REC Silicon Investor Presentation

Pareto 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

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