GRANULAR POLYSILICON TECHNOLOGY

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RENEWABLE ENERGY CORPORATION

GRANULAR

POLYSILICON

TECHNOLOGY

May 17, 2012

SNEC 2012 (Shanghai, China)

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2 2012 Copyright REC

This Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and

industries that are major markets for REC ASA and REC ASA’s (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as ”expects”,

”believes”, ”estimates” or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for REC’s businesses, energy prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be

discussed from time to time in the Presentation. Although REC ASA believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation. REC ASA is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither REC ASA nor any of its directors, officers or

employees will have any liability to you or any other persons resulting from your use.

This presentation was prepared for SNEC 2012 Silicon Materials Session held in Shanghai, China on May 17, 2012.

Information contained within will not be updated. The following slides should be read and considered in connection with the information given orally during the presentation.

The REC shares have not been registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.

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REC Silicon: Global Reach

Manufacturing Facilities Sales Offices

Butte MT, USA Moses Lake WA,

USA

Houston TX, USA Shanghai, China

Tokyo, Japan Taipei, Taiwan

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Overview of Our Polysilicon Plant



Our polysilicon plant consists of two separate plants working seamlessly

together

– Silane gas plant

– Polysilicon plant (Siemens and FBR reactor plant)

POLYSILICON PLANT

SILANE GAS PLANT

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Our Operational Flexibility & Redundancy

FBR Silane Loading

Silane Silane

Silane

Silicon I Silicon III Silicon IV

Siemens Silane Silicon II Silane Loading Polysilicon to Solar and Semi

Solar grade Silane gas to TFT ,

Semi and Solar Silane gas to TFT,

Semi and Solar

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REC Silicon production plant, Moses Lake WA, USA

RIGHT HERE AT REC

FBR: Technology for

a Sustainable Future

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REC Fluidized Bed Technology (FBR)



Reactors

– Vertical Reactors: High flow rates that allow

fluidization

– Fluidization: Granules balanced by gas flow

friction, improved heat transfer

– YIELD: High yield with proprietary silane

process



Significant energy savings

– Continuous vs. Batch Process

– Hot Wall vs. Cold Wall Design



Demonstrated volume production

– REC has invested over 10 years of research

in Silane-based fluid bed deposition

Effluent Gas

Silane + H2

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Consumption KWh/Kg Optimized Siemens vs. FBR

45 KWh/kg

4.1 KWh/kg

Best in Class TCS Siemens* REC FBR**

CVD ELECTRICITY CONSUMPTION

* GT SDR-400 Commercial field data, as of June 2011 ** FBR Actual Q1 2012

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REC Silicon FBR Cost Breakdown

MGS

37%

Manufacturing

Labor &

Support

32%

Other Mfg

Costs

26%

Electricity Silane 4% Electricity FBR 1%

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Cash cost of USD 12.5/kg - Leading cost Position

among Polysilicon Companies



FBR production target of

15,000 MT in 2012, 40 percent

above design capacity

23 14 7 3 Q1’12 23 12.5 7 3 Q4’11 26 8 4 Q3’10 42 16 4 -13% -39% Depreciation SG&A and R&D

Cash production cost

Silicon – FBR

USD/kg

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11 2012 REC - Strictly Confidential

Significant Growth in REC’s FBR Capacity

6 000

6 300

7 500

13 000

19 000

21 500

0 5 000 10 000 15 000 20 000 25 000 2007 2008 2009 2010 2011 2012 MT

REC Silicon Production Capacity by Technology

FBR Siemens

FBR 70%

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FBR Granular Increases Process Efficiency for

Wafer Manufacturers

 Increased packing density  Enables top-off and recharge  Easier to handle

Use of Granular in ingot making process

The Granular form factor improves productivity used together with chunk polysilicon by

increasing crucible charge weight



Customers

– About 20 different customers are currently

using our Granular products

– Users have quickly built a strong preference

for Granular material



Cost savings

– Customers confirm significant cost savings

achieved by using granular material (blended

with chunk)

– Enables recharge (i.e. replenishing the melt

as the ingot is pulled)

– Maximizes initial crucible charge weight

– Enables top-off (i.e. adding polysilicon to the

crucible after the initial melt to raise the

molten silicon level towards the top of the

crucible

)

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FBR Granular Significantly Increases Productivity

Blend

Filling

Time

Improvement vs.

100% Siemens

Weight

Improvement vs.

100% Siemens

100%

Siemens

48.5

mins.

N/A

63.8 kg

N/A

50%

Siemens

50%

Granular

28.5

mins.

20.0

mins.

41.2%

82.5 kg

18.7 kg

29.4%

Note: Same 60 kg. crucible used for all tests. Crucible filled to top, level with crucible edge in all tests.

40% improvement

in filling time

30% increase in

charge weight

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REC Silicon materials

RIGHT HERE AT REC

Future

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15 2012 REC - Strictly Confidential

Fluid Bed Development History – Timeline

1990s 2004 2005 2006 2007 2008 2009 2010 2011 2012

FBR-A Demonstration Reactor - Process Control ↔ Key Controls - Design of Experiments ↔ Process Optimization

- Design Validation ↔ Scale Up - Customer Qualification

Plant 3.0 Commercial Process

- Design ↔ Engineering ↔ Construction - Started-up 4Q 2008 C O M M E R C I A L

FBR-B Next Generation Reactor

- Proof of Enhanced Quality & Operability at Reduced Cost

Plant 3.0 Commercial Process

Continual Process Improvement - 15,000 MT/yr FBR Pilot Reactors 1, 2 & 3 - Feasibility P I L O T S T U D I E S Implementation of FBR-B Developments

FBR-B Next Generation Reactor

- Started-up 3Q 2009 N E X T G E N E R A T I O N Modeling/Validation/Operability

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16 2012 Copyright REC 0 50 000 100 000 150 000 200 000 250 000 300 000 350 000 400 000 450 000 500 000 2011 2012 2013 2014 2015 2016 MT

Polysilicon Production Capacity (All Companies) Capacity Top 5 Companies

Semi Demand Semi + PV Demand

Polysilicon Supply, Demand & Spot Prices

Top 5 Companies: GCL, OCI, HSC, WCH & REC Source: iSuppli PV Integrated Market Tracker (Q1 2012)

24,64 24,48 20 30 40 50 60 70 80 J an _Apr 7/4/2011 7/25/2011 8/15/2011 9/5/2011 9/26/2011 10/17/2011 11/7/2011 11/28/2011 12/19/2011 1/9/2012 1/30/2012 2/20/2012 3/12/2012 4/2/2012 4/23/2012 2011 2012 $/kg PV Insights Bloomberg Data as of April 25, 2012.

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17 2012 Copyright REC 0 50000 100000 150000 200000 250000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Installed FBR Cpacity Potential Market for FBR Poly

Only ~20,000 MT FBR Polysilicon Available

(Assuming 50/50 blend ratio)

Si V Si VI

Si VII

Market opportunity for

flowable polysilicon

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China is the Main Market for Polysilicon to the Solar

Wafer Market

China 40 % USA 24 % Korea 14 % Japan 7 % Germany 15 %

Polysilicon Production

China 76 % USA 3 % Other 5 % Japan 7 % Germany 3 % Taiwan 6 %

Solar Wafer Production

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FBR - A Disruptive Polysilicon Technology

PRELIMENARY ESTIMATES

7,9

12,5

China FBR

Cash cost*

Other

Manufacturing

labor &

support

MGS

Q1 2012

cash cost

Current FBR cash cost vs China FBR cash cost (USD/kg)*

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FBR Capex – Competitive with Siemens

PRELIMENARY ESTIMATES

50,0

107,0

China FBR

Capex/kg*

China

location

savings

Optimized

plant design

Current FBR

capex/kg

Current FBR capex/kg vs China FBR capex/kg (USD/kg)*

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FBR Cost Per Kg* Development

*Blended cost per kg for all quality grade polysilicon

PRELIMENARY ESTIMATES

20,0

15,9

12,5

7,9

0

5

10

15

20

25

30

35

Q1 2010

12,9

Q1 2011

Q1 2012

32,9

10,0

3,3

25,9

6,6

11,3

19,1

FBR China

Cash cost

Deprication

USD/kg

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The STAR Center



S

ilicon

T

echnologies

A

pplications

R

esearch Center

– Location: Shangyu, Zhejiang Province

– In partnership with Zhejiang Jingsheng M&E Engineering Co. Ltd.

– Phase 1 scope: Solar Grade CZ puller/s, analytical, FIBC transport, de-dusting

& recharge systems

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REC Silicon to Launch an Applications

Center in China



Aligns REC to market-driven requirements



Assists in market acceptance of our

products



We become a resource not just a source



A localized customer support & application

facility

– Sample Activities:

– Material performance testing

– Customer training & interaction on product

handling, packing, blend, safety, etc.

– Product development

– New account qualification

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REC Position on a possible trade dispute between

China and the US



REC Silicon believes that tariffs are NOT in the best interest of the

global solar industry

– Tariffs stifle innovation/add costs to a development industry that needs to

reduce costs to compete with traditional power and grow



REC Silicon opposes a trade war between the US and China

– Escalation/retaliatory tariffs damaging to all industry participants



The May 17, US Department of Commerce AD tariff is provisional only

(final decision to be made late 2012)

– REC Silicon will continue to work together with other members of the solar

industry in the US and China and with the US government with a view to

convincing the decision makers in the US to “see sense” and ensure that the

final tariff decision imposes no or negligible tariffs only

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Summary: Granular Polysilicon



REC Silicon is technology and cash

cost leader

– World-class supplier and by far the largest producer of Granular Polysilicon – at the lowest cost



Customers Benefit from using

Granular

– Granular Polysilicon helps customers increase productivity and reduce Total Cost of Processes and Production



We are a committed supplier of

Granular Products

– Have increased capacity to 15,000MT to deliver to a growing market

– Developing Silicon research center in Shangyu – Driving toward electronic grade quality

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RENEWABLE ENERGY CORPORATION

THANK YOU

The content of this presentation is strictly confidential. REC is the exclusive owner or licensee of the content, material, and information in this presentation. Any reproduction, publication or reprint, in whole or in part, is strictly prohibited. The information in this presentation may not be accurate, complete or up to date, and is provided without warranties or representations of any kind, either express or implied. REC, as well as its directors, officers and employees, shall not be responsible for and disclaims any liability for any loss or damages, including without limitation, direct, indirect, incidental, consequential and special damages, alleged to have been caused by or in connection with using and/or relying on the information contained in this presentation.

REC is the exclusive owner or licensee of the content, material, and information in this presentation. Any reproduction, publication or reprint, in whole or in part, is strictly prohibited. The information in this presentation may not be accurate, complete or up to date, and is provided without warranties or representations of any kind, either express or implied. REC, as well as its directors, officers and employees, shall not be responsible for and disclaims any liability for any loss or damages, including without limitation, direct, indirect, incidental, consequential and special damages, alleged to have been caused by or in connection with using and/or relying on the information contained in this presentation.