REC Silicon Investor Presentation

Pareto 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

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