#1REC Silicon Investor Presentation January 2021 RECSILICON#2Pareto Investor Conference Silane: Feedstock for the Energy Transition BATTERY VALUE CHAIN SILANE SEMICONDUCTOR SOLAR VALUE CHAIN Silicon Anodes to Drive Silane Market Expansion. Moses Lake Sole major supplier of pure silane outside China ➤ Co-Location discussions with multiple potential partners ➤ $1.0B gross silane plant capex Growth Driver Proven Global Leader. Butte ➤ 3,200MT Si-gas ➤ Module loading EBITDA ~$30M Established Footprint to Capture Solar Market Upside. Moses Lake ➤ Moses Lake FBR Poly: 18,000MT Technology ➤ Yulin JV Technology Transfer Agreement of USD 200M Market Inflection 2 OREC Silicon ASA. All rights reserved. Confidential 1/15/2021 RECSILICON#3Pareto Investor Conference | Semiconductor Semiconductor Segment Provides Stable Cash Flows. BATTERY VALUE CHAIN SEMICONDUCTOR SOLAR VALUE CHAIN Silicon Anodes to Drive Silane Market Expansion. Moses Lake Sole major supplier of pure silane outside China Proven Global Leader. Butte ➤ 3,200MT Si-gas ➤ Module loading ➤ Co-Location discussions with multiple potential partners > ~$1.0B gross silane plant capex Growth Driver EBITDA ~$30M Established Footprint to Capture Solar Market Upside. Moses Lake Moses Lake FBR Poly: 18,000MT Yulin JV Technology Yulin JV Technology Transfer Agreement of USD 200M S/D market Inflection 3 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 RECSILICON#4Pareto 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 50% of Total Global Market Silicon gas Silicon gas market share • 70% of Semi Market Investment opportunities within silicon gas DCS: $5M for an additional 300MT • DiSilane: $ 2.7M for an additional 2.1MT REC is one of only two companies manufacturing FZ >30 years experience producing FZ product Prior 12-month EBITDA contribution: $30M Electronic polysilicon - Float Zone Highest Purity Float Zone sells at a significant premium over EG polysilicon O REC Silicon ASA. All rights reserved. Confidential • 800 MT Possible Investment for Larger Rod Mass ~$20M (not active) RECSILICON#5Pareto Investor Conference | Solar Polysilicon Capacity & Technology gives Several Pathways to Profitability. BATTERY VALUE CHAIN SILANE FEEDSTOCK SEMICONDUCTOR SOLAR VALUE CHAIN Silicon Anodes to Drive Silane Market Expansion. Moses Lake Sole major supplier of pure silane outside China ➤ Co-Location discussions with multiple potential partners > ~$1.0B gross silane plant capex Growth Driver Proven Global Leader. Butte ➤ 3,200MT Si-gas! > Module loading LTM EBITDA ~$30M Established Footprint to Capture Solar Market Upside. Moses Lake ➤ Moses Lake FBR Poly: 18,000MT Technology ➤ Yulin JV Technology Transfer Agreement of USD 200M Market Inflection LO 5 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 RECSILICON#6Pareto Investor Conference | Solar Solar Market Developments to Monitor Global Supply/Demand ➤ Demand growth exceeding capacity additions ➤ Poly-price rising US-China Trade War ➤ New US administration ➤ Announced new clean energy agenda Drivers: Non-Chinese Value Chain ➤ China Dependence ➤ Low-Carbon ➤ Forced Labor Issues Provided a normalization of the polysilicon market, REC Silicon has a Proven Profitable Platform. CO 6 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 RECSILICON#7Pareto Investor Conference | Solar Developments to Monitor Global Supply/Demand ➤ Demand growth exceeding capacity additions 13 122 12 11 ➤ Poly-price rising 10 9 7 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 3 7 6 8 $/kg Polysilicon Price Indices of PVinsights and Energy Trend in 2019 and 2020 14 5 BERNREUTER RESEARCH 4 Polysilicon Market Reports Jan, 2019 Feb. 2019 Mar, 2019 Apr. 2019 May 2019 Jun. 2019 Jul, 2019 Aug. 2019 Sep. 2019 Oct. 2019 Nov. 2019 Dec. 2019 PVinsights High PVinsights Avg. EnergyTrend High EnergyTrend Avg. --PVinsights Low EnergyTrend Low Jan. 2020 Feb. 2020 Month Mar. 2020 Apr. 2020 May 2020 Jun. 2020 Jul. 2020 Aug. 2020 Sep. 2020 Oct. 2020 Nov. 2020 Dec. 2020 RECSILICON#8Pareto Investor Conference | Solar Developments to Monitor Non-Chinese Value Chain Drivers: ➤China Dependence ➤ Low-Carbon Solar Value Chain Metallurgical Polysilicon grade silicon Ingot growth Solar / wafers cell Solar module Installations ROW, 25% Others, 1%. ROW, 20% ROW, 25% Global Forced Labor Issues Production Capacity China, 64% China, 99% China, 80% China, 75% US, 11% 8 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 China dominates the global PV value chain... NorSun VIOLET POWER MEYER BURGER ULTRA LOW-CARBON SOLAR ALLIANCE Not All Solar Panels Are Created Equal Non-Chinese initiatives 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, Q Cells, First Solar ...but several players intend to challenge the Chinese dominance. RECSILICON#9Pareto Investor Conference | Solar Developments to Monitor Non-Chinese Value Chain Drivers: ➤China Dependence ➤ Low-Carbon ➤ Forced Labor Issues 9 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 Combined carbon footprint ■Ingot -55% -80% ■ Poly ■Wafer Module CO2 footprint for PV production favors non- Chinese players, and this measure will be rewarded in future EU renewable infrastructure auctions. ■Cell -75% China mono CRE USA Siemens poly, cell, USA, FBR (note 1), cell, module, Norway ingot/wafer mono module, Norway ingot/wafer mono RECSILICON#10Pareto Investor Conference | Solar Developments to Monitor Non-Chinese Value Chain Drivers: China Dependence Low-Carbon Forced Labor Issues 10 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 The New York Times Chinese Solar Companies Tied to Use of Forced Labor A new report shows some of the world's biggest solar companies work with the Chinese government to absorb workers from Xinjiang, programs that are often seen as a red flag for forced labor. Polysilicon producers are concentrated in Xinjiang RECSILICON#11Pareto Investor Conference | Battery Silicon-anode technologies give exiting market expansion for silane gas. SILANE FEEDSTOCK BATTERY VALUE CHAIN SEMICONDUCTOR SOLAR VALUE CHAIN Silicon Anodes to Drive Silane Market Expansion. Moses Lake Sole major supplier of pure silane outside China ➤ Co-Location discussions with multiple potential partners ➤ ~$1.0B gross silane plant capex Growth Driver Proven Global Leader. Butte 3,200MT Si-gas ➤ Module loading LTM EBITDA ~$30M Established Footprint to Capture Solar Market Upside. Moses Lake Moses Lake FBR Poly: 18,000MT ➤ Yulin JV Technology ➤ Yulin JV Technology Transfer Agreement of USD 200M S/D market Inflection 11 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 RECSILICON#12Pareto Investor Conference | Battery Continued Battery Cost Improvement dependent on New Cell Chemistry Price of Mass Market Li-ion Cells [$/kWh] 10,000 1991 1,000 100 Li-ion Manufacturing Learning with Scale First Modern EVs 2008 Limits of Basic Li-ion Chemistry & Design $100/kWh with Novel Chemistry & Manufacturing $50/kWh 100 Million EVs Total - 2030 10 10 1 10 100 1,000 10,000 100,000 1,000,000 10,000,000 Cumulative Li-ion Shipments Globally [MWh] Figure 3. The manufacturing learning curve for conventional Li-ion is flattening out even as scale is reaching previously unfathomable quantities. 12 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 RECSILICON#13Pareto Investor Conference | Battery Lithium silicon emerging as the new battery technology node for the mid-2020s Expect three broad battery material technology waves in passenger auto EVs in 2020s Anode Electrolyte Cathode Wave 0 Since 2015 Wave 1 Early-2020s Graphite-based Liquid (e.g. LiPF4) Nickel- & cobalt-based 1.2x Energy Density (est.) 1x 13 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 Wave 2 Mid-2020s Wave 3 Late-2020s Silicon-based Li-metal Solid (e.g. Polymer- or Ceramic-based) 1.5x Sulfur-based Over 2x RECSILICON#14Pareto Investor Conference | Battery REC well positioned to supply global market with silicon gases REC Silicon Moses Lake, WA SiH4 Silane production capacity: ~25,000 tons per year Highest purity & lowest cost Hydroelectricity = low carbon footprint REC Silicon Moses Lake REC Silicon Butte Next Generation Silicon Anode Manufacturing Moses Lake, WA › Largest producer and distributor of Silane Gas > Unmatched experience and safety record › Recognized product quality and reliability > ~70% Semiconductor market share Silicon Anode Materials Cell/ Battery manufacturing > Infrastructure to protect market share › Large module fleet Co-location is Necessary > Secure distribution channels > > Current silane distribution network +/-7,000 MT/yr. Distribution capacity expansion capex ~$30M per 1,000MT › Available capacity to support market growth 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. O REC Silicon ASA. All rights reserved. Confidential RECSILICON#1515 Pareto Investor Conference | Battery REC Silicon is sole western silane producer; co-location critical due to silane logistics. Distribution (required steps) Direct Procurement (required steps) Co-Location (required steps) 1 2 3 4 Production Loading REC Gate Logistics Dist. margin Cost of Supply OREC Silicon ASA. All rights reserved. Confidential 1/15/2021 4 1 2 Production Loading REC Gate Logistics 3 3 Cost of Supply * Production 1 2 2 Loading* Cost of Supply Lower loading cost with pipeline investment RECSILICON#16Pareto Investor Conference REC Silicon has multiple avenues to fuel the energy transition. BATTERY VALUE CHAIN SILANE SEMICONDUCTOR SOLAR VALUE CHAIN Silicon Anodes to Drive Silane Market Expansion. Moses Lake Sole major supplier of pure silane outside China ➤ Co-Location discussions with multiple potential partners ➤ $1.0B gross silane plant capex Growth Driver Proven Global Leader. Butte ➤ 3,200MT Si-gas ➤ Module loading EBITDA ~$30M Established Footprint to Capture Solar Market Upside. Moses Lake ➤ Moses Lake FBR Poly: 18,000MT Technology ➤ Yulin JV Technology Transfer Agreement of USD 200M Market Inflection 16 O REC Silicon ASA. All rights reserved. Confidential 1/15/2021 RECSILICON