INVESTOR PRESENTATION

May 2018

Safe Harbor Statement

This presentation contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking

statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders,

net sales, product shipments, backlog, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and

capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”,

“will”, “would”, and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these

identifying words. The financial guidance set forth under the heading “Outlook” contains such forward looking statements. While these forward looking

statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important

factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to

maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without

charges; the volatility in the demand for semiconductors and our products and services; failure to develop new and enhanced products and introduce

them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including

through consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our

information technology systems; inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our

intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with

substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region; potential

instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled

personnel; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2017; and other key factors that could

adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We

expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

2May 2018

Agenda

I. Company Overview

II. Market

III. Strategy

IV. Financial Review and Summary

V. Appendix

3May 2018

I. COMPANY OVERVIEW

4May 2018

Besi Overview

• Leading assembly equipment supplier with #1 and #2 positions in key markets. 35% addressable market share

• Broad portfolio: die attach, packaging and plating

• Strategic positioning in substrate and wafer level packaging

• Global mfg. operations in 6 countries; 2,137 employees worldwide. HQ in Duiven, the Netherlands

Corporate Profile

• LTM revenue and net income of € 635.7 and € 186.0 million

• Cash and deposits at Q1-18: € 571.0 million

• Net cash and deposits at Q1-18: € 290.1 million

• € 456.3 million of dividends and share repurchases since 2011

Financial Highlights

• Revenue potential from growth of <20 nano advanced packaging, new applications for digital society such a AI, IoT, Big Data, the Cloud and driverless cars

• Earnings potential from further European overhead reduction, optimization of Asian production and common parts/platforms

Investment Considerations

5May 2018

Company History

€ 85.5

€ 635.7

25.9%

57.4%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

0

100

200

300

400

500

600

700

2003 LTM

Gro

ss M

arg

in (

%)

Reven

ue

(€ m

illio

ns)

Revenue Gross Margin

•2000 2002 2005 2009

Die Attach Acquisitions

• Expanded advanced packaging leadership position and market share organically and via acquisitions

• Gained mindshare with key industry leaders

• Growth in China, key customers and electronics supply chains

Products

• Asian production transfer and supply chain combined with European restructuring enhanced profit potential

• Developed two key Asian production hubs (MY and CN) and Singapore development/support center

• Scalability enhanced. Break even revenue levels reduced

Successful Execution of Strategic Plan Initiatives

• Achieved industry benchmark gross and net margins and consistent quarterly through cycle profitability

• Substantial improvement in cash flow generation

• Implemented attractive capital allocation policy

Financial Metrics

6May 2018

Best in Class Product Portfolio

Multi Module Attach• 2200 evo

• 2200 evo plus

• 2200 evo hS New

Die Sorting• WTT

• TTR

New

New

Die Bonding

• 2100 xP plus / hS

• 2100 sD plus / PPP plus

• 2100 sD advanced

Flip Chip• 8800 CHAMEO advanced

• 8800 TCB advanced

• 8800 FC Quantum advanced

• 2100 FC hS

New

New

Plating• Leadframe

• Solar

•Next generation Die Attach

•Next generation Packaging

•Common modules

AMS-W/LM• Substrate

AMS-i• Leadframe

• MEMS

• Sensors

FML• Wafer

• Panel

New FSL• Singulation

• Sorting

FCL• X

• P

• X/PNew

New

• 2009 SSI

• 2100 DS

• 2100 SC

Die Lid Attach• DLA New

• Film & Foil

• Battery

Die Attach

Packaging

Plating In Development

New

New

New

New

7May 2018

Product Positioning

8

Semiconductor Manufacturing Equipment

(2017: $56.5B)*

Front end: $47.3B

(84%)

Assembly: $4.4B

(8%)

Test: $4.7B

(8%)

* Source: VLSI January 2018

** Includes Singulation Systems

Dicing

Semiconductor Assembly Process

Die Attach Wire Bond Packaging Plating

Leadframe Assembly

Substrate

Wire Bond Assembly

Substrate

Flip Chip Assembly/TCB

Wafer Level Packaging

Flip Chip Assembly/ Fan Out

Die Bond Wire BondMolding/

Trim & Form**Plating

May 2018

Customers OEMs End Products

Customer Ecosystem

• Diversified, blue chip customer base, top 10 = 62% of 2017 revenue

• Leading IDMs and subcontractors. 65/35% split in 2017

• Also supply leading fabless companies: Qualcomm, Broadcom, MediaTek via subcontractors

• Long term relationships, some exceeding 50 years

IDMs

Subcontractors

9May 2018

Current Operational Profile

• Development activities in Europe

• Production in Asia

• Sales/service activities in Asia, US and Europe

Sales Office

Production Site

Sales, Production & R&D Site

Leshan

ChengduShanghai

Korea

Taiwan

Philippines

Malaysia

Singapore

Suzhou

Radfeld, (Austria)Steinhausen,

(Switzerland)

Duiven & Drunen,

(The Netherlands)

Chandler

Shenzhen

10

YTD March 31, 2018

Europe/NA Asia

Revenue (MMs) € 34.4 22.2% € 120.5 77.8%

Headcount 593 27.7% 1,544 72.3%

May 2018

Year Ended December 31,

(€ millions, except share data) 2015 2016 2017

Revenue 349.2 375.4 592.8

% seq. change (8%) 8% 58%

Orders 348.3 373.8 680.9

% seq. change (15%) 7% 82%

Gross margin 49% 51% 57%

EBITDA 73.0 89.8 222.8

Pretax income 57.1 73.6 199.2

Net income 49.0 65.3 173.2

EPS (diluted) 1.27 1.70 4.34

EPS (basic) 1.29 1.74 4.64

Net margin 14% 17% 29%

Net cash 136.5 168.1 247.6

Summary Historical Financials

• Revenue and orders grew by 58% and 82% in 2017:

• Industry upturn accelerated from H2-16 start

• New capacity by IDMs for leading edge <20 nano applications

• Strong growth in all major end use applications:

• New smart phones/features, auto, cloud server, memory and

high performance computing

• Gained market share

• Strong profit and margin development:

• Market position and efficiencies increased gross margin to 57%

• Strategic initiatives kept expense growth in check

• Sector leading net margins of 29%

• Cash generation continues to expand:

• Net cash reached € 247.6 million in 2017

• Increased profits, reduced lead times and improved cash

conversion cycle are key factors

• Supports shareholder friendly capital allocation policy

11May 2018

Capital Allocation Trends

12

€ millions

11.3 12.4

56.945.4

65.3

174.0

2.7

4.0 22.4

22.8

8.2

14.0 12.4

60.967.8

88.1

182.2

0

20

40

60

80

100

120

140

160

180

200

2013 2014 2015 2016 2017 2018*

Dividends Share Repurchases

Cumulative Distributions: € 456.3 MM Since 2011*

* Assumes dividend and share repurchases through May 11, 2018.

May 2018

Besi Market Information

13

Market

Profile

Share

Ownership

60%

42% 41%

0%

10%

20%

30%

40%

50%

60%

70%

2015 2016 2017

Top 10 Shareholders***(% of shares outstanding)

• BESI

• Euronext Midcap AMX

Symbol/ Index

•€ 2.4 billion ($2.8 USD)

•75 million shares net **

Market Cap*

• Pay out 40-100% of net income per annum

Dividend Policy

* As of May 11, 2018 ** Net of 5.1 million treasury shares. *** Besi estimates

46%30%

20%

17%

20%26%

11%

14% 18%

14%17% 21%

13% 19% 15%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2015 2016 2017

By Geography

0

2,000

4,000

6,000

8,000

10,000

12,000

0

50

100

150

200

250

300

350

2013 2014 2015 2016 2017

Avg V

ol *

Avg P

rice (

€ thousands)

Vo

lum

e (

tho

usa

nd

s)

Avg. Daily Volume & Liquidity

Other

Europe

ex. NL

UK

US

NL

May 2018

II. MARKET

14May 2018

Assembly Equipment Market Trends

15

3.0

3.9

3.23.6

4.4 4.9

-22.0%

26.8%

-17.5%

13.5%

21.4%

12.5%

-30%

-20%

-10%

0%

10%

20%

30%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2013 2014 2015 2016 2017E 2018E

(US

$ b

illio

ns)

Assembly Equipment MarketMarket Size YoY Growth Rate

Source: VLSI April 2018, “The Chip Insider”

• Assembly equipment market reached record $4.4 billion in 2017

• +21.4% vs. 2016 as per latest VLSI estimate

• Growth anticipated to continue in 2018 although at lower rate than 2017

254.9

378.8

349.2 375.4

592.8

110.2

154.9

-6.9%

48.6%

-7.8%7.5%

57.9%

40.5%

-50%

0%

50%

100%

150%

0

200

400

600

2013 2014 2015 2016 2017 Q1-17 Q1-18

(eu

ro m

illio

ns)

Besi RevenueRevenue YoY Growth Rate

May 2018

Die Attach41.0%

Flip Chip9.7%

Die Sorting4.3%

Singulation9.8%

Presses16.8%

Molds9.8%

Lead Trim & Form6.6%

Plating2.0%

Assembly Equipment Market Composition

• Roughly half of assembly market represented by die attach and packaging equipment

• Die attach represents Besi’s largest addressable market

Die Attach

55%

Packaging

43%

Plating

2%

Assembly Equipment Market *

(2016: $3.6 billion)Besi Addressable Market *

(2016: $1.4 billion)

* Source: VLSI October 2017

Wire Bonding21.8%

Die Attach28.3%

Packaging19.5%

Plating0.8%

Other Assembly

(Inspection, Dicing)29.7%

16May 2018

New Era of Chip Growth and Applications

17

2000 2010 2017 2020

PC +

Internet Era

Mobile & Social

Media Era

Digital Society, A.I. &

Big Data Era

5G

Source: Applied Materials Analyst Day 2017 Presentation, pp. 27, Company estimates

Avg.

Semi Eq.$25B $32B $45B

Avg.

Assembly Eq.$3B $4B $5B

May 2018

Will Require Changes in Process/Equipment

Today => TomorrowFront End

Transistor scaling

Lithography

New structures 3D

Back End Assembly

More contacts

Smaller pitches

Thinner/denser

more complex packages

Stacked structures 3D

WLP/FOWLP packages

From simple Wire Bond to BGA/Flip Chip to complex 3D structures with TSVs,

microbumps and thin dies

to WLP/FOWLP packages

without substrate interposer

18May 2018

Advanced Packaging Critical to Next Generation Applications

19

Greater Miniaturization

Greater Complexity

Increased Density

Higher Performance

Lower Power Consumption

Higher Accuracy

Die Bond

Datacon 8800 TC

Datacon 8800 CHAMEO fan-out

Esec DB2009

Esec DB2100

Packaging

Fico AMS-LM

Fico Singulation Line

FML wafer molding

Fico Compact Line – X

Mobile Revolution

• Mobile Internet

• Messaging

• Social Media

• Shared Economy

• Gaming

• Geo-location

• Audio/Video

• Auto electronics

Digital Society

• Smart mfg, cities, mobility and homes

• Driverless cars

• Data Mining

• Cloud Servers

• IoT

• Wearable devices

• Artificial Intelligence

• VR/AR

• High performance computing

• MEMS

May 2018

Advanced Packaging Unit Volume and Market Share Are Increasing

20

• Advanced packaging applications have grown

significantly since 2010

• Currently, 36% of wafers use advanced

packaging interconnects

• Leading growth segment of assembly equipment

market

• Flip chip and WLP are leading AP assembly

processes next five years

Source: VLSI February 2018

13%

19%

26%

31%

32%

34%36%

37%38%

39%40%

42%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

-

5

10

15

20

25

30

35

40

45

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022A

P M

ark

et

Sh

are

%

M w

afe

rs, 3

00

MM

Eq.

Advanced Packaging Silicon Demand Growth & Market Share 2011 - 2022

TSV (3D & 2.5D) Fan-Out Wafer Level Packaging

Wafer Level Packaging Flip Chip

Advanced Packaging Unit Market Share (%)

May 2018

And Is Reflected in Besi End User Application Trends

Source: Company Estimates

21

• Mobile Internet devices, Computing

and Automotive are largest end

markets and most rapidly growing

• New device introductions in 2017

boosted mobile internet share to 35%

• Computer/PCs holding up due to

high end cloud servers, memory and

high performance computing

• Service/spare parts is roughly 11%

35%

25%

17%

10%

2%

11%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2017 % of Revenue

May 2018

New Smart Phone Designs Increase Besi’s Addressable Market Potential

• Besi systems can assemble 50% of 2012 generation components and 70% of 2017 generation components

22May 2018

Main ComponentsGeneration

2012

Generation

2017 Manufacturer IDM/OSAT Besi system Utilized

Processor X X Apple TSMC ->TSMC 8800FCQ, AMS-LM, FML

DRAM Memory X XHynix/Micron/Sams

ungHynix/Micron/Hanamicron/Samsung 2100sD, FSL

NAND Flash X X Hynix/Toshiba Hynix/Amkor/Toshiba 2100sD+Power Management

Apple PM IC X Apple Jcet/Amkor 2100xP+, 2100hS, AMS-iPMIC X X Qualcomm/Apple 2100xP+, 2100hS, AMS-i

M11 Motion coprocessor X Apple Amkor/ASE 2100sD+, AMS-LMAccelerometer/Gyroscope/Barometric

Gyroscope X X Bosch Amkor/ASE/STM 2100xP, 2100sD, AMS-W/LM, FCL3-ax accelerometer X Bosch Amkor/ASE 2200evo/2100sDbarometric sensor X Bosch Amkor/ASE 2200evo/2100sD

Charging IC X NXP/TI Amkor/ASE/TI 2100xP, 2100sD, AMS-W/LM, FCLWireless charging IC X Broadcom

CommunicationsGeneration

2012

Generation

2017 Manufacturer IDM/OSAT Besi system Utilized

Wifi/NFCWifi/Bluetooth module X X Apple/Murata USI AMS-W/LM, FSLNFC X NXP Amkor 8800FCQ, AMS-W/LMNFC Booster IC AMS Daca N/A

LTELTE Modem X Qualcomm/Intel Amkor/Stats/Spil/ASE 8800FCQ, AMS-W/LMLow Band LTE PAD X Skyworks Skyworks 2200evo, FSLMid Band PAD X Skyworks Skyworks 2200evo, FSLHigh Band PAD X Avago, Qorvo ASE/Amkor 2100xP, 2100sD, AMS-W/LM

Receiver/TransceiverRF Transceiver X X Qualcomm/Intel Amkor/ASE 2100xP, 2100sD, AMS-W/LMRF Receiver X X Qualcomm/Intel Amkor/ASE N/AEnvelop Tracking IC X Qualcomm TSMC ->Amkor/Stats/ASE N/A

Antenna Switch X X RFMD Amkor/ASE,/RFMD 2100xP, 2100sD, AMS-LMPA

PA X X Skyworks ASE/Amkor 2100xP, 2100sD, AMS-W/LMPA Module X Skyworks/Broadcom ASE/Amkor 2200evo, 2100sDGSM PA module Skyworks 2200evo

Video/AudioGeneration

2012

Generation

2017 Manufacturer IDM/OSAT Besi system Utilized

CameraBack side 12M (OSI) X X Apple LG, Sharp, Mitsumi 2200evoFront 7M X X Apple Cowell, Sony 2200evo

Finger print sensor X Apple ASE 2200evoAudio

2+4 microphones X ST ST 2100 xp+/HsAudio Codec X X Apple Amkor 2100xP, 2100sD, AMS-W/LM

Touch screen controlTouch screen control X X Broadcom Signetics 2100sD+Touch Transmitter TI TI FCLOLED PMIC X ST ST 2100xP+/Hs

FATP x FX

TrueDepth camera(Face-ID) X Apple LGIT, FoxConn, Heptagon, STM 2200evo

Flip Chip/Wire Bond Process Shift Is Another Revenue Opportunity

Wire Bonding Flip Chip Bonding

Reduces board area by up to 95%.

Requires far less height

Offers higher speed electrical

performance

Greater I/O connection flexibility

More durable interconnection

method

Lower cost for high volume production,

with costs below $0.01 per connection

Flip Chip Advantages

Source: VLSI January 2018

• Move to <20 nanometer can only be accomplished by use of flip chip die bonding vs. wire bonding process

• Flip chip revenue represents only 22% currently of total market of $1.3 billion as per VLSI

• Flip chip expected to gain share over next 5 years

• Growth could accelerate depending on adoption rates by key IDMs/subcons

CAGR 2017 - 2022

Flip Chip 5.5%

Wire Bond 3.8%

Flip Chip$370 23%

Wire Bonding$1,226 77%

2022

Flip Chip$283 22%

Wire Bonding$1,018 78%

2017

23May 2018

Fan Out WLP and TCB/TSV Are Emerging Process Technologies

Enabling technology for high

end memory and optical

applications

Next step beyond Flip Chip

TCB/TSV (Substrate Based)Fan Out WLP (Wafer Level)

Fan Out Advantages:

• Wafer scale. Eliminates expensive substrate

• No wire bonding

• More cost effective than TSV in many applications by

factor of 2x

Leading market position:

• Installed base of ~65 systems in production

• Estimated 70% market share

• Principal Competition: Shibaura

32 Stacked Die Capability

Besi TCB Advantage

• 32 die stack at <5 micron accuracy (current market:

4-8 die stack)

• High accuracy over large area placement

• Highly stable

• Industry leading throughput

• Compact form factor

Leading market position

• Installed base of 40 systems in production

• Estimated 25% market share of active systems

• Highest penetration of memory and GPU markets

• Principal competition: Toray, ASM PT, Shinkawa

Preferred process for high data

transfer and optical devices in IoT,

mobile and power

24May 2018

Besi Has Gained Share In Its Addressable Markets

• Gained significant market share in 2017 based on VLSI estimates

Source: VLSI Jan 2018 and Besiestimates~

2012 2013 2014 2015 2016 2017E*

Besi Addressable Market 21.7% 26.4% 30.5% 31.3% 29.8% ~35%

Total Die Attach 27.5% 31.9% 37.1% 37.5% 37.2%Die Bonding 29.7% 39.1% 40.3% 38.9% 37.5%

Flip Chip 22.2% 24.1% 33.2% 31.5% 33.8%Die Sorting 23.2% 6.5% 14.9% 47.7% 44.6%

Total Packaging 11.1% 15.9% 17.9% 18.1% 15.4%

Molding 12.0% 19.1% 19.9% 15.6% 14.9%

Lead Trim & Form 15.0% 17.6% 19.7% 27.8% 22.9%Singulation 5.3% 5.1% 9.4% 16.8% 10.6%

Total Plating 75.6% 82.4% 75.4% 78.3% 85.6%

Total Assembly Equipment 8.7% 10.7% 13.0% 12.2% 11.6% ~15%

*Assumes VLSI estimated market growth (January 2018)

25May 2018

And Has a Large Share of Wallet at Key Customers

26

• Customers are largest semi mfrs.

engaged in most advanced packaging

applications

• Significant share of wallet up to 100%

• Customer market shares vary p.a. due

to capacity needs, purchasing and

development cycles

• Primary competition in Besi’s

addressable markets:

• Die Attach: ASM-PT, Fasford,

Shinkawa, Toray

• Packaging: Towa, Hanmi, ASM-PT

N/B No reported bookings for Besi nor its competitors

• Fabless semiconductor companies such as Qualcomm, Broadcom and Mediatek have assembly done by subcontractors.

Share of Wallet

2014 2015 2016 2017 2014 2015 2016 2017

Subcons Subcons

ASE 70% 80% 70% 55% ASE 35% 25% 15% 40%

Amkor 90% 95% 95% 75% Amkor 20% 25% 10% 65%

JCET/Stats 70% 30% 60% 85% JCET/Stats 50% 5% 30% 50%

SPIL 90% 100% 60% 65% SPIL 20% 25% 25% 0%

TFME (NFME/Nantong) 100% 100% 100% 90% TFME 0% 35% 0% 100%

UTAC 100% 100% 100% 100% UTAC N/B 100% 20% 100%

Unisem 100% 100% 100% 75% Unisem N/B 100% N/B N/B

Cowell/Foxconn 100% 100% 100% 100% Cowell/Foxconn N/B N/B N/B N/B

IDM's IDM's

Skyworks 100% 100% N/B 80% Skyworks 40% 90% 25% 5%

ST Micro 80% 95% 85% 90% ST Micro 40% 45% 45% 85%

Infineon 100% 90% 75% 90% Infineon 90% 95% 20% 50%

Micron 45% 80% 100% 50% Micron 100% 100% N/B 15%

NXP 100% 100% 90% 80% NXP 100% 55% 90% 80%

Bosch 100% 95% 100% 100% Bosch 100% 100% N/B N/B

Qorvo 100% 100% 100% N/B Qorvo 100% 100% 90% 0%

Above customers as % of

revenue Besi65% 42% 47% 58%

Above customers as % of

revenue Besi66% 73% 69% 67%

Die Attach Packaging

May 2018

III. STRATEGY

27May 2018

Summary Strategy

• eWLB, TCB, ultra thin die bonding

• Large area, ultra thin, wafer level molding

• Solar and lithium ion battery plating

Maintain best in class tech leadership. Expand capabilities for:

• Leverage technology leadership to grow addressable market share to 40-45% in next 5 years

• Increase mainstream penetration of global supply chains with high quality mid-range products

• Expand presence and share of wallet in China

• Expand software and process support in Asia to better serve installed base

Increase market presence and share in addressable markets

• Continue West-East personnel transfer. Target 80% Asian headcount

• Continue to reduce euro based costs

• Target more local production. Shorten cycle times

• Accelerate common platform/parts development

• Seek € 15 million cost savings over next five years

Achieve a more scalable, flexible and lower cost manufacturing model

• Emphasis on wafer level processing

Acquire companies with complementary technologies and products

28May 2018

Strategic Priorities 2018

29

Agenda 2018

Increase share of

electronics supply chains

Further reduce

European overhead

Common platform

development

Chinese capacity

expansion

Packaging production in

China

Continue investment in

WLP

May 2018

Besi Revenue Opportunities

30

Revenue Growth Drivers

World tooling up

for new tech cycle <20

nanoIncreased

smart phone functionality

Emerging process

deployment WLP and

TCB

Next gen devices, digital

society, AI, Big DataWire

bond/flip chip

conversion

Solar cell plating

transition from silver to copper

Increased % of Chinese market and

Asian supply chains

Higher % of mainstream assembly

applications

May 2018

Asian Production Transfer Has Reduced Break Even Revenue Levels and Improved Cash Flow Generation

Asian Production Has Significantly Expanded

Leading to Lower Fixed European + NA Headcount

And Reduced Break Even Revenue Levels

Improved Cash Generation

741

502

802 1,222

1,543

1,724

0

400

800

1,200

1,600

2,000

2011 2017

Europe/NA Fixed HC Asia Fixed HC

270

209

0

50

100

150

200

250

300

2011 2017

€ millionsHeadcountShipments

(32.3%)

(22.6%)

-

289 396

1,301

396

1,590

43%

99%

0

400

800

1,200

1,600

2,000

2010 2017

China Other Asian % Direct

May 2018

49

168

183

107

0

20

40

60

80

100

120

140

160

180

2011 2017

Total Cash Flow from Operations

Cash Conversion Cycle

€ millions

Cash Conversion

Cycle Days

31

Workforce Has Become More Asia Centric, Scalable and Flexible

1,404 1,489 1,489

1,549 1,724 1,754

57%60%

64%

67%

71% 71%

43%40%

36%

33%

29% 29%

25%

35%

45%

55%

65%

75%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2013 2014 2015 2016 2017 Q1-18

Headcount

Europe/NA Fixed HC Asia Fixed HC Asia % Europe/NA %

Fixed Headcount

Total Headcount

• Asia now represents 71% of total fixed

headcount, up from 57% in 2013

• European and NA fixed headcount continues to

decline:

• -32.5% since 2011

• -7.4% vs. 2015

• Revenue scalability via Asian temp workers

603 591 540 508 502 500

801 898 949 1,041 1,222 1,254

55 143 50

120

316 383

1,4581,632

1,5391,669

2,0402,137

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

0

500

1,000

1,500

2,000

2,500

2013 2014 2015 2016 2017 Q1-18

Tem

p %

of

Tota

l

Headcount

Europe/NA Fixed HC Asia Fixed HC Temporary HC Temp % of Total

32May 2018

Besi’s Asian Expansion Supports Future Growth

33

Units Shipped Gross Margin

82 91

625502

68209

236

470

423

4521,434

1,724

0

400

800

1,200

1,600

2,000

2013 2017

Fixed Headcount by Country

Other Europe/NA Singapore China Malaysia

+6.9%

+99.2%

+207%

-19.7%

33139

289

633

675

1,301

48.8%

51.0%

57.1%

45%

47%

49%

51%

53%

55%

57%

59%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2015 2016 2017

Asian Production Trends

Chinese Shipments Malaysian Shipments Total Gross Margin

May 2018

Materials Cost Reduction Is Also a Key Priority

• 80% of material now purchased in Asia

• Asian supply chain expansion:

• Enhances revenue scalability (+/-)

• Limits Besi capex and inventory investment

• Reduces personnel, transport and logistics costs

Supply Chain Actions

• Redesign products for common parts, platforms

• Increase standardization

• Lower unit cost, design and maintenance hours

• Shorten cycle times

Development Actions

53-57% Thru

Cycle Gross

Margin

• Management reviews progress weekly component by component

Material costs are largest single cost = ~40% of revenue

34May 2018

Besi Strategic CSR Objectives

35

CSR Achievements 2017

Improvement in KPI metrics for supply chain activities

Conducted surveys:

Company wide employee engagement

Customer satisfaction

First time participation in:

Carbon Disclosure Project

Transparency Benchmark by Dutch Ministry of Economic

Affairs

CSR Objectives

Safeguard safe and healthy working

conditions Maintain best practices

environmental and ethical behavior

Reduce environmental

impact of products and operations

Promote employee

talent, training and diversity

Conserve natural

resources

Develop sustainable

supply chain. Minimize impact of conflict

materials

Reduce packaging,

waste, transportation

& energy

Responsible tax practices

in all jurisdictions

✔

✔

✔

✔

✔

✔

✔

May 2018

IV. FINANCIAL REVIEW AND SUMMARY

36May 2018

Strong Financial Performance in 2017 and Q1-18

37

2016/2017

€ 375.4

€ 592.8

17.4%

29.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

50

100

150

200

250

300

350

400

450

500

550

600

2016 2017

Net

marg

in %

Revenue e

uro

mill

ions

Revenue Net Income

Gross Margin

OPEX

Headcount

Effective Tax Rate

11.2% 13.1%

1,669 2,040

€ 116.3

MM

€ 129.2

MM

51.0% 57.1%

+371

+1.9 points

+11.1%

+6.1 points

+11.8 points

€ 173.2

€ 65.3

+57.9%

€ 110.2

€ 154.9

22.0%23.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

120

140

160

Q1-17 Q1-18

Net

marg

in %

€ m

illio

ns

Revenue Net Margin

Gross Margin

OPEX

Headcount

Effective Tax Rate

15.9% 16.3%

1,883 2,137

€ 30.5

MM

€ 39.1

MM

+254

+0.4 points

+28.2%

55.7% 56.5%

+40.5%

Q1-18/Q1-17

+0.8 points

€ 24.3

+1.9 points

€ 37.1

May 2018

Liquidity Trends

Cash flow generation has significantly improved

over past five years:

• Total cash reached € 571.0 million in Q1-18

• Net cash grew to € 290.1 million

• Reflects € 243.3 million of dividends and share

repurchases 2013-2017

€ 300 million Convertible Note issuance provides

solid base to fund growth opportunities:

• 1.33% blended coupon

• 6.5 year blended average maturity

• Minimal operating restrictions

89.6

135.3

157.8

304.8

527.8

571.0

71.0

118.0 136.5

168.1

247.6

290.1

0

100

200

300

400

500

600

2013 2014 2015 2016 2017 Q1-18

eu

ro in

mill

ion

s

Cash and Deposits Net Cash

38May 2018

Currency Exposure Trends

39

Currency Exposure (2015) Forex Financial Impact

• USD revenue mix % increasing as customer base expands in Asia and US

• Cost exposure shifting to Asia:• Asian costs grew to 49% of 2017 total from 30% in 2013• EUR and CHF should continue to decline as % total cost• Production transfer increases importance of MYR, CNY and SGD

Revenue Expenses

2015 2016 20172017 ∆

vs. €**2015* 2016 2017

2017 ∆

vs. €**

Euro 29% 25% 18% 30% 26% 21%

US dollar 70% 74% 82% 5% 5% 9%

Swiss franc - - - 23% 21% 19%

Malaysian ringgit - - - 28% 30% 31%

Chinese renminbi - - - 7% 11% 13%

Singapore dollar - - - 4% 4% 5%

Other 1% 1% - 3% 3% 2%

Total 100% 100% 100% 100% 100% 100%

* Excludes restructuring benefit, net in 2015.

** Currency variance in 2017 based on average forex rates vs. the euro

May 2018

Q2-18 and H1-18 Guidance

40

HY1-17 HY1-18

Gross Margin

56.7%

56%

-

57%

Q1-18 Q2-18

Gross Margin

56.5%55%

-

57%

Revenue

Q1-18 Q2-18

€ 154.9+10%

-

+15%

Operating Expenses

€ 39.15%

-

10%

Q1-18 Q2-18

Revenue

HY1-17 HY1-18

€ 280.2+16%

-

+19%

Operating Expenses

€ 64.7+15%

-

+18%

HY1-17 HY1-18

Q2-18/Q1-18 HY1-18/HY1-17

May 2018

Summary

Leading assembly equipment supplier

with #1 or #2 positions in fastest growing segments

Best in class advanced packaging

portfolio

Gaining market share

Scalability and profitability greatly

enhanced in cyclical industry

Upside potential from next generation

and <20 nanoapplications and

strategic initiatives

Attractive capital allocation program

41May 2018

V. APPENDIX

42May 2018

• Cyclical quarterly revenue/order patterns:

• Influenced by global GDP trends, customer roadmaps, new

device introductions and seasonal factors

• Favorable quarterly revenue trends since 2015:

• Industry turned upward in H2-16

• New device introductions and increased advanced packaging

capacity given ever more demanding specs

• Smart phone, cloud server, automotive and high performance

computing were leading applications

• Increased penetration of Chinese market

• Gross margins have expanded to peer leading levels:

• Consistently in excess of 55% in 2017

• Strength of market position

• Increased Asian production scalability

• Labor and supply chain efficiencies

• Larger production runs, shorter cycle times

Quarterly Revenue/Order/Gross Margin Trends

110

170159

153 155

174

240

130

162

149

206

55.7%

57.3% 58.7%

56.3% 56.5% 56.0%

35.0%

40.0%

45.0%

50.0%

55.0%

60.0%

65.0%

70.0%

0

50

100

150

200

250

300

Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18*

Gro

ss M

arg

in %

eu

ro in m

illio

ns

Revenue Orders Gross Margin

* Midpoint of guidance: Revenue +10% to +15% vs. Q1-18, Gross Margin between 55-57%

43May 2018

206

166 168 164

215

2.2

0.8

1.0 1.0

1.3

0

50

100

150

200

250

0.5

0.8

1.0

1.3

1.5

1.8

2.0

2.3

2.5

Mar 17 Jun 17 Sep 17 Dec 17 Mar 18

Besi Backlog Besi Book to Bill

Book to Bill Ratio Backlog (€ millions)

2017-2018 Quarterly Backlog and Book to Bill Trends

44May 2018

Step Function Growth in Revenue and Gross Margin Since 2006

45

164

302

424

34.1%

39.5%

51.1%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

0

100

200

300

400

500

600

700

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Revenue Gross Margin

€ millions

4 year

averages

May 2018

Base Line Operating Expense Trends

46

25.6 29.7

27.1 31.2 31.7

4.9

4.4

3.3

3.0

7.4 30.5

34.1

30.4

34.2

39.1

0

5

10

15

20

25

30

35

40

45

Q1-17 Q2-17 Q3-17 Q4-17 Q1-18

Base Opex Other Opex

Baseline Opex 25.6 29.7 27.1 31.2 31.7

As % of Revenue 23.2% 17.5% 17.0% 20.4% 20.5%

Other Operating Expenses

Capitalization of R&D (1.9) (1.8) (1.2) (1.8) (2.6)

Amortization of R&D 2.0 1.9 1.9 2.1 2.1

Capitalization & Amortization , net 0.1 0.2 0.8 0.3 (0.5)

Variable Pay (a) 4.4 4.0 3.2 3.9 9.5

Restructuring cost/(benefit) - - - - -

Forex (b) and other 0.4 0.2 (0.7) (1.2) (1.6)

Subtotal 4.9 4.4 3.3 3.0 7.4

Total Opex 30.5 34.1 30.4 34.2 39.1

As % of Revenue 27.7% 20.1% 19.1% 22.3% 25.2%

(a) Includes both short term and long term incentive comp

(b) Year over year variance per quarter

May 2018

Net Income Trends

• Through cycle net margins ranged between approximately 10%-

33%

• Net margin reached 29.2% in 2017

• Exceeded 30% for past four quarters ex variable comp

• Key drivers:

• Steady gross margin improvement despite revenue volatility as

benefits of Asian production transfer and supply chain move

realized

• Successful implementation of strategic operating initiatives have

increased efficiency

• Baseline quarterly opex of € 27 - € 32 MM provides significant

operating leverage

• Effective tax rate varies based on profit mix and NOL carry

forwards per region

• Approximately 12-15% for 2018

• Q1-18 was above trend line due to impact of variable compensation

47

€ 24.3

€ 52.4

€ 52.9

€ 43.6

€ 37.1

€ 4.8

€ 4.7 € 3.7

€ 4.3

€ 10.0

€ 29.1

€ 57.1 € 56.6

€ 47.9 € 47.1

22.0%

30.8%

33.2%

28.4%

23.9%

0%

10%

20%

30%

40%

50%

60%

0

10

20

30

40

50

60

Q1-17 Q2-17 Q3-17 Q4-17 Q1-18

euro

in m

illio

ns

Net Income Variable Compensation (a) Net Margin

May 2018

(a) Includes variable compensation from both cost of goods sold and operating expenses.

Cash Generation Trends

48

18.1

73.3

86.5

98.7

168.2

208

149

169

127

107

0

20

40

60

80

100

120

140

160

180

2013 2014 2015 2016 2017

Cash Conversion Cycle Days

€ millions

Total Cash Flow from Operations Cash Conversion Cycle*

* Cash Conversion Cycle = Avg. Days Inventory Outstanding + Avg. Days Sales Outstanding – Avg. Days Payable Outstanding.

May 2018