Elkem Company Overview and Financials

Elkem to further strengthen its Silicones position in Asia Xinghuo expansion Timing and financing Elkem 1) Includes financing costs. ☐ Brownfield expansion of silicones capacity in China representing a +50% net annual capacity increase with significantly higher quality and improved efficiency & sustainability ☐ ☐ Clear link to Elkem's strategy by strengthening its fully integrated silicones business with a specialised downstream position and captive sourcing of upstream capacity at scale Continuation of established specialisation strategy by expanding in China, the world's fastest growing silicones market, with quality upstream capacity being an integral success factor to drive downstream volumes and capture new market positions through advanced backlog of specialties ☐ ☐ ☐ Successfully concluded the final engineering studies following initiation of the project in Q1 2019, with a clear development agenda towards the ramp-up scheduled for H1 2024 The total investment for the Xinghuo capacity expansion is expected to be ~MNOK 3,8001 and will be financed by a combination of cash flow generation and available debt facilities as well as new equity As part of the financing, the Company is considering a potential equity offering of up to 10% of the existing share capital (within the authorisation granted by the annual general meeting) Elkem will at any time maintain an investment grade profile 5

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