INVESTOR PRESENTATION

August 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.

2August 2018

Agenda

I. Company Overview

II. Market

III. Strategy

IV. Financial Review and Summary

V. Appendix

3August 2018

I. COMPANY OVERVIEW

4August 2018

Besi Overview

• Leading assembly equipment supplier with #1 and #2 positions in key markets. Approximately 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; 2,097 employees worldwide. HQ in Duiven, the Netherlands

Corporate Profile

• LTM revenue and net income of € 628.5 and € 180.8 million

• Cash and deposits at Q2-18: € 395.5 million

• Net cash and deposits at Q2-18: € 110.2 million

• € 459.5 million of dividends and share repurchases since 2011

Financial Highlights*

• Potential growth of <10 micron accuracy <20 nano devices for digital society such as AI, IoT, Big Data, the Cloud as well as Automotive

• 3D imaging and 5G network roll out for Apple and Android device platforms

• China market growth and share gains

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

Investment Considerations

5

* As of June 30, 2018.

August 2018

Company History

€ 85.5

€ 628.5

25.9%

57.0%

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

(eu

ro 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 combined with European restructuring enhanced profit potential

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

• Scalability enhanced. Break even revenue levels reduced

Successful Execution of Strategic Plan Initiatives

• Achieved industry benchmark gross and net margins

• Substantial improvement in cash flow generation

• Implemented attractive capital allocation policy

Financial Metrics

6August 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

7August 2018

Product Positioning

8

Semiconductor Manufacturing Equipment

(2017: $57.7B)*

Front end: $48.0B

(83%)

Assembly: $4.6B

(8%)

Test: $5.2B

(9%)

* Source: VLSI June 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

August 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

9August 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 June 30, 2018

Europe/NA Asia

Revenue (MMs) € 106.9 33.8% € 209.1 66.2%

Headcount 581 27.7% 1,516 72.3%

August 2018

Year Ended December 31,

(€ millions, except share data) 2015 2016 2017

HY1

17

HY1

18

Revenue 349.2 375.4 592.8 280.2 316.0

% seq. change (8%) 8% 58% 13%

Gross margin 49% 51% 57% 57% 57%

EBITDA 73.0 89.8 222.8 100.8 114.8

Pretax income 57.1 73.6 199.2 89.6 98.5

Net income 49.0 65.3 173.2 76.7 84.3

Net margin 14% 17% 29% 27% 27%

EPS (diluted) (a) 0.64 0.85 2.17 0.94 1.03

EPS (basic) (a) 0.65 0.87 2.32 1.03 1.13

Dividend per share (a) 0.60 0.87 2.32

Net cash 136.5 168.1 247.6 131.5 110.2

Summary Historical Financials

• YOY Revenue grew by 58% in 2017 and 13% in H1-18:

• Industry upturn accelerated from H2-16 start

• New advanced packaging capacity added by IDMs

• 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 in excess of 27%

• 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.

€ 180 million distributed in Q2-18

11August 2018

(a) Stock split adjusted

Capital Allocation Trends

11.3 12.4

56.945.4

65.3

174.0

2.7

4.0 22.4

22.8

11.3

14.0 12.4

60.967.8

88.1

185.3

0

20

40

60

80

100

120

140

160

180

200

2013 2014 2015 2016 2017 2018*

eu

ro m

illio

ns

Dividends Share Repurchases

Cumulative distributions: € 459.5 MM since 2011*

* Dividend and share repurchases through June 30, 2018.

12August 2018

Current policy:

• Net cash above € 80 million available for dividends and share

repurchases

• Absolute level and mix can vary per annum

• Pay 40-100% of net income/annum in dividends

• Convertible funds available for acquisitions and long term

investment

Expanding share repurchases as % of mix

• Since 2011, mix skewed to dividend distributions

• 1.6 million shares bought (average price € 24.63 or € 39.7 million)

under last share repurchase program

• New € 75 million program initiated in August 2018

• Through October 26, 2019

• ~2x increase current quarterly repurchase rate to ~ € 12 million

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

• € 1.6 billion ($1.9 USD)

• 75 million shares net **

Market Cap*

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

Dividend Policy

* As of August 1, 2018 ** Net of 5.3 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

100

200

300

400

500

600

700

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

August 2018

II. MARKET

14August 2018

Assembly Equipment Market Trends

3.0

3.9

3.23.7

4.6 5.1

-22.0%

26.8%

-17.5%

16.1%23.9%

11.8%

-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 June 2018

• Assembly equipment market reached record $4.6 billion in 2017

• +23.9% 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

280.2

316.0

-6.9%

48.6%

-7.8%7.5%

57.9%

12.8%

-50%

0%

50%

100%

150%

0

200

400

600

2013 2014 2015 2016 2017 HY1-17 HY1-18

eu

ro m

illio

ns

Besi RevenueRevenue YoY Growth Rate

CAGR

13-17

11%

CAGR

13-17

23%

15August 2018

Die Bonding49.8%

Flip Chip12.4%

Die Sorting4.1%

Singulation4.5%

Presses15.4%

Molds7.2%

Lead Trim & Form5.0%

Plating1.5%

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

66%

Packaging

32%

Plating

2%

Assembly Equipment Market *

(2017: $4.6 billion)Besi Addressable Market *

(2017: $1.8 billion)

* Source: VLSI June 2018

Wire Bonding21.6%

Die Attach31.1%Packaging

15.7%

Plating0.6%

Other Assembly

(Inspection, Dicing)31.0%

16August 2018

New Era of Chip Growth and Applications Will Drive Greater Computing and Data Needs

Digital society

Driven by new technologies

- 5G

- AI – big data

- Robotics

- Transportation

- Environment

- Health care

Will need continuous new solutions

- 1zb = 1,000,000,000 tb

- 1zb= 1,000 data centres

- 1zb = 180,000,000 homes (energy

requirements)

Source: IMEC ITF 2018

KB – MB – GB – TB – PB – EB – ZB - YB

3 6 9 12 15 18 21 24

August 2018 17

Which Will Require Increased Density, Higher Accuracy and Smaller Form Factors

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

18August 2018

And Require Changes in Assembly Processes and Equipment

New Assembly Structures

• 2D/2.5D/3D structures

• Die to Die or Die to Wafer Stacking

• Integration with Photonics

Assembly Equipment

• High accuracy 200nm and beyond

• Super clean

• Photonic element handling

• TCB and Direct bonding

• Substrate-less solutions - Fan Out

• Large Panel WLP for low cost or specific high-end requirements

Sources: IMEC, GF, Chipworks

August 2018 19

Advanced Packaging Critical to Next Generation Applications

20

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

August 2018

Besi Portfolio Well Positioned by Node Size and Accuracy

15%

40%

20%

25%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Typical Application Besi Equipment

Automotive, SiP

Power

Softsolder, Epoxy, MultiModule,

Flip Chip Die Bonders

Packaging

Plating

IOT

General ICs

Softsolder, Epoxy, MultiModule,

Flip Chip Die Bonders

Packaging

Plating

Computer, PC, Mobile Epoxy, MultiModule, Fan Out

Flip Chip Die Bonders

Packaging

High Performance Computing

Memory

Epoxy, TCB, D2W, Fan Out

Flip Chip Die Bonders

Packaging

Accuracy

Micron

10+

10

7

3

Size

NM

28+

28

17

10

Estimated % of 2017 Revenue

• 75% of Besi equipment revenue advanced packaging as per VLSI definition

• 55% equipment revenue is < 7 micron accuracy & sub 17 nanometer

• Most rapidly growing segment of the market

August 2018 21

Advanced Packaging Unit Volume and Market Share Are Increasing

22

• 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 (%)

August 2018

And Is Reflected in Besi End User Application Trends

Source: Company Estimates

23

• 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 growing due to high

end cloud servers, memory and high

performance computing

• Steady growth in automotive reflects

ever increasing electronic content

• Service/spare parts is roughly 11%.

Relatively stable growth driver

35%

25%

17%

10%

2%

11%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2017 % of Revenue

August 2018

Besi Has Gained Share In Its Addressable Markets

• Gained significant market share in 2017 based on VLSI estimates

Source: VLSI June 2018 and Besi estimates

2013 2014 2015 2016 2017

Addressable Market ($ Million) $1,200 $1,616 $1,216 $1,453 $1,844Besi Market Share 26.4% 30.5% 31.3% 28.6% 36.0%

Total Die Attach 31.9% 37.1% 37.5% 35.4% 44.2%Die Bonding 39.1% 40.3% 38.9% 35.3% 48.4%

Flip Chip 24.1% 33.2% 31.5% 33.0% 28.9%Die Sorting 6.5% 14.9% 47.7% 44.6% 39.8%

Total Packaging 15.9% 17.9% 18.1% 14.9% 17.1%Molding 19.1% 19.9% 15.6% 14.1% 16.0%

Lead Trim & Form 17.6% 19.7% 27.8% 22.9% 30.3%Singulation 5.1% 9.4% 16.8% 10.6% 7.9%

Total Plating 82.3% 75.4% 78.5% 85.5% 78.1%

Total Assembly Equipment 10.7% 13.0% 12.2% 11.3% 14.5%

24August 2018

And Has a Large Share of Wallet at Key Customers

25

• 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

August 2018

What Drives Besi’s Business?

August 2018

Macro GDP trends

Selection of IDM customers with

greatest mind share and potential for

success

Deliver reliably most demanding technical

specs in a 24/7 production

environment

Provide customers competitive cycle

times and scalability to meet ever shorter

product ramps

Timing of customer road maps and

capital spending programs

26

Besi Addressable Market Share of Mobile Increasing

Besi technology can support virtually all device platforms utilized in latest mobile devicesSource: Tech Insights

27August 2018

Component Illustration

Growth in features

vs. units is driving

revenue

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 June 2018

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

• Flip chip revenue represents 25% 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 8.0%

Wire Bond 3.9%

Flip Chip$497 29%

Wire Bonding$1,199 71%

2022

Flip Chip$338 25%

Wire Bonding

$991 75%

2017

28August 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

29August 2018

III. STRATEGY

30August 2018

Summary Strategy

• eWLB, TCB, panel size and 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

• Introduce next generation products to win business from competitors

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

• Expand presence and share of wallet in China via production and sale of full range of Besi die attach, packaging and plating systems

• 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

• Target 53-57% through cycle gross margin

Achieve a more scalable, flexible and lower cost manufacturing model

• Emphasis on wafer level processing and/or companies which can further leverage Besi’s AP platform

Acquire companies with complementary technologies and products

31August 2018

Favorable Drivers:

Digital Society

Big Data

Smart Everything

Cloud Expansion

Revenue Opportunities

32

Roll out of 3D imaging and other features to 4G and 5G mobile supply chains

Ongoing push for ever greater cloud memory/logic capacity

Steady growth of electronic content and safety requirements in automotive

Substantial expansion of Chinese semiconductor infrastructure as per new five year government plan

Introduction of complete Besi portfolio for production and sale in local Chinese market

Renewed interest in WLP, Panel WLP and TCB processes by customers

Expanding spares/service business due to installed base growth and centralized operations

August 2018

• Increase Share of Wallet of existing and new customers with each new generation of Besi’s

advanced packaging portfolio

• Reduce unit cost to expand mainstream system sales and gain share vs. competitors

• Sell next generation equipment to increase SoW in the Memory/Logic space, in particular to:

Customer Market Share Growth Opportunities

August 2018 33

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

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

34August 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

35August 2018

Workforce Has Become More Asia Centric, Scalable and Flexible

1,404 1,489 1,489

1,549 1,724 1,754 1,754

57%60%

64%

67%

71% 71% 72%

43%40%

36%

33%

29% 29% 28%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 Q2-18

Headcount

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

Fixed Headcount

Total Headcount

• Asia now represents 72% of total fixed

headcount, up from 57% in 2013

• European and NA fixed headcount continues

to decline:

• -33.2% since 2011

• -9.8% vs. 2015

• Revenue scalability aided by Asian temp

workers

603 591 540 508 502 500 495

801 898 949 1,041 1,222 1,254 1,259

55 143 50

120

316 383 343

1,4581,632

1,5391,669

2,0402,137 2,097

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 Q2-18

Tem

p %

of

Tota

l

Headcount

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

36August 2018

Besi’s Asian Expansion Supports Future Growth

37

Units Shipped Gross Margin

82 101

625495

68218

236

481

423

4591,434

1,754

0

400

800

1,200

1,600

2,000

2013 Q2-2018

Fixed Headcount by Country

Other Europe/NA Singapore China Malaysia

+8.5%

+104%

+221%

-20.8%

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

August 2018

Besi Strategic CSR Objectives

38

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

✔

✔

✔

✔

✔

✔

✔

August 2018

IV. FINANCIAL REVIEW AND SUMMARY

39August 2018

€ 280.2

€ 316.0

27.4% 26.7%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

40

80

120

160

200

240

280

320

360

HY1-17 HY1-18

Net

marg

in %

Revenue (

euro

mill

ions)

Revenue Net Margin

Gross Margin

OPEX

Headcount

Effective Tax Rate

+92

=

+9.5%

-0.2 points

€ 154.9

€ 161.1

23.9%

29.3%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

120

140

160

180

Q1-18 Q2-18

Net

marg

in %

Revenue (

euro

mill

ions)

Revenue Net Margin

-40

-3.4 points

-18.7%

=

Solid HY1-18 and Sequential Quarterly Performance

40

Gross Margin

OPEX

Headcount

Effective Tax Rate

16.3% 12.9%

2,137 2,097

€ 39.1 MM € 31.8 MM

56.5% 56.5%

+4.0%

Q2-18/Q1-18

€ 37.1

+5.4 points

HY1-18/HY1-17

€ 84.3€ 76.7

14.4% 14.4%

2,005 2,097

€ 64.7 MM € 70.8 MM

56.7% 56.5%

+12.8%

- 0.7 points

€ 47.2

August 2018

HY1-18 Performance Varies by Besi End User Market

41

• Most Besi end markets continued

to grow favorably in HY1-18:

• Auto

• China

• Computing

• Spares/Service

• Mobile was hurt by Q2-18 slow

down in high end smart phone

orders

• Customers digesting significant

capacity added in 2017 and Q1-18

• Roll out of advanced features

delayed

35%

25%

17%

12% 11%

2017 2018E 2017 2018E 2017 2018E 2017 2018E 2017 2018E

Estimated Revenue % By End User Application

Mobile Computing Auto Industrial/LED Spares/Service

Growth

Drivers

• Added features and

functionality

• Unit growth

• Timing and success of

new device intros

• Emerging market

expansion

• Cloud servers/apps

• AI/deep learning

• Big data

• Robotics

• High performance

computing

• Increasing electronic

content

• Increased safety

• Driverless and

electric cars

• Smart factory &

homes

• Surveillance

• Lighting

• Power control/

inverters

• Efficient appliances

• IOT

• Growth of installed

base

• Increased Asian

service and support

• Centralization in

Singapore

CAGR

2018-

2022*

Premium Phones +2%

Basic Phones +1%

Server + 7%

SSD +15%

Tablet -3%

PC Hybrid +9%

PC Desktop/

Notebook -6%

+11% +10%

* 2018 – 2022, Gartner April 2018

August 2018

Liquidity Trends

Cash flow generation has significantly improved over

past five years:

• Has supported shareholder friendly capital allocation:

• € 428.6 million of dividends and share repurchases

2013-2018

• Total cash of € 395.5 million & net cash of € 110.2 million

as of Q2-18

• ~180 million of dividends and share buy backs in Q2-18

• New € 75 million buy back program as per August 2018

€ 300 million total Convertible Note issuance provides

solid base to fund growth opportunities:

• 1.33% blended coupon

• 6.0 year blended average maturity

• Minimal operating restrictions

89.6

135.3

157.8

304.8

527.8

571.0

395.5

71.0

118.0 136.5

168.1

247.6

290.1

110.2

0

100

200

300

400

500

600

2013 2014 2015 2016 2017 Q1-18 Q2-18

eu

ro in

mill

ion

s

Cash and Deposits Net Cash

42August 2018

Currency Exposure Trends

43

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

August 2018

Operating Expenses

€ 31.8

Q2-18 Q3-18

YTD-17 YTD-18

Gross Margin

57.4%

55%

-

57%

Guidance Q3 and Nine Months 2018

44

Q2-18 Q3-18

Gross Margin

56.5%54%

-

56%

Revenue

Q2-18 Q3-18

€ 161.1-25%

-

-30%

Revenue

YTD-17 YTD-18

€ 439.50%

-

-2%

Operating Expenses

€ 95.0

+8%

YTD-17 YTD-18

Q3-18/Q2-18 YTD-18/YTD-17*

* Through Q3

Approx.

Equal

August 2018

• Disciplined strategic focus on most rapidly growing areas of advanced packaging space has

created an industry leader

• Assembly market ever more critical step in semi production and value chain, particularly for the

emerging digital society

• Long term secular trends in place to drive continued growth in advanced packaging

• Technology leadership, scalability and competitive lead times have greatly increased Besi’s

market presence and financial performance

• Successful Asian production and supply chain expansion has been a game changer

• Market presence has grown and diversified geographically via success with key IDM

customers and their supply chains

• Attractive capital allocation policy rewards shareholders for their investment

• Timely financings have positioned us well to capitalize on acquisition opportunities over the

next five years

Summary

August 2018 45

V. APPENDIX

46August 2018

Quarterly Revenue/Gross Margin Trends

110

170159

153155

161

117

55.7%

57.3%

58.7%

56.3% 56.5% 56.5%

55.0%

45.0%

50.0%

55.0%

60.0%

65.0%

70.0%

0

20

40

60

80

100

120

140

160

180

200

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

Gro

ss M

arg

in %

eu

ro in

mill

ion

s

Revenue Gross Margin

* Midpoint of guidance: Revenue -25%-30% vs. Q2-18, Gross Margin between 54-56%

47August 2018

206

166 168 164

215

140

2.2

0.8

1.0 1.0

1.3

0.5

0

50

100

150

200

250

0.0

0.3

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 Jun 18 (a)

Besi Backlog Besi Book to Bill

Book to Bill Ratio Backlog (euro millions)

2017-2018 Quarterly Backlog and Book to Bill Trends

48August 2018

(a) Includes € 28 million of order cancellations in Q2-18

Step Function Growth in Revenue and Gross Margin Since 2006

49

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 Margineuro millions

4 year

averages

August 2018

Base Line Operating Expense Trends

50

25.6 29.7

27.1 31.2 31.7 30.7

4.9

4.4

3.3

3.0

7.4

0.9

30.5

34.1

30.4

34.2

39.1

31.6

0

5

10

15

20

25

30

35

40

45

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

Base Opex Other Opex

Baseline Opex 25.6 29.7 27.1 31.2 31.7 30.7

As % of Revenue 23.2% 17.5% 17.0% 20.4% 20.5% 19.1%

Other Operating Expenses

Capitalization of R&D (1.9) (1.8) (1.2) (1.8) (2.6) (3.4)

Amortization of R&D 2.0 1.9 1.9 2.1 2.1 2.1

Capitalization & Amortization , net 0.1 0.2 0.8 0.3 (0.5) (1.3)

Variable Pay (a) 4.4 4.0 3.2 3.9 9.5 3.3

Restructuring cost/(benefit) - - - - - 0.1

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

Subtotal 4.9 4.4 3.3 3.0 7.4 0.9

Total Opex 30.5 34.1 30.4 34.2 39.1 31.6

As % of Revenue 27.7% 20.1% 19.1% 22.3% 25.2% 19.6%

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

(b) Year over year variance per quarter

August 2018

Net Income Trends

51

€ 24.3

€ 52.4 € 52.9

€ 43.6

€ 37.1

€ 47.2

€ 4.8

€ 4.7 € 3.7

€ 4.3

€ 10.0

€ 3.8

€ 29.1

€ 57.1 € 56.6

€ 47.9 € 47.1

€ 51.0

22.0%

30.8%

33.2%

28.4%

23.9%

29.3%

0%

10%

20%

30%

40%

50%

60%

0

10

20

30

40

50

60

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

euro

in m

illio

ns

Net Income Variable Compensation (a) Net Margin

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

August 2018

Cash Generation Trends

52

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

euro millions

Total Cash Flow from Operations Cash Conversion Cycle*

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

August 2018