PRESENTATION

Disclaimer

FIRST QUARTER 2018

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 first quarter 2018 results on April 26, 2018. 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.

REC Silicon Q1 Financial Results	T. Torvund, CEO
Financial Overview	J.A. May II, CFO
Market Outlook	T. Torvund
U.S. / China Trade Dispute Update	T. Torvund
Yulin JV Update	T. Torvund
Guidance	T. Torvund
Q & A

Highlights 2018

Revenues:	\$69.6M
EBITDA:	\$14.6M

FBR Cash Cost of \$9.4/kg

Operation of Both Silane Units at Reduced Rates
FBR Facility Operated at ~63% Capacity Utilization

Continued Strong Silicon Gas Sales Volumes

Sales Volume of 897MT (7.5% Decrease vs. Q4'17)
6.9% Silane Gas Price Decrease vs. Q4'17

March 31, 2018 Cash Balance of \$112.0M

Cash Increase of \$7.4M
\$7.4M Cash Flows from Operations

Successful Completion of \$110M Bond Issue on March 23, 2018

Ensures Sufficient Liquidity to Meet 2018 Debt Maturities
Settlement Completed on April 13, 2018

Yulin JV Operating at Reduced Capacity Utilization

~800MT of Granular Produced in Q1'18 (Secondary Quality)
Full Capacity Utilization Expected in H2'18
Resolution to Equity Contribution Announced on February 1, 2018

Polysilicon Sales Volume **
Total	2,904MT
Inventory Increase	619MT

FBR Cash Cost
Actual
Guidance*
Deviation

Total Polysilicon Production
Actual	3,523MT
Guidance*	2,990MT
Deviation	17.8%

Semiconductor Production
Actual	250MT
Guidance*	210MT
Deviation	18.9%

Silicon Gases Sales Vol.
Actual	897MT
Guidance*	880MT
Deviation	1.9%

** Guidance Presented February 9, 2018

** Excludes Fines and Powders

FBR Realized Cash Cost Compared to Guidance 2018

› Q4'17 Cash Cost Lower Due to:
3% Higher Production
Lower Spending
› Q1'18 Cash Cost Lower Due to:
19.4% Higher Production
- Longer Silane III Operation
2017 MGS Inventory
› Q2'18 Guided Cash Cost
27% Lower Production Compared to Q1'18
Silane III Planned Maintenance
2018 MGS Costs

FBR Cash Cost

FIRST QUARTER

(USD million)	Q1 2018		Q4 2017		Year 2017
	Revenues	EBITDA	Revenues	EBITDA	Revenues	EBITDA
Solar Materials (Moses Lake)	32.7	8.4	37.1	3.8	127.8	(1.7)
Semiconductor Materials (Butte)	37.7	17.5	41.9	16.7	147.5	55.3
Other	-	(10.8)	-	(9.7)	-	(32.7)
Eliminations	(0.8)	(0.4)	(0.9)	(0.5)	(2.9)	(1.2)
REC Silicon Group	69.6	14.6	78.0	10.3	272.4	19.8

Key Financial Results

Solar Materials

Revenues: \$32.7M (11.6% Decrease vs. Q4'17) EBITDA Contribution: \$8.4M

› Polysilicon Sales Volumes 2,563MT (25.2% Decrease vs. Q4'17)
17.5% Average Price Increase vs. Q4'17
4.8% Prime Grade Solar Price Increase vs. Q4'17

Semiconductor Materials

Revenues: \$37.7M (10.0% Decrease vs. Q4'17) EBITDA Contribution: \$17.5M

› Siemens Sales Volumes 342MT (25.2% Decrease vs. Q4'17)
28.6% Average Price Increase vs. Q4'17
Price Increase Due to Higher Mix of Semiconductor Sales Volumes
› Silicon Gas Sales Volumes 897MT (7.5% Decrease vs. Q4'17)
(6.9%) Silane Price Decrease vs. Q4'17
Framework Distribution Agreement Price Discounts to Maintain Volume

Other and Eliminations

Net Cost: \$11.3M (10.6% Increase vs. Q4'17)

› Higher Expenses due to Efforts to Monetize Non-Core Assets and Re-Finance Debt

EBITDA of \$14.6M

› High Silicon Gas Sales Volumes
› Polysilicon Price Increases
› FBR Cash Cost of \$9.4/kg

Cash Flows From Operating Activities \$7.4M

› EBITDA of \$14.6M
› Working Capital Increase (\$6.1M)
Increased Inventories (\$6.9M)
Decreased Accounts Payable (\$2.1M)
Decreased Accounts Receivable \$2.9M
› Interest payments (\$1.8M)
› JV Equity Settlement Installment (\$2.7M)
› Currency Gain of \$3.6M (Weaker USD)
› Other (\$0.2M)

Liquidity at March 31, 2018

Nominal Debt - \$194M

› Increased by \$4M in Q1'18
Due to Weaker USD Relative to NOK

Nominal Net Debt - \$82M

› Decreased by \$3M in Q4'17
Increase in Cash of \$7.4M
Increase in Nominal Debt of \$4M

Indemnity Loan - \$26M

› Callable Beginning in February 2016
› Has not Been Called
› Due Date is Uncertain

Reassessment of Tax - \$30M

› Do Not Expect Final Ruling Before H2'18
› Uncertain Timing and Outcome

Completion of \$110M Bond Issue 2018

Successful Issuance of \$110M Senior Secured Bond on March 23, 2018

› 11.5% Coupon with Semi-annual Interest Payments
› Settlement Completed on April 13, 2018
› Five Year Term Due on April 13, 2023

Debt Repurchase of \$112M

› REC03 NOK 9 million at 100.5% Plus Accrued Interest (\$1.3M)
› USD Convertible \$41.6M at 103.5% Plus Accrued Interest (\$43.3M)
› USD Convertible \$66.2M at 102.0% Plus Accrued Interest (\$67.9M)

Remaining Debt Maturities

› \$57M REC03 Due on May 3, 2018
› \$2.3M USD Convertible Due on Sep 11, 2018

MARKET OUTLOOK

Global Installation Growth: 2016 – 2022 2018

› PV Installations Continue to Grow
Analysts Predict 95GW-120GW in 2018
› China Expected to Remain Dominant
› 2017 US Installations Declined Compared to 2016
2018 Comparable to 2017
› Emerging Markets Gaining Strength
› Moderate Growth in Europe

GTM Installation Forecast 2016-2022E

China RoW Europe US Japan India

Installations in 2018 Follow Previous Years Fluctuation 2018

› Strong Installations in China Expected in Q2 and Q4 2018
Due to 2017 FiT Expiring in June 2018 and the 2018 FiT Expiring in December
› Uncertainty in India Forecast Remains
Trade Concerns
› US Installations Expected to be Stronger in H2'18

GTM 2018 Quarterly Installation Forecast

Source: GTM Research, Global Demand Monitor (March 2018)

Polysilicon Spot Price 2018

› Market Prices Declined Due to Seasonality Slow Down
› REC Prime Grade Solar Price Increase 4.8% vs. Q4'17
Contracted Early in the Quarter
› REC Expects Prices for Q2 in Line with Q1

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR 2017 2018

FBR Production and Sales 2018

Electronic Grade Polysilicon Sales 2018

› Electronic Grade Polysilicon Sales Increased 18.1% Compared to Q4'17
› Successfully Qualified for Semiconductor Grade Customers
Float Zone
Semiconductor Grade
› Expect to Sell ~270MT in Q2'18
Decreased 7.5% Compared to Q4'17
Increased 9.4% Compared to Q1'17
› Continued Strong Demand in Silicon Gas Markets
› Expect to Sell ~910MT in Q2'18

U.S./ CHINA TRADE DISPUTE UPDATE

Section 201 US / China Solar Trade Dispute Continues 2018

› Section 201

Affects all Imported Cells & Modules into US from all Countries
4 Year Remedy Announced Effective in Early February 2018
30% Tariff on Cells & Modules, Stepdown to 5% Over 4 Years
2.5 GW Cell Quota
Much Less Severe Than Requested by Solarworld & Suniva

› President Trump Express Commitment to Pursue Settlement for US Polysilicon

New USG is Focused on Value of US Polysilicon Industry
Section 201 Announcement Noted "The U.S. Trade Representative Will Engage in Discussions…that could lead to positive resolution of the separate antidumping and countervailing duty measures currently imposed on Chinese solar products and U.S. polysilicon..."

› Numerous Companies Have Applied For Products to be Excluded From Section 201

Exemption Decisions in Coming Months

› Sunpower Acquisition of SolarWorld Americas

Sunpower Opposed Section 201 Tariffs
SolarWorld Now Supports Sunpower Product Exclusion Request From the Section 201

US / China Solar Trade Dispute Continues 2018

› AD/CVDs

Section 201 Tariffs Cumulative to Existing AD/CVDs on Chinese & Taiwanese Cells and Modules
US AD/CVDs on Chinese Solar Products Now Increased for 2016 Imports to 62%
› Section 301 Intellectual Property Investigation
US Threatened Tariff List does not Include Solar Cell or Panels From China
› Geopolitical Situation between US & China is Interesting
Potentially Preparing For a Negotiation on Trade Matters and Disputes Between the Two Countries?

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YULIN JV UPDATE

Yulin JV Financial History 2018

› 2014 Yulin JV Agreement:

Received \$198M for Technology Transfer
Paid off \$142.7M of REC Debt
REC's Equity Contribution
15% August 2014: \$75M
34% July 2017: \$169M Resolved

› February 1, 2018 Agreement:

Yulin JV Shareholding:
SNF ~85%, REC Silicon ~15%
REC to Pay:
\$ 0.6M in Interest (Paid Q1'18)
\$10.4M in 3 Installments (Paid \$2.1M Q1'18)
After January 2021, REC has the option to:
Buy back ~34% Equity Interest from SNF,
or Remain a ~15% Equity Holder,
or Sell REC's ~15% Equity Interest

Yulin JV Signing Ceremony February 2014

Production Goals for 2018: 8,000 MT Granular Polysilicon

Fluid Bed Reactor Status:

› ~800 MT Granular Polysilicon Produced in Q1'18
Secondary Quality Start-up Material
› Remaining FBR Reactors Start-up H2'18

Silane Unit Status:

› Silane 20 Unit Running at Half Capacity
› Silane 10 Unit Start-up H2'18

Siemens Reactor Status:

› Siemens Reactors Finishing Pre-production Preparations
› Starting Commercial CZ production in Q2'18
› FZ Production Trial Runs Starting in H2'18

Total Investment Within Budget of \$1.25 Billion

FBR Production		FBR	Cash Cost					Total Polysilicon Production
Q2	2,280MT	Q2	\$13.4/kg		Q2	2,660MT

	Semiconductor Production		Silicon Gas Sales		2018 CapEx *
Q2	270MT	Q2	910MT		Maintenance	\$4M

** Additions to Property Plant and Equipment

July 19, 2018

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