FOR FURTHER INFORMATION:
                              Michael W. McCarthy               Jane Ryan
                              VP- Corporate Communications      Account Director
                              Photronics, Inc.                  MCA
                              (203)775-9000                     (650)968-8900
                              mmccarthy@brk.photronics.com      jryan@mcapr.com


FOR IMMEDIATE RELEASE
    February 23, 2004


           PHOTRONICS ANNOUNCES RESIGNATION OF CHIEF EXECUTIVE OFFICER


        BROOKFIELD,   Connecticut   February  23,  2004  --   Photronics,   Inc.
(Nasdaq:PLAB),  the world's leading  sub-wavelength  reticle solutions supplier,
today  announced  the  resignation  of Dan  Del  Rosario,  the  Company's  Chief
Executive Officer.  Mr. Del Rosario,  who had also served on the Company's Board
of  Directors,  will resign both  positions  effective  immediately  in order to
pursue other personal interests.

        Constantine  "Deno"  Macricostas,  Chairman,  will assume the additional
responsibilities  of the Company's Chief Executive Officer until a successor for
Mr. Del Rosario has been named. A search for that person has already begun.  The
Company's Board of Directors will be evaluating internal candidates,  as well as
potential candidates from outside Photronics.  Mr. Macricostas  commented,  "Dan
has played many important roles in helping  Photronics to expand  geographically
and  technologically.  His contributions to creating value for our customers and
opportunity for both our employees and shareholders are appreciated. We wish him
well in his new pursuits."

        Mr.   Macricostas   added,   "Photronics'   long-term  strategy  remains
unchanged. The Company's Board and management team will continue building on its
strategic competitive position with the goal of capitalizing on opportunities in
Asia, Europe and North America.  As our first quarter results  demonstrate,  our
entire global team is committed to  strengthening  our  organization  and to the
continuous  improvement of our already strong financial position. I am confident
that as the current  cyclical upturn gathers  additional  momentum,  Photronics'
ability to deliver the innovative  reticle technology and service solutions will
be the key to creating shareholder value for our investors."


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PHOTRONICS ANNOUNCES RESIGNATION OF CEO.................................PAGE TWO

Photronics is a leading  worldwide  manufacturer  of photomasks.  Photomasks are
high  precision  quartz  plates that contain  microscopic  images of  electronic
circuits.  A key element in the  manufacture of  semiconductors,  photomasks are
used  to  transfer  circuit  patterns  onto  semiconductor   wafers  during  the
fabrication of integrated circuits. They are produced in accordance with circuit
designs provided by customers at strategically located manufacturing  facilities
in Asia, Europe, and North America. Additional information on the Company can be
accessed at www.photronics.com.

Safe Harbor"  Statement under the Private  Securities  Litigation  Reform Act of
1995:  Certain  statements  in this  release  are  considered  "forward  looking
statements" within the meaning of the Private  Securities  Litigation Reform Act
of 1995. All  forward-looking  statements  involve risks and  uncertainties.  In
particular,  any statement  contained in this release regarding the consummation
and benefits of future acquisitions,  expectations with respect to future sales,
financial performance, operating efficiencies and product expansion, are subject
to known and unknown risks,  uncertainties and contingencies,  many of which are
beyond the  control of the  Company.  These  factors may cause  actual  results,
performance or  achievements  to differ  materially  from  anticipated  results,
performances  or  achievements.  Factors that might affect such forward  looking
statements  include,  but are not  limited to,  overall  economic  and  business
conditions;  the  demand  and  receipt  of orders  for the  Company's  products;
competitive  factors  in the  industries  and  geographic  markets  in which the
Company  competes;  changes  in  federal,  state and  foreign  tax  requirements
(including tax rate changes, new tax laws and revised tax law  interpretations);
the  Company's  ability to place new  equipment  in  service on a timely  basis;
interest  rate  fluctuations  and other  capital  market  conditions,  including
foreign  currency  rate  fluctuations;  economic  and  political  conditions  in
international  markets;  the  ability  to  obtain a new bank  facility  or other
financings;  the ability to achieve anticipated synergies and other cost savings
in connection with acquisitions and productivity  programs;  the timing,  impact
and other uncertainties of future acquisitions and investments; the seasonal and
cyclical  nature of the  semiconductor  industry;  the  availability of capital;
management  changes;   damage  or  destruction  to  our  facilities  by  natural
disasters, labor strikes, political unrest or terrorist activity; the ability to
fully utilize its tools;  the ability of the Company to receive  desired yields,
pricing,  product  mix,  and  market  acceptance  of its  products;  changes  in
technology;  and other risks and  uncertainties  set forth in the  Company's SEC
filings from time to time. Any  forward-looking  statements should be considered
in light of these  factors.  The  Company  assumes no  obligation  to update the
information in this release.

CyberMask is a trademark of Photronics, Inc.




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