Q4 2020 Financial Results Conference CallDecember 9, 2020 Photronics, Inc.

Safe Harbor Statement This presentation and some of our comments may contain projections or other forward-looking statements regarding future events, our future financial performance and/or the future performance of the industry. These statements are predictions, and contain risks and uncertainties. Actual events or results may differ materially from those presented. These statements include words like “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “may”, “plan”, “project”, “in our view” or the negative thereto. We cannot guarantee the accuracy of any forecasts or estimates, and we are not obligated to update any forward-looking statements if our expectations change. If you would like more information on the risks involved in forward-looking statements, please see the documents we file from time to time with the Securities and Exchange Commission. 12/8/2020 2

Please Join Us Photronics’ 2020 Investor and Analyst Day (Virtual)December 14, 202010:00 AM ETDetails available on “Investors” section of our website: www.photronics.com 12/8/2020 3

2020 Summary Revenue was $609.7M; up 11%3rd consecutive year of record revenueFPD revenue was record $191.3M, up 32%Revenue of product shipped to China was a record, improving 40%Operating income improved 23%Generated $143M in cash from operating activities, invested $71M in capex, and returned $34M in cash to shareholdersChina facilities contributed $79M in revenue with operating loss of $2M; Hefei was profitable for the year2021 expectationsRevenue up high single-digit percentOperating income Y/Y growth similar to 2020 12/8/2020 4

Q4 2020 Summary Revenue was $149.3M, down 5% Q/Q and 4% Y/YDemand lower across IC and FPD Revenue to China was flat Q/Q, down 2% Y/Y; IC achieved record China revenue; FPD was down on Huawei-related disruptionsNet income attributable to Photronics, Inc. shareholders of $6.5M ($0.10/share)Cash balance grew to $279M$65M generated from operating activity$34M invested in capex$18M returned to investors through share repurchasesChina facilities contributed $21M in revenue and $1M in operating profitNext phase of FPD capacity investment on track for tool delivery in 2021 12/8/2020 5 Strategic investments driving long-term, profitable growth

Income Statement Summary $M (except EPS) Q420 Q320 Q/Q Q419 Y/Y Revenue $ 149.3 $ 157.9 (5%) $ 156.3 (4%) Gross Profit $ 31.9 $ 37.7 (16%) $ 38.2 (16%) Gross Margin 21.4% 23.9% (250 bps) 24.4% (300 bps) Operating Income $ 15.0 $ 19.9 (25%) $ 21.5 (30%) Operating Margin 10.0% 12.6% (260 bps) 13.7% (370 bps) Other income (expense) ($ 2.9) ($ 2.1) ($ 0.8) ($ 6.1) $ 3.2 Income tax provision $ 3.5 $ 4.9 ($ 1.5) $ 2.3 $ 1.1 Minority interest $ 2.1 $ 2.1 - $ 3.3 ($ 1.2) Net Income* $ 6.5 $ 10.8 (40%) $ 9.7 (33%) Diluted EPS* $ 0.10 $ 0.17 ($ 0.07) $ 0.15 ($ 0.05) Days in quarter 90 91 (1) 91 (1) Gross and operating margin down on lower revenue (operating leverage)China operations contributed $1M to operating incomeOther income / (expense) primarily due to FX gain / (loss)Minority interest includes IC JVs in Taiwan and China 12/8/2020 6 *Net income attributable to Photronics, Inc. shareholders

$M Q420 Q320 Q/Q Q419 Y/Y High-End* $ 38.2 $ 38.7 (1%) $ 45.0 (15%) Mainstream $ 67.8 $ 70.0 (3%) $ 67.6 - Total $ 105.9 $ 108.7 (3%) $ 112.5 (6%) IC Photomask Revenue 12/8/2020 7 Improvement at some logic foundries in US and Asia; memory demand softRecord China revenue in Q420Up 14% Q/Q and 6% Y/YRepresents 25% of Q420 IC revenueOutlookSome sectors benefiting from remote work and educationTrade uncertainty remains post US electionPotential headwinds if governments escalate shelter-in-place mandates *28nm and smaller Total may differ due to rounding

FPD Photomask Revenue 12/8/2020 8 High-end down Q/Q on lower AMOLED (Huawei) and G10.5+Strong LCD market causes panel makers to run current product, limiting new design activityChina revenue Down 12% Q/Q and 10% Y/YRepresents 56% of Q420 FPD revenueOutlookDynamic market environmentRecovery underway as supply chain adjusts to Huawei restrictions *≥G10.5, AMOLED and LTPS $M Q420 Q320 Q/Q Q419 Y/Y High-End* $ 31.3 $ 36.7 (15%) $ 25.4 23% Mainstream $ 12.1 $ 12.6 (4%) $ 18.3 (34%) Total $ 43.4 $ 49.2 (12%) $ 43.7 (1%) Total may differ due to rounding

Select Financial Data $M Q420 Q320 Q419 Cash $ 279 $ 261 $ 207 Debt $ 69 $ 53 $ 53 Net Cash* $ 210 $ 208 $ 154 Operating Cash Flow $ 65 $ 17 $ 45 Capital Expenditures $ 34 $ 7 $ 18 Government Incentives for Capital Equipment - - $ 9 Share repurchase $ 18 - $ 11 Debt is mostly local China borrowing to finance fixed assets, working capital and VAT2020 capex was $71M; expect 2021 capex to be ~$100MBalance sheet able to fund investments, share repurchases, and strategic M&A opportunities 12/8/2020 9 *Net cash defined as cash and cash equivalents less long-term borrowings (including current portion), as reported in accordance with GAAP

Q121 Guidance Revenue ($M) $145 - $155 Operating Margin 8% - 12% Taxes ($M) $4 - $5 EPS $0.07 - $0.14 Diluted Shares (M) ~64.5 Positive industry demand trends due to remote work and learning offset by typical seasonalityOutlook clouded by geopolitical uncertaintyCoronavirus reactionUS/China trade policiesWe remain focused on expanding margins and improving cash flows 12/8/2020 10

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

Appendix

Total Revenue 12/8/2020 13 IC FPD Total may differ due to rounding

IC Photomask Revenue 12/8/2020 14 Mainstream High-End High-End: 28nm and smaller; total may differ due to rounding

FPD Photomask Revenue 12/8/2020 15 Mainstream High-End High-End: ≥G10.5, AMOLED and LTPS; total may differ due to rounding