REC Silicon Investor Presentation

Pareto 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

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