Photronics, Inc. Q4 2019 Financial Results Conference CallDecember 11, 2019

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Record revenue, up 13% Q/Q and 8% Y/YRecord FPD revenue driven by mobile displays and Hefei production rampRecord IC revenue as China design activity acceleratesRecord revenue of products shipped to China, representing 33% of total revenueOperating margin expanded to 13.7% on operating leverage and cost controlNet income attributable to Photronics, Inc. shareholders of $9.7M ($0.15/share)Cash balance grew to $207M on strong operating cash flowRepurchased 1.0M shares for $11MChina production contributed $11M to revenue Q4 2019 Summary 3 Successfully repositioned the business; China investments driving long-term, profitable growth

$M (except EPS) Q419 Q319 Q/Q Q418 Y/Y Revenue $ 156.3 $ 138.1 13% $ 144.7 8% Gross Profit $ 38.2 $ 30.6 25% $ 35.4 8% Gross Margin 24.4% 22.1% 230 bps 24.5% (10 bps) Operating Income $ 21.5 $ 13.4 60% $ 18.0 19% Operating Margin 13.7% 9.7% 400 bps 12.5% 120 bps Other income (expense) ($ 6.1) ($ 0.3) ($ 5.8) $ 2.3 ($ 8.4) Income tax provision $ 2.3 $ 3.2 ($ 0.9) $ 3.6 ($ 1.2) Minority interest $ 3.3 $ 3.5 ($ 0.1) $ 4.3 ($ 0.9) Net Income* $ 9.7 $ 6.3 53% $ 12.5 (22%) Diluted EPS* $ 0.15 $ 0.10 $ 0.05 $ 0.18 ($ 0.03) Days in quarter 95 91 4 94 1 Gross and operating margin improved Q/Q on revenue growth, operating leverage and cost controlsChina operations were $4.1M negative impact to operating incomeOther income/expense primarily attributable to FX gain/lossMinority interest reflects Taiwan JV gain partially offset by China JV loss Income Statement Summary 4 *Net income attributable to Photronics, Inc. shareholders

Revenue grew with increase in broad-based design activityChina revenue rebounded as firms accelerate product development+72% Q/Q; +32% Y/YRepresents 22% of Q419 IC revenueOutlookExpect stable to improving high-end demandAnticipate production ramping in XiamenPotential impact from US-China trade discussionsSeasonal headwinds $M Q419 Q319 Q/Q Q418 Y/Y High-End* $ 45.0 $ 38.5 17% $ 39.4 14% Mainstream $ 67.6 $ 61.7 9% $ 71.4 (5%) Total $ 112.5 $ 100.2 12% $ 110.9 1% IC Photomask Revenue 5 *28nm and smaller Total may differ due to rounding

Record FPD revenue driven by mobile displays and China production ramp, including G10.5+China revenue +32% Q/Q; +118% Y/YRepresents 61% of Q419 FPD revenueOutlookMobile display demand expected to remain highLCD industry downturn continuesHefei shipments should continue to ramp $M Q419 Q319 Q/Q Q418 Y/Y High-End* $ 28.5 $ 25.9 10% $ 22.0 29% Mainstream $ 15.2 $ 12.0 27% $ 11.8 30% Total $ 43.7 $ 37.9 15% $ 33.8 29% FPD Photomask Revenue 6 *≥G8 and AMOLED Total may differ due to rounding

$M Q419 Q319 Q418 Cash $ 207 $ 197 $ 329 Debt $ 53 $ 49 $ 57 Net Cash* $ 154 $ 148 $ 272 Operating Cash Flow $ 48 $ 26 $ 44 Capital Expenditures $ 17 $ 20 $ 28 Share repurchase $ 11 - $ 16 Deploying cash balance to fund China investmentsDebt is local China borrowing to finance fixed assetsFY 2019 capex $177M; anticipate FY 2020 capex ~ $100M (includes 2019 carryover)Repurchased 1.0M shares for $11M (YTD 2.1M shares for $22M)Balance sheet able to fund planned investments, share repurchases, and strategic M&A opportunities Select Financial Data 7 *Net cash defined as cash and cash equivalents less long-term borrowings (including current portion), as reported in accordance with GAAP

Revenue ($M) $146 - $154 Operating Margin 10% - 13% Taxes ($M) $3.5 - $4.5 EPS $0.13 - $0.18 Diluted Shares (M) ~66 FPD demand growing (AMOLED, G10.5+)High-end IC markets stable to improvingRamping China production (IC & FPD)Potential geopolitical headwindTypical seasonal softness in US and Europe, plus additional impact from Chinese New Year Q120 Guidance 8

Thank you for your interest! For Additional Information:R. Troy Dewar, CFAVice President, Investor Relations203.740.5610tdewar@photronics.com

Appendix

Total Revenue 11 IC FPD

IC Photomask Revenue 12 Mainstream High-End High-End: 28nm and smaller; total may differ due to rounding

FPD Photomask Revenue 13 Mainstream High-End High-End: ≥G8 and AMOLED; total may differ due to rounding