Exhibit 99.3

PHOTRONICS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

	October 30, 2016		November 1, 2015
Assets
Current assets:
Cash and cash equivalents	$	314,074	$	205,867
Accounts receivable		92,636		110,056
Inventories		22,081		24,157
Other current assets		12,795		20,680
Total current assets		441,586		360,760
Property, plant and equipment, net		506,434		547,284
Investment in joint venture		-		93,021
Intangible assets, net		19,854		24,616
Other assets		20,393		17,695
Total assets	$	988,267	$	1,043,376
Liabilities and Equity
Current liabilities:
Current portion of long-term borrowings	$	5,428	$	65,495
Accounts payable and accrued liabilities		75,889		127,197
Total current liabilities		81,317		192,692
Long-term borrowings		62,139		67,120
Other liabilities		19,337		21,498
Photronics, Inc. shareholders' equity		710,363		646,555
Noncontrolling interests		115,111		115,511
Total equity		825,474		762,066
Total liabilities and equity	$	988,267	$	1,043,376

(a) Balances reflect the impact of the adoption of a new accounting standard in fiscal year 2016  related to the balance sheet classification of deferred taxes (ASU 2015-17)