Investors Field Trip

MARCH 16, 2010
Field Trip
Moses Lake
Disclaimer March 16
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 the analyst field trip held on March 16, 2010. 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.
2 Copyright Renewable Energy Corporation ASA. All Rights Reserved March 16, 2010
REC REC Introduction to REC Silicon
Silicon
GROUP Tore Torvund
Field Trip
Moses Lake
Two U.S. production facilities March 16
MOSES LAKE,
WASHINGTON
BUTTE, MONTANA
Field Trip
Moses Lake
REC Silicon in Moses Lake March 16
FOCUS ON THE SOLAR INDUSTRY
 PRODUCTS
– POLYSILICON: Solar Grade Polysilicon
– SILANE GAS
 OPERATIONS
– Silicon 1.0 and Silicon 3.0 in production
– Silicon 4.0 to start production mid 2010
 ORGANIZATION
– Approximately 475 employees
Field Trip
Moses Lake
REC Silicon in Butte March 16
FOCUS ON THE ELECTRONICS INDUSTRY
 PRODUCTS
– POLYSILICON: Float Zone (FZ), Electronic Grade
Polysilicon (EG)
– SILANE GASES: Monosilane & Disilane
 OPERATIONS:
– Silicon 2.0
 ORGANIZATION:
– Approximately 300 employees
Field Trip
Moses Lake
REC Silicon history March 16
1983 - 1984 Construction of Moses Lake plant by Union Carbide Corporation
Moses Lake Plant purchased by Komatsu Ltd., creating Advanced Silicon

1990
Materials Inc. (ASiMI)
1996 - 1998 Construction of Butte, Montana plant
REC enters into Joint Venture with Komatsu –

2002
Moses Lake plant becomes Solar Grade Silicon LLC (SGS) – Silicon 1.0
ASiMI (Silicon 2.0) and remaining shares of SGS purchased by REC,
2005
creating REC Silicon
REC Silicon breaks ground on Silicon 3.0 in Moses Lake and decides to
2006
invest in additional debottlenecking in the Butte plant
2007 REC decides to invest in additional production capacity – Silicon 4.0
Start-up of Silicon 3.0

2009
REC Silicon bought Komatsu Ltd‟s 25% ownership interest in Butte entity
2010 Silicon 4.0 scheduled to start production
REC REC
Silicon Products and Markets
GROUP
Field Trip
Moses Lake
What is a polysilicon plant? March 16
A polysilicon plant consists of two separate plants working seamlessly together

 Silane gas plant
 Polysilicon plant (Siemens or FBR reactor plant)
POLYSILICON PLANT SILANE GAS PLANT
Field Trip
Moses Lake
Products and Technology March 16
FOR POLY PRODUCTION

SILANE POLYSILICON
FOR CUSTOMERS
CHUNK SOLAR GRANULAR
FBR TECHNOLOGY
GRADE SOLAR GRADE
TECHNOLOGY
SIEMENS
ELECTRONIC
GRADE
SILANE FOR
MERCHANT
MARKET FLOAT ZONE
Field Trip
Moses Lake
Applications of REC Silicon products March 16
Silane Used in production of Semiconductors,

Gas Flat Panel Displays and Thin Film
Technologies
REC
Silicon
Solar Grade Applications for the
Polysilicon Solar Industry
Electronics
Grade Delivered to the
Polysilicon Semiconductor industry and
other Electronic Markets
Float Zone High-purity Polysilicon for the Power

Polysilicon Semiconductor and emerging Green Energy
industries incl. Hybrid/Electric cars
Field Trip
Moses Lake
Revenue segmentation - 2009 March 16
Internal
Poly
$272M Silane
44% $166M
TOTAL REVENUE BY SOURCE 27%
External
Poly
$177M
29%
Off Solar
Spec Grade
$30M $32M
17%
18%
POLY REVENUE BY MARKET Float Zone

$36M
20% Electronic
Grade
$80M
45%
REC REC Silicon 3.0 and Silicon 4.0
Silicon
GROUP updates
Field Trip
Moses Lake
Silicon 3.0 & Silicon 4.0 March 16
SILICON 3.0 SILICON 4.0

 Design capacities:  Design capacities:
– Silane 9,000 MT – Silane 9,000 MT
– FBR 10,500 MT – Offload Capacity 3,000 MT
 Investment:  Investment:
– Total CAPEX NOK 6,000 million – Total CAPEX NOK 4,200 million
 In production  Completion:
– Project 95% complete
 Start-up:
– Scheduled start-up mid 2010
Field Trip
Moses Lake
Moses Lake Plant Diagram March 16
Silicon 1.0 Silicon 3.0 Silicon 4.0
Silane Silane Silane
Siemens FBR Silane Loading
Field Trip
Moses Lake
Silicon 3.0: Silane ramp-up (March 2009 – March 2010) March 16
Silicon 3.0 Silane Production History
Pluggage Inspection
Pluggage Pluggage Pluggage
FBR
Field Trip
Moses Lake
Microscopic photo of deposit material March 16
Field Trip
Moses Lake
Silicon 3.0: FBR ramp-up (March 2009 – March 2010) March 16
Silicon 3.0 Poly Production History
Inspection
Lack of silane Lack of silane
FBR
Field Trip
Moses Lake
Crack in reactor discharge pipe March 16
 The plant was shut down for process

safety reasons due to problems with a 5 cm
discharge pipe
 Discovered a potential for material
fatigue with the reactor discharge pipe
which could result in additional failure
 Investigations indicated thermal and
mechanical stress
Field Trip
Moses Lake
Silicon 3.0 - today March 16
Silane and FBR:

 Silane unit producing high quality silane for FBR source gas
 Start-up equipment reliability issues resolved

 Improved production and granular quality resulting from longer, more stable reactor cycles
REC REC
Silicon Outlook
GROUP
Field Trip
Moses Lake
Strong, profitable growth March 16
REVENUE ($ Million) EBITDA ($ Million)

$800 $400
$600 $300
$400 $200
$200 $100
$0 $0
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009
Field Trip
Moses Lake
Production volumes March 16
Silane production (MT) Polysilicon production (MT)

25,000 20,000
20,000
15,000
15,000
10,000
10,000
5,000
5,000
0 0
2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012
Field Trip
Moses Lake
Competitive polysilicon cash cost position (2010 $/Kg) March 16
REC Silicon has a strong cost position

based on:
 Large scale production
 25 years of experience
 Favorable energy cost
 New technology
– Target FBR cash cost below 20 $/kg
Sources: Sage Concepts; Company presentations; Equity Analyst

Reports; REC Silicon Field data.
Field Trip
Moses Lake
REC Silicon - Summary March 16
 Strong position in growing markets for

Polysilicon and Silane, and recognized track
record
 Proprietary REC technology for Polysilicon with
considerable lower energy consumption and
better form factors
 Strong growth in production from 8,000 Metric
tons (2009) to 17,000 Metric tons (2012)
 Very attractive cost position
 Experienced organization with 25 years of

know-how
REC REC
Silicon Thank you
GROUP
REC REC Market Update
Silicon
GROUP Kurt Levens
Field Trip
Moses Lake
Contents March 16
 Products & Markets
 Market Drivers
 Polysilicon
 Float Zone
 Silane
 Conclusion
REC REC
Silicon Products & Markets
GROUP
Field Trip
Moses Lake
It starts with the silane molecule March 16
 Enables all silicon deposition

Signature Silane TM
applications
 Purest silicon precursor
 More than 25 years of experience
 Silane allows optimization of product

mix for value creation, unlike
trichlorosilane (“TCS”) Signature
Silane TM
Field Trip
Moses Lake
Silane Molecule – allows optimization of product mix March 16
Silane
SiH4
Field Trip
Moses Lake
Global presence – world class customers March 16
EUROPE
49%
2009 Sales
$626.8 MM ASIA
44%
N. AMERICA
7%
Field Trip
Moses Lake
Contracts March 16
 Silane
– 90% declining to 50% of the expected sales volume are under contract over the next 5 years
– Long term contracts are for fixed volumes with provisions for incremental yearly volume
– Prices are fixed with provisions for market conditions
 Float Zone
– 50% moving to 90% of future volumes are under contract
– Long term contracts are for fixed volumes and variable volumes set within a min/max band
– Currently finalizing multiple contracts
 Electronic Grade Contracts
– 80% of potential output is under long term contract
– Long term contracts are for fixed volumes and variable volumes set yearly within a min/max band
– Prices are fixed, market based or variable within a min/max band
 Solar Grade Polysilicon Contracts
– 83% of total output is under long term contract
– Long term contracts are for fixed volumes and variable volumes set yearly within a min/max band
– Prices are fixed, market based or variable within a min/max band
REC REC
Silicon Market Drivers
GROUP
Field Trip
Moses Lake
Key market drivers March 16
Electronic Float Zone Solar Grade

Grade Silicon Gas
Polysilicon Polysilicon
Polysilicon
Semiconductor Flat Panel (TFT) Photovoltaics
Field Trip
Moses Lake
Semiconductor – Worldwide unit shipments March 16
IC UNITS GROWTH RATE

250.0
55 %
45 %
200.0
35 %
150.0 25 %
Billion Unit
Units 15 % Growth %
100.0
5%
-5 %
50.0
-15 %
0.0 -25 %
84
93
83
85
86
87
88
89
90
91
92
94
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
12F
10F
11F
13F
14F
Source: IC Insights (February 2010)
Field Trip
Moses Lake
Photovoltaics (PV) – Demand projections March 16
PV DEMAND HIGH PV DEMAND MEDIAN PV DEMAND LOW

30,000
25,000
20,000
MWp 15,000
10,000
5,000
-
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Data set above derived from external sources: 2004-2008 via Solarbuzz LLC; 2009-2013 demand points conglomerated from EPIA, Bloomberg New Energy Finance,
Solarbuzz, Barclays, UBS, ML-BofA, Piper Jaffray, Deutsche Bank, DisplaySearch, Displaybank Korea, iSuppli, Linx, Alternative Energy Consulting, Navigant & Sage
Concepts. PV Demand High is the 2nd highest demand assumption from this set, whereas PV Demand Low is the 2 nd lowest demand forecast. PV Demand Median presents
the median of all data points.
Field Trip
Moses Lake
Flat Panel (TFT) – Display area growth March 16
300,000 70%
60%
250,000
50%
200,000
40%
000 m2
Growth
150,000
30%
100,000
20%
50,000
10%
0 0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
000 Sbstr 16,492 21,313 26,741 32,681 39,308 48,302 57,549 66,507 73,452 76,421 83,303 85,839 89,136 92,696 95,370
000 m2 4,556 7,083 10,261 15,116 23,782 38,923 60,443 85,759 110,157 134,288 162,351 182,353 204,497 226,075 246,387
Area Grwth 55% 45% 47% 57% 64% 55% 42% 28% 22% 21% 12% 12% 11% 9%
Sbstr Grwth 29% 25% 22% 20% 23% 19% 16% 10% 4% 9% 3% 4% 4% 3%
Source: DisplaySearch (December 2009)
Field Trip
Moses Lake
Market wrap-up March 16
 SEMICONDUCTOR
 Square inches of wafer consumed is forecast at +26% year on year

 Memory devices will lead growth and may be in short supply
 Semiconductor content of everyday life will continue to expand
 Large volume device demands driven by emerging countries
 PHOTOVOLTAIC (PV)
 PV price pressure persists and cost reduction pressures increasing; market remains
strongly geographically dependent
 Increased utility activity in US and China
 True demand is still best characterized as a range
 FLAT PANEL (TFT)
 LCD Monitor Production Expected to Reach All-Time High in Q1 2010

 Gen 6 & larger fabs expected to average 87%+ fab utilization rate this year
 Focus on growth will be in China over the next 2-3 years
REC REC
Silicon Polysilicon
GROUP
Field Trip
Moses Lake
REC Polysilicon products March 16
ROD-CHUNK-TEAR DROP GRANULAR POLYSILICON

SIEMENS TECHNOLOGY FBR TECHNOLOGY
Siemens Product Granular Product

 Very dense and hard material  Flowable form factor
 Requires further processing before use  Ready to use for customer application
 Most common production method currently  Currently target of focused research and
development by industry
 Preferentially used in semiconductor applications
 Preferentially used in PV due to cost versus
 Expensive cost structure for most PV applications performance benefits
 Lowest cost production method
Field Trip
Moses Lake
Customer acceptance for FBR products March 16
 Applications
– Silicon 3.0 FBR products have been qualified and accepted in 6 different applications
 Customers
– 18 different customers in 8 countries on 3 continents have used or are currently using Silicon 3.0 FBR products
 Markets
– The majority of applications are for PV silicon wafers
– Other applications are also currently using FBR due to its preferrable form factor properties
Field Trip
Moses Lake
Potential supply vs. demand scenarios March 16
SUPPLY INCUMBENTS SUPPLY NEW ENTRANTS BASELINE DEMAND MODERATE DEMAND OPTIMISTIC DEMAND
250,000
200,000
150,000
MT
100,000
50,000
0
2010 2011 2012 2013
Potential supply from “Incumbents” take into account production forecasts from Hemlock, Wacker, REC, MEMC, Tokuyama, Mitsubishi , Osaka Titanium , plus OCI
and GCL-Poly. All the rest are classified as “New Entrants.” Supply data excludes UMG-Si. Demand Scenarios include “High, Median & Low” consumption forecasts
from PV, Semi and Other demand.
Field Trip
Moses Lake
Polysilicon prices March 16
SPOT PRICES CONTRACT PRICES
500
450
400
350
300
$/kg 250
200
150
100
50
Sources: Photon Consulting, Bloomberg New Energy Finance, Sage Concepts & REC data.
Field Trip
Moses Lake
Market leaders are best positioned - Polysilicon March 16
CASH COST ($/kg)
- 20,000 40,000 60,000 80,000 100,000 120,000 140,000

POLYSILICON STACKED SUPPLY (2010, MT)
Sources: Sage Concepts; Company presentations; Equity Analyst Reports; REC Silicon Field data.
Field Trip
Moses Lake
Market summary - Polysilicon March 16
 Focus during the past 5 years has been on ramping up polysilicon production capacity as quickly as possible
 2010-2013 will be challenging years for some companies
 At times spot prices will move to the cash cost of that higher-cost manufacturer which fulfills that last kilogram of
demand
 On the overall macro environment, a sharp contrast will develop between the “haves and have nots” as defined by:
secure market channels, cost, quality and value creation networks
 Upstream companies will be looking at ways to create more value from their molecules
 Those who chose their customers and suppliers well will absorb demand
 REC Silicon is well positioned in terms of cost, product quality and reputation, customer channels and stability of
suppliers
REC REC
Silicon Float Zone
GROUP
Field Trip
Moses Lake
Float Zone March 16
 Float Zone (FZ) is a manufacturing method for fabricating very pure silicon; the concentration of impurities
(e.g. carbon, nitrogen & oxygen) are extremely low
 FZ segregates impurities during the liquid-to-solid transition; liquid zone is moved through the material, and when
properly seeded, a single crystal occurs
 Melt never comes into contact with anything but vacuum or inert gases; FZ has 3x less oxygen than CZ ingots
Field Trip
Moses Lake
Float Zone market opportunities March 16
Existing
Applications
Computing Power Devices
Home
Appliances
Field Trip
Moses Lake
Hybrid-electric vehicle application March 16
The fastest growing FZ application

 1-3 million EV/HEV are expected to be
produced in 2010
 CAGR expected to be 35-50% from 2010 to
2015
 Most hybrid vehicles use a specific transistor
for the converter
IGBT for hybrid-electric vehicle converter
 FZ substrates are preferred for this specific
device
Field Trip
Moses Lake
Renewable energy applications March 16
FZ wafer
Die DC/AC, AC/DC

converter
IGBT Modules
IGBT valve in
700kW DC/AC
AC/DC converter
Offshore
Inland
IGBT valve in
600MW HVDC
substation
Field Trip
Moses Lake
FZ Polysilicon market growth projections March 16
4,000
3,500
3,000
2,500
MT 2,000
1,500
1,000
500
-
2002 2003 2004 2005 2006 2007 2008 2009 2010F 2011F 2012F 2013F 2014F 2015F
Forecast for 2010-2015 based on MSI growth rates derived from SEMI (2009-2011), Sage Concepts (2009-2011) and Yole Développement (2010-2015).
Field Trip
Moses Lake
Market summary – Float Zone March 16
 Float Zone will continue to be an interesting market opportunity
 Prices will come down for Low Power applications however this will increase application penetration and drive
unit volume growth
 The ultra high purity segment will exhibit more price discipline as a result of competitive landscape
 The future will belong to the lowest cost – highest purity 150-200mm rod producer
 Strongest market drivers will be: Electric/Hybrid Electric vehicles, High Voltage DC transmission, Electronic
and Variable motor control, Alternative Energy conversion and transmission
REC REC
Silicon Silane
GROUP
Field Trip
Moses Lake
Silane application – TFT-LCD March 16
Silane Layer
TFT-LCD is the largest and fastest

consumer of Silane
 2000-2014 CAGR area growth

of 33%
 LCD Monitor Production Expected to

reach all-time high in Q1 2010
 Gen 6 and larger fabs expected to

average 87%+ fab utilization rate in
2010
Field Trip
Moses Lake
Silane market demand March 16
UPSIDE DEMAND OTHER SEMICONDUCTOR DISPLAY PV
6,000
5,000
4,000
MT
3,000
2,000
1,000
0
2008 2009 2010 2011 2012 2013
Sources: SEMI, DisplaySearch & REC internal model.
Field Trip
Moses Lake
Market leaders are best positioned - Silane March 16
CASH COST ($/kg)
- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000
SILANE STACKED SUPPLY (2010, MT)
Field Trip
Moses Lake
Market summary - Silane March 16
 Total available market will continue to grow for the next 3-4 years
 Pricing will most likely come under pressure as existing producers defend market share
against newcomers
 The lowest cost high quality producer with sufficient scale and reliability of operations will
prevail
 Thin Film silicon based PV will most likely not be of significance in the next 3-4 years and
may not be a reliable market driver
 Continued growth in TFT and Semiconductor is a likely scenario for the next 3-4 years
 Value chain and business models will be challenged and changed over the next 2-3 years
Field Trip
Moses Lake
Maximization of the platform March 16
The American Bison provided Plains Indians with an ideal platform to survive and expand: food,
shelter, weapons and barter goods. They maximized the asset.
REC REC Technology update
Silicon
GROUP Ron Reis
Field Trip
Moses Lake
Contents March 16
 Silane
 Polysilicon
 Granular polysilicon quality
 Float Zone
 The future
REC REC
Silicon Silane
GROUP
Field Trip
Moses Lake
It all starts with the silane molecule March 16
 Enables all silicon deposition Signature Silane TM
applications
 Purest silicon precursor
 More than 25 years of experience with

silane technology
 Technology is focusing on exploiting

this molecule and the manufacturing
technology for next generation products
and processes
Field Trip
Moses Lake
The Silane process March 16
1) Hydrogenation (3 SiCl4 + 1 Si + 2 H2 = 4 SiCl3H)

2) Distillation (4SiCl3H = 3 SiCl4 + 1 SiH4)
Field Trip
Moses Lake
REC Silicon Silane experience March 16
Silane MT/Yr Silicon 3.0/4.0

20000
Silicon 2.0 -
Debottleneck
16000
Silicon 1.0 -
Debottleneck
12000 Silicon 1.0 –
Phase I Silicon 2.0
8000 Silicon 1.0 -

Phase II
Silicon 1.0 -
Debottleneck
4000
0
1990
2010
1985
1986
1987
1988
1989
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Field Trip
Moses Lake
Silane leadership March 16
 UNIQUE TECHNOLOGY
– Enables all silicon deposition applications
– Flexibility supports different technologies
 CONTINUOUS COST IMPROVEMENTS
– Economies of scale: plant size
– 4x increase from Silicon 1.0 to Silicon 4.0
 MORE THAN 25 YEARS EXPERIENCE
– 25 years of uninterrupted experience in making and moving silane
 SUPPLY RELIABILITY
– Four separate production plants, four loading buildings + over 350 transport modules
 CONTINUOUS R&D FOCUS
– Two research sites with focused teams developing next generation manufacturing
which means lower capital and operating costs
REC REC
Silicon Polysilicon
GROUP
Field Trip
Moses Lake
Two polysilicon technologies March 16
Siemens FBR
Reactor Reactor
Cooling
medium
Polysilicon
rods
Cooling
medium
Electrical
contact
Reactor inlet Reactor outlet Silane
Field Trip
Moses Lake
Long experience with polysilicon >25 years March 16
Polysilicon MT/Yr FBR – Silicon 3.0
14000
Silicon 2.0 -
Silicon 2.0 – Phase I
12000 Solar
Silicon 2.0
10000 Phase II
Silicon 1.0
8000
Silicon 1.0 „97 Expansion
6000
Added 07 Unit
4000
2000
Field Trip
Moses Lake
Initial polysilicon technology: Siemens March 16
Siemens Reactor Schematic Cooling medium
Polysilicon
rods
Cooling
medium Cooling medium
Electrical contact
Reactor inlet Reactor outlet
Siemens Reactors:
 Silane based proven technology
 Produces ultra-pure polysilicon
 Meets a specific set of market needs
 Higher energy consumption
 Batch process
 Needs additional product finishing to be usable
Field Trip
Moses Lake
FBR = Energy efficiency March 16
Energy Consumed
GOAL:
120
 Support PV cost roadmap

100
PROVEN:
80
 Lowest energy consumption
60
40
20
0
Siemens Kwh/kg FBR Kwh/kg
Field Trip
Moses Lake
Fluid bed technology (FBR) advantages March 16
FBR Reactor Schematic
Silane
FBR Technology:
 Proprietary REC technology
 Energy efficient – 10% of Siemens energy usage
 Continuous production
 Lower cost
 Granular polysilicon is easy to handle
Field Trip
Moses Lake
Fluid bed development history - timeline March 16
1990s 2002 2003 2004 2005 2006 2007 2008 2009 2010 +
S t u d i e s
FBR Pilot Reactor
FBR Pilot 2 Reactor

SILICON 3.0 COMMERCIAL PROCESS
P i l o t
FBR Pilot 3 Reactor
FBR-A Demonstration reactor

GENERATION
N E X T
FBR-B Next Generation Reactor
Field Trip
Moses Lake
Process development story March 16
Field Trip
Moses Lake
FBR scale up: from demonstration to commercial reactor March 16
Pilot Plant: FBR Plant:

~150 MT/yr 10,500 MT/yr
16 meter
56 meter
 Five years of demonstration reactor experience  Increased FBR reactor size and additional
 Process optimization & control modeling
number of reactors
 Customer qualification
REC REC
Silicon Granular polysilicon quality
GROUP
Field Trip
Moses Lake
Quality model March 16
Field Trip
Moses Lake
Quality improvement trend March 16
Total Metals [ppbw]
 Typical constituents: Fe,

Cr and Ni
 Longer run lengths
 Process stabilization
 Steep process
operator learning curve Targeted PV Quality
10/24/09 11/03/09 11/13/09 11/23/09 12/03/09 12/13/09 12/23/09 01/02/10
Field Trip
Moses Lake
Quality results March 16
Solar customer experience:

 Silane purity means donors/acceptors are not of concern - verified
 Silane/FBR process means carbon/oxygen are of no concern - verified
 Blend tests: ratios from 50% - 100% FBR granules
 Achieving normal cell efficiencies
 Form factor influence – optimizing blend ratio for maximum melt parameters and
productivity
REC REC
Silicon Float Zone
GROUP
Field Trip
Moses Lake
Float Zone characteristics March 16
SILANE BASED FLOAT ZONE

 ULTRA PURE form of silicon
 EXCELLENT RESISTIVITY:
Radial and Axial
 LOWER TEMPERATURE DECOMPOSITION:
– Smaller grains = Greater toughness
= Better FZ performance
 QUALITY CONTROL: Customer benefits
in first pass yields
Field Trip
Moses Lake
The Float Zone production process March 16
 Float Zone (FZ) is a manufacturing method for fabricating

very pure silicon
 Extremely low concentration of impurities
(e.g. carbon, nitrogen & oxygen)
 FZ takes advantage of the concentration change by
segregating impurities during the liquid-to-solid transition
 Impurities in the molten region tend to stay in the
molten region, allowing for a very pure single
crystal region to remain
 Melt never comes into contact w/ anything but vacuum
(or inert gases)
 Good resistivity control by introducing gaseous
dopants in the growth chamber
Photo courtesy of University of Delaware &

The Prometheus Institute
REC REC
Silicon The future
GROUP
Field Trip
Moses Lake
Silane – precursors and derivatives March 16
PRECURSORS AND DERIVATIVES: SiH4 chemistry enables specialty molecules

 Mono and Di-Chlorosilane
– Specialty deposition molecule. In production
 DiSilane
– Low temperature silicon deposition. In production
 Trisilane
– Lower temp silicon deposition. Target 4Q 2010 production
 PolySilane
– Liquids for silicon coating and printing. Research quantities produced.
Assessing semi-works for 2011
Field Trip
Moses Lake
Disilane pilot March 16
Field Trip
Moses Lake
Next generation – FBR B March 16
 GOAL: Reduce manufacturing cost / targeted purity for high efficiency PV cells
 APPROACH:
– Leveraging the company‟s R&D efforts and operational experience: knowledge from FBR-A
– Improve the primary cost drivers for first generation FBR technology: Capacity and CAPEX
– Continue to capitalize on silane‟s value
 STATUS:
– Facility completed in 2009 and trials are underway
– Continuing improvement towards grid parity
Field Trip
Moses Lake
Intellectual assets March 16
 PATENT PORTFOLIO: 24 Patent Families / 73 individual filings
 INNOVATION/TECHNOLOGY PIPELINE: Idea/Invention Disclosure

rate „09 vs. „08: +10%
REC REC Finance update
Silicon
GROUP Jan Johannessen
Field Trip
Moses Lake
2009 Highlights March 16
 RECORD ANNUAL REVENUES AND EBITDA
 RECORD POLYSILICON PRODUCTION VOLUME +26%
 POLYSILICON REVENUE GROWTH +9%
 SILANE REVENUE GROWTH +40%
 POLYSILICON ASP - 8%
 SILANE ASP +14%
 SOLID PERFORMANCES BY SILICON 1.0 AND 2.0
 SILICON 3.0 VOLUMES RAMPING RAPIDLY
Field Trip
Moses Lake
Strong, profitable growth March 16
REVENUE ($ Million) EBITDA ($ Million)

$700 $350
$600 $300
$500 $250
$400 $200
$300 $150
$200 $100
$100 $50
$0 $0
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009
Field Trip
Moses Lake
Continuous growth in 2009 March 16
REVENUE ($ Millon) EBITDA ($ Million)

$200 $100
$150 $75
$100 $50
$50 $25
$0 $0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Field Trip
Moses Lake
Revenue segmentation - 2009 March 16
BY GEOGRAPHY BY PRODUCT
OFF
AMERICA SPEC
7% 5%
SILANE
27%
ASIA SOLAR
44% GRADE
EUROPE 49%
49%
FZ-EG
19%
Field Trip
Moses Lake
Energy consumption – FBR vs. Siemens March 16
FBR 1
REC Silicon 3.0
SIEMENS 11
REC Silicon 1.0
Relative Energy Cost Per Kg – Solar Grade
Field Trip
Moses Lake
Strengthening cost position with FBR March 16
DRIVING DOWN POLYSILICON COST

120 %
1.00
100 %
Relative Solar Grade Poly Cost Per Kg
80 %
60 %
40 %
20 % SIEMENS FBR
REC Silicon 1.0 REC Silicon 3.0
0%
2008 2009 2010E 2011E 2012E
Field Trip
Moses Lake
Capital expenditures March 16
EXPANSIONS MOSTLY COMPLETED

$900
$800 OTHER
$700
Si 4.0
$600
USD MILLIONS
$500
$400
$300
Si 3.0
$200
$100
$0
2007 2008 2009 2010
Field Trip
Moses Lake
REC Silicon 2010 Outlook March 16
 Polysilicon production of 12,000 MT

– Expect lower selling prices as a result of product
mix and pricing pressures in the market
 Silane sales volume of 2,400 MT

– H1 volumes negatively affected by seasonality and
customer inventory adjustment
 Ramp of Silicon 3.0 production volumes
 Silicon 4.0 to start commercial production mid

2010 and ramp-up H2
 Overall revenue and EBITDA growth
Field Trip
Moses Lake
Tax credit award March 16
 On October 16th 2009 REC Silicon filed an application for the Advanced Energy Manufacturing Tax
Credit, which is part of the President Obama‟s economic stimulus package.
 The foundation for the application, in addition to job creation, was significant energy savings made
possible by REC Silicon‟s proprietary FBR technology, which will significantly contribute to lowering
solar energy costs.
 IRS notified the company in January that it was awarded a $154,896,429 credit under section 48C of
the Internal Revenue Code, the largest tax credit awarded under the program.
 The credit will be used to offset future federal income taxes.
 A Grant Receivable Asset of $154.9 million will be recorded on the balance sheet in Q1 2010.
Field Trip
Moses Lake
Well positioned for continued growth March 16
FLOAT ZONE
SOLAR GRADE SILANE
ELEC GRADE
MARKET & PRODUCT LEADERSHIP   

LEADING COST POSITION   
DIVERSIFIED GROWTH MARKETS   
PROPRIETARY TECHNOLOGY   
BRAND - CUSTOMERS -
DISTRIBUTION   
REC REC Summary remarks
Silicon
GROUP Ole Enger
Field Trip
Moses Lake
Summary; REC Silicon - a solid platform for the future March 16
 The FBR technology is proven,

establishing REC Silicon with a
leading cost position in the industry
 Delivered by a very experienced
and capable organization
– Further strengthening of the
organization continues
 Creating a solid platform for the

future of the REC Group
Field Trip
Moses Lake
Reminder; 2010 will be another „ramp-up‟ year for REC March 16
Book value of PP&E

 Large share of assets in ramp-up or
NOK million
under construction not contributing 30,000 Producing assets In ramp-up Under construction
positively to EBITDA
25,000
 Ramp up of the Singapore facility – a
significant step forward for REC Solar 20,000
 Re-establishing the position of 15,000

REC Wafer in Norway
10,000
 Market growth expected to return in
2010 – but overcapacity continues 5,000
 Downward price pressure, but easing 0

compared to 2009 2009 2010 2011
2009 EBITDA contribution of NOK ~2,150 million from

 EBITDA in Q1 2010 significantly producing assets. Negative 2009 EBITDA contribution of
below Q1 2009 NOK ~400 million from assets in ramp-up and under
construction
REC REC
Silicon Thank you
GROUP

Investors Field Trip

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MARCH 16, 2010

FOCUS ON THE SOLAR INDUSTRY

FOCUS ON THE ELECTRONICS INDUSTRY

1983 - 1984 Construction of Moses Lake plant by Union Carbide Corporation

Moses Lake Plant purchased by Komatsu Ltd., creating Advanced Silicon

1996 - 1998 Construction of Butte, Montana plant

REC enters into Joint Venture with Komatsu –

2007 REC decides to invest in additional production capacity – Silicon 4.0

Start-up of Silicon 3.0

2010 Silicon 4.0 scheduled to start production

A polysilicon plant consists of two separate plants working seamlessly together

 Polysilicon plant (Siemens or FBR reactor plant)

POLYSILICON PLANT SILANE GAS PLANT

FOR POLY PRODUCTION

CHUNK SOLAR GRANULAR

Silane Used in production of Semiconductors,

Float Zone High-purity Polysilicon for the Power

POLY REVENUE BY MARKET Float Zone

SILICON 3.0 SILICON 4.0

Silicon 1.0 Silicon 3.0 Silicon 4.0

Silane Silane Silane

Siemens FBR Silane Loading

Silicon 3.0 Silane Production History

Pluggage Pluggage Pluggage

Silicon 3.0 Poly Production History

Lack of silane Lack of silane

 The plant was shut down for process

Silane and FBR:

 Start-up equipment reliability issues resolved

REVENUE ($ Million) EBITDA ($ Million)

Silane production (MT) Polysilicon production (MT)

REC Silicon has a strong cost position

Sources: Sage Concepts; Company presentations; Equity Analyst

 Strong position in growing markets for

 Experienced organization with 25 years of

 Products & Markets

 Enables all silicon deposition

 More than 25 years of experience

 Silane allows optimization of product

Electronic Float Zone Solar Grade

Semiconductor Flat Panel (TFT) Photovoltaics

IC UNITS GROWTH RATE

PV DEMAND HIGH PV DEMAND MEDIAN PV DEMAND LOW

Source: DisplaySearch (December 2009)

 Square inches of wafer consumed is forecast at +26% year on year

 FLAT PANEL (TFT)

 LCD Monitor Production Expected to Reach All-Time High in Q1 2010

ROD-CHUNK-TEAR DROP GRANULAR POLYSILICON

Siemens Product Granular Product

SPOT PRICES CONTRACT PRICES

- 20,000 40,000 60,000 80,000 100,000 120,000 140,000

Computing Power Devices

The fastest growing FZ application

Die DC/AC, AC/DC

 Float Zone will continue to be an interesting market opportunity

TFT-LCD is the largest and fastest

 2000-2014 CAGR area growth

 LCD Monitor Production Expected to

 Gen 6 and larger fabs expected to

UPSIDE DEMAND OTHER SEMICONDUCTOR DISPLAY PV

 Granular polysilicon quality

 Enables all silicon deposition Signature Silane TM

 Purest silicon precursor