon gases

Yulin JV

› 30,000 MT Silane gas capacity
19,000 MT FBR-B granular
300 MT Siemens semiconductor grade
2,000 MT Silane gas loading

DISRUPTIVE CHANGES TO SILANE-BASED INDUSTRIES

* Sources: Semiconductor Industry Association, Solar Energy Industries Association, Atlas Public Policy

Inflation Reduction Act 2022 (USD 500 bn)

› USD 394bn to clean energy and climate change (tax credits, grants and loan guarantees)
› Aims to boost investments in US manufacturing capacity

Bipartisan Infrastructure Law 2021 (USD 1.2trn)

› USD 15bn to EV charging infrastructure, buses and transit

The CHIPS Act 2022 (USD 280bn)

› Reduce reliance on overseas supply chains for semiconductors
› USD 50bn to expand US production of mature and advanced semiconductors

The Uygur Forced Labor Prevention Act (2022)

› Prohibits imports of goods produced in the Xinjian region or by certain Chinese entities

Key initiatives REC Silicon benefits

High purity granular polysilicon to the solar PV industry

› USD 3/kg in manufacturing tax credits for REC Silicon (Moses Lake)
› Full slate of incentives available for developers if 100% US supply chain
› Manufacturing tax credits for wafer, cell and module producers
› Low carbon focus
› Significant increase in demand from the solar industry (> 3x 2023 2030)
› Investment in ingot/wafer production capacity

Silicon Gas

› Investments in US semiconductor production
› Investments in US Si-Anode material production
› Investments in US PV Cell production

REC SILICON ROAD TO SUSTAINABLE PROFITABILITY

OPERATIONAL

Re-starting Moses Lake

› Modified FBR reactor successful inert trial run
› Silane Unit (3.0) modifications to be completed in September
› Silane Unit (3.0) mechanical integrity inspections completed
› Testing and recommissioning of equipment underway
› Lab construction is ongoing
› 95% of the project budget spent or under contract
› Ramp-up target of November 1st

Upgrading Butte

› DCS expansion complete qualifications start this year
› Increased investments in silicon gas container capacity and fleet
› Cost reduction ROI projects ongoing

FINANCIALS

Contracts

› High purity granular polysilicon offtake agreement with Hanwha Q Cells completed September 6 this year
› Discussions are ongoing with multiple silane based Si-Anode material producers and potential channel partners

August 15, 2023

› Further contracts of offtake of high-value silicon gases from Butte in process

Funding

› Refinanced USD 110M bond in April
› USD 30M one-year corporate bank loan finalized in June
› USD 100M three-year term loan finalized in July
› Final tranche of USD 40 million concluded on 15 September
› Prepayments under high-purity granular polysilicon offtake contract
› Yulin JV share sale continues to be in process

Supported by market megatrends

› Digitalization
› Renewable energy
› Energy storage

› 7% annual growth towards 2030
› 75% of growth from automotive electronics, wireless communication and computing/data storage
› US market accounts for 34% of current demand

Trillion dollar industry by 2030 Manufacturers struggling to go green Taking back supply chain control

› Strong net zero pledges among all major players
› Lack of realistic clean energy options for growth among Taiwanese and South Korean producers
› US has some of the largest access to renewable energy, to be increased further by the IRA Act

17.20%

› Strong US reliance on semiconductor imports
› CHIPS Act main motive to re-shore production and reduce supply/demand gap
› USD 200bn of chip manufacturing investments already announced

Semiconductor market balance 2021

Semiconductor 2030 outlook

14% US supply US demand Gap Source: McKinsey & Company 21.50% Taiwain South Korea EU US Source: FT, Korea Electric Power Corp, Taiwan Bureau of Energy, US EIA, Eurostat

34%

PV MARKET

› 35% increase in expected installations in 2022-27 from the introduction of the IRA
› USD 100 bn of investments already announced from companies in the US, Asia and Europe
› Full impact throughout the US value chain
› Limited existing value chain for PV in the US
› Significant expansion is required, and announced for major value chain components
› REC Silicon has the only announced expansion of the solar grade polysilicon capacity (Moses Lake)

Strong impact from IRA already Value chain explosion The quest for low cost and low carbon

› Strong demand from end users and module producers for low carbon PV supply chain
› Moses Lake has ~ 70% lower carbon intensity than traditional polysilicon which is ~40% of total PV carbon footprint
› With IRA incentives, Moses Lake is also competitive with Chinese producers on a cost per kg basis

PV manufacturing carbon footprint (g/kWh)

300

Source: SEIA, Wood Mackenzie

Source: Rystad Energy

SILANE GAS

› Global EV sales expected to grow 13% p.a. 2020-40
› Silane gas has strong potential as anode material in mobility battery storage
› Mobility growth also positive for semiconductor and electronics industries

Global EV Sales Forecast (mill units)

Electric mobility growth Driving battery storage growth US supply chain response

› Global battery storage demand expected to grow nearly 7x from 2022 to 2030
› Battery storage demand for mobility is set to account for more than 90% of the growth
› Battery storage demand in the US set to outpace Chinese growth with 26% p.a.

Li-ion battery demand (GWh)

› China dominates the battery markets
› Substantial initiatives in IRA has been met with rapid response
› Battery storage supply chain in the US set to grow more than 7x, driven by mobility and utility scale storage demand

US battery storage supply chain

Source: IES Source: SEIA

Source: McKinsey & Company

SUMMARY

› Timing opportunity

Products driven by digitalization, renewable energy and energy storage
US policies and incentives in place to drive demand and re-shoring of capacity to address these macro trends

› Product opportunity

Silicon is at the heart of the identified macro trends, REC Silicon products essential to realize the transition
Significant capacity investments made to meet immediate demand
› Location opportunity
- The largest global producer of silane and high purity granular polysilicon outside of China and the only located in the US
- The largest producer in the US of other key specialty silicon gases

› Foundation in place

Growth capex and operating needs are fully funded through attractive financing and prepayments
Offtake with high-quality counterparty has been executed
High value specialty silicon gas investments in place in Butte
Moses Lake restart is targeted for November 1st

Thank You

Q3 2023 Reporting November 15, 2023

AI Terminal

REC Silicon

3726_rns_2023-09-20_390486cf-ef89-4c4b-9e7d-d530efac6071.pdf