INVESTOR PRESENTATION

February 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, 2016; 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.

2February 2018

Agenda

I. Company Overview

II. Market

III. Strategy

IV. Financial Review

V. Outlook & Summary

3February 2018

I. COMPANY OVERVIEW

4February 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; 2,040 employees worldwide. HQ in Duiven, the Netherlands

Corporate Profile

• LTM revenue and net income of € 592.8 and € 173.2 million

• Cash and deposits at Q4-17: € 527.8 million

• Net cash and deposits at Q4-17: € 247.6 million

• € 449.9 million of dividends and share repurchases since 2011*

Financial Highlights

• Growth of <20 nano advanced packaging, new applications for digital, mobile society and market share gains offer revenue upside

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

Investment Considerations

5

* Assumes proposed 2017 dividend payment of € 4.64 per share for approval at April 2018 AGM and share repurchases through February 13, 2018.

February 2018

Company History

€ 85.5

€ 592.8

25.9%

57.1%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

0

100

200

300

400

500

600

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

•Enhanced profit potential via Asian production transfer and European restructuring activities

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

•Break even revenue levels reduced

Restructuring

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

•Substantially increased cash flow via profit growth, improved working capital management and shorter lead times

•Implemented attractive capital allocation policy in 2011

Financial Metrics

6February 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

7February 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

February 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

• Assemble chips for leading fabless companies: Qualcomm, Broadcom, MediaTek

• Long term relationships, some exceeding 50 years

IDMs

Subcontractors

9February 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)Cham,

(Switzerland)

Duiven & Drunen,

(The Netherlands)

Chandler

Shenzhen

10

YTD December 31, 2017

Europe/NA Asia

Revenue (MMs) € 175.7 29.6% € 417.1 70.4%

Headcount 589 28.9% 1,451 71.1%

February 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

• Focus on new smart phones/features, auto, cloud server, memory

and high performance computing

• Gained market share

• Strong profit and margin development:

• Market position and efficiencies drive gross margin to 57%

• Operating initiatives keep expense growth in check

• Sector leading net margins of 29%

• Net cash continues to expand:

• Increased profits, reduced cycle times and cash conversion cycle

drive net cash to € 247.6 million

• Supports shareholder friendly capital allocation policy

• € 175 million 0.5% Conv. Notes in December 2017 helps fund

future growth

11February 2018

Step Function Growth in Revenue and Gross Margin Since 2006

12

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

February 2018

Capital Allocation Trends

13

11.3 12.4

56.945.4

65.3

173.0

2.7

4.0 22.4

22.8

2.8

14.0 12.4

60.967.8

88.1

175.8

0

20

40

60

80

100

120

140

160

180

200

2013 2014 2015 2016 2017 2018*

Dividends Share Repurchases

€ millions

* Assumes proposed 2017 dividend payment of € 4.64 per share for approval at April 2018 AGM and share repurchases through February 13, 2018.

Cumulative Distributions: € 449.9 MM Since 2011*

February 2018

Besi Market Information

Market Profile

Share

Ownership

60%

42%

0%

20%

40%

60%

80%

2011 2016

Top 10 Shareholders**(% of shares outstanding)

•BESI

•Euronext Midcap AMX

Symbol/ Index

•€ 2,894 MM ($3,575 MM) Market Cap*

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

Dividend Policy

* As of February 13, 2018

** Source: Besi estimates

NL30%

US20%

UK14%

Europe ex. NL

17%

Other19%

By Geography

14

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

February 2018

II. MARKET

15February 2018

Assembly Equipment Market Trends

16

254.9

378.8

349.2 375.4

592.8

-6.9%

48.6%

-7.8%7.5%

57.9%

-50%

0%

50%

100%

150%

0

200

400

600

800

2013 2014 2015 2016 2017

(eu

ro m

illio

ns)

Besi RevenueRevenue YoY Growth Rate

3.0

3.9

3.23.6

4.4 5.2

-22.0%

26.8%

-17.5%

13.5%

21.4%18.1%

-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

• VLSI has upgraded 2017 forecast from 9.3% at the start of the year to 21.4% currently

• Similarly, 2018 growth upgraded to 18.1% based on latest capex estimates

Source: VLSI January 2018

February 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%

17February 2018

New Era of Chip Growth and Applications

18

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

February 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

19February 2018

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 800 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

February 2018

Advanced Packaging Unit Volume and Market Share Are Increasing

• 36% of wafers use advanced packaging

interconnects currently

• Leading growth segment of assembly equipment

market

• Flip chip and WLP are leading AP assembly

processes next five years

• Mobile, data center, and automotive drives

demand

• More low pin count devices are using AP

Source: VLSI January 2017

13%

19%

26%

31%

32%

34%36%

37%38%

39%40%

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 2021A

P M

ark

et

Sh

are

%

M w

afe

rs, 3

00

MM

Eq.

Advanced Packaging Silicon Demand Growth & Market Share 2011 - 2021

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

Wafer Level Packaging Flip Chip

Advanced Packaging Unit Market Share (%)

21February 2018

And Is Reflected in Besi End User Application Trends

Source: Company Estimates

• Mobile internet devices, computing

and automotive are Besi’s three

largest and most rapidly growing end

user markets

• New device introductions in 2017

boost mobile internet share to 35%.

Above trend line

• 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

22February 2018

New Smart Phone Designs Increase Besi’s Addressable Market Potential

• Besi systems can assemble 50% of 2012 generation components and 70% of 2016 generation components

Main ComponentsGeneration

2012

Generation

2016Manufacturer IDM/OSAT Besi system Utilized

Processor X X Apple TSMC ->TSMC 8800CHM, MMS-LM

DRAM Memory X XHynix/Micron/Sams

ungHynix/Micron/Hanamicro 2100sD, FSL

NAND Flash X X Hynix/Toshiba Hynix/Amkor/Toshiba 8800FCQ, AMS-W/LMPower Management

Apple PM IC X Dialog Dialog 2100sDPMIC X X Qualcomm N/A

M3 Microcontroller NoneAccelerometer/Gyroscope/Barometric

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

CommunicationsGeneration

2012

Generation

2016Manufacturer IDM/OSAT Besi system Utilized

Wifi/NFCWifi module X X Murata Murata Murata's equipmentNFC X NXP Amkor 8800FCQ, AMS-W/LMNFC Booster IC X AMS Daca N/A

LTELTE Modem X Qualcomm 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 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 8800FCQ, AMS-W/LM

Antenna Switch X X RFMD Amkor/ASE,/RFMD 2100xP, 2100sD PA

PA X X Boradcom(Avago) ASE/Amkor 2100xP, 2100sD, AMS-W/LMPA Module X Boradcom(Avago) ASE/Amkor 2200evo, 2100sD

Video/AudioGeneration

2012

Generation

2016Manufacturer 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 xpAudio Codec X X Cirrus Logic Amkor 2100xP, 2100sD, AMS-W/LM

Touch screen controlTouch screen control X X Broadcom Signetics 2100sDTouch Transmitter X TI TI FCL

23February 2018

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

24February 2018

TCB/TSV and Fan Out WLP 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 60 systems in production

• Estimated 75% market share

• Principal Competition: Shibaura and Shinkawa

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 50% 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

25February 2018

Besi Has Gained Share In Its Addressable Markets

• Projected to gain share in 2017 based on VLSI estimates and Besi 2017 revenue

• Focused on leading customers with most significant future growth potential

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% ~38%

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)

26February 2018

• Customers are largest semi mfrs.

engaged in most advanced

packaging applications

• Significant market shares of up to

100%

• Customer market shares vary p.a.

due to capacity needs, purchasing

and development cycles

• Primary competition in our

addressable markets:

• Die Attach: ASM-PT, Fasford,

Shinkawa, Toray

• Packaging: Towa, Hanmi, ASM-PT

And Has a Large Share of Wallet at Key Customers

N/B No reported bookings for Besi nor its competitors

• Fabless semiconductor companies such as Qualcomm, Broadcom and Mediatek have

assembly production done by subcontractors.

* Through September 30, 2017

Share of Wallet

2014 2015 20162017 Sep

YTD*2014 2015 2016

2017 Sep

YTD*

Subcons Subcons

ASE 70% 80% 70% 60% ASE 35% 25% 15% 35%

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

JCET/Stats 70% 30% 60% 80% JCET/Stats 50% 5% 30% 50%

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

Nantong 100% 100% 100% 90% Nantong 0% 35% 0% 100%

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

Unisem 100% 100% 100% 65% Unisem N/B 100% N/B N/B

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

IDMs IDMs

Skyworks 100% 100% N/B 80% Skyworks 40% 90% 25% 10%

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

Infineon 100% 90% 75% 95% Infineon 90% 95% 20% 85%

Micron 45% 80% 100% 50% Micron 100% 100% N/B 0%

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

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

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

Samsung N/B N/B N/B N/B Samsung N/B N/B 0% N/B

Above customers as

% of product

revenue Besi

65% 42% 47% 58%

Above customers

as % of product

revenue Besi

66% 73% 69% 60%

Die Attach Packaging

27February 2018

III. STRATEGY

28February 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

29February 2018

Strategic Priorities 2018

30

Strategic 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

February 2018

Besi Revenue Opportunities

31

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, mobile internetWire

bond/flip chip

conversion

Solar cell plating

transition from silver to copper

Increased % of Chinese market and

Asian supply chains

Higher % of mainstream assembly equipment

applications

February 2018

Asian Production Transfer Has Helped Reduce Break Even Revenue Levels

32February 2018

Asian Production Has Significantly Expanded

Leading to Lower Fixed European + NA Headcount

And Reduced Break Even Revenue Levels

741

502

802 1,222

1,543

1,724

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

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

200

400

600

800

1,000

1,200

1,400

1,600

1,800

20

10

20

17

China Other Asian % Direct

Workforce Has Become More Asia Centric, Scalable and Flexible

1,543 1,475

1,404 1,489 1,489

1,549 1,724

52%54%

57%60%

64%

67%

71%

48%46%

43%40%

36%

33%

29%

25%

35%

45%

55%

65%

75%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2011 2012 2013 2014 2015 2016 2017

Headcount

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

Fixed Headcount

Total Headcount

• Asia now represents 71% of total fixed headcount

• European and NA fixed headcount continues to

decline:

• -32.3% since 2011

• -7.0% vs. 2015

• Revenue scalability via Asian temp workers

741 676 603 591 540 508 502

802 799

801 898 949 1,041 1,222

64 65

55 143 50

120

316 1,607

1,5391,458

1,6321,539

1,669

2,040

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

2011 2012 2013 2014 2015 2016 2017

Tem

p %

of

Tota

l

Headcount

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

33February 2018

Besi’s Asian Expansion Supports Future Growth

34

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

1000

1200

1400

1600

1800

2015 2016 2017

Asian Production Trends

Chinese Shipments Malaysian Shipments Total Gross Margin

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%

February 2018

Materials Cost Reduction Is Also a Key Priority

• 75% of material now purchased in Asia

• Reduced personnel, transport, logistics and inventory

• Enhanced cycle time/revenue ramping capability

• Will consolidate # of vendors

Supply Chain Actions

• Redesign products: common parts, platforms

• Increase standardization

• Lower unit cost, design and maintenance hours

• Shorten cycle times. Increase inventory turns

• Cost savings available through common parts, modules and platforms

Development Actions

53-57% thru

cycle Gross

Margin

• Management reviews progress weekly component by component

Material costs = 40% of revenue. Largest single cost

35February 2018

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

Besi Strategic CSR Objectives

36

Strategic 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. Eliminate conflict

materials

Reduce packaging,

waste, transportation

& energy

Responsible tax practices

in all jurisdictions

February 2018

✔

✔

✔

✔

✔

✔

✔

IV. FINANCIAL REVIEW

37February 2018

New Benchmark Levels of Financial Performance in 2017

38

€ 93.1

€ 153.2

18.0%

28.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

120

140

160

Q4-16 Q4-17

Net

marg

in %

Revenue e

uro

mill

ions

Revenue Net Income

Gross Margin

OPEX

Headcount

Effective Tax Rate

15.1% 10.6%

1,669 2,040

€ 29.8

MM

€ 34.2

MM

+371

-4.5 points

+14.8%

53.2% 56.3%

+64.6%

Q4-16/Q4-17

+3.1 points

€ 43.6

€ 16.7

+10.4 points

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%

February 2018

1.3

0.9

0.8

1.0

2.2

0.8

1.0 1.0

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 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 Dec 17

Besi Backlog Besi Book to Bill

Book to Bill Ratio Backlog (€ millions)

Quarterly Book to Bill Ratio 2016 - 2017

39February 2018

• Cyclical quarterly revenue/order patterns:

• Influenced by global GDP trends, customer

roadmaps, new device introductions and

seasonal factors

• Revenue and orders grew by 57.9% and 82.2%

in 2017

• H2-16 Industry upturn accelerated in 2017

• Advanced packaging capacity build-out

• Market share gains

• Gross margins continued to expand

• Consistently exceeded 55% in 2017

• Strength of market position

• Increased Asian production scalability

• Labor and supply chain efficiencies

• Larger production runs, shorter cycle times

• Favorable forex influences also helped

Quarterly Revenue/Order/Gross Margin Trends

79

109

94 93

110

170159

153 153

104 101

7891

240

130

162

149

49.2%50.9% 50.5%

53.1%

55.7%

57.3% 58.7%

56.3%56%

35.0%

40.0%

45.0%

50.0%

55.0%

60.0%

65.0%

70.0%

-

50.0

100.0

150.0

200.0

250.0

300.0

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18*

Gro

ss M

arg

in %

eu

ro in m

illio

ns

Revenue Orders Gross Margin

* Midpoint of guidance: Revenue +5% to -5% vs. Q4-17, Gross Margin between 55-57%

40February 2018

Currency Exposure Trends

41

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• Production transfer increases importance of MYR, CNY and SGD• EUR and CHF should continue to decline as % total cost

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

February 2018

Base Line Operating Expense Trends

42

23.5 24.8 24.1 24.3 25.6 29.7

27.1 31.2

5.7 4.3 4.1 5.5

4.9

4.4

3.3

3.0 29.2 29.1 28.2 29.8 30.5

34.1

30.4

34.2

0

5

10

15

20

25

30

35

40

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

Base Opex Other Opex

Baseline Opex 23.5 24.8 24.1 24.3 25.6 29.7 27.1 31.2

As % of Revenue 29.8% 22.8% 25.6% 26.1% 23.2% 17.5% 17.0% 20.4%

Other Operating Expenses

Capitalization of R&D (1.8) (1.5) (1.6) (1.9) (1.9) (1.8) (1.2) (1.8)

Amortization of R&D 2.2 2.3 2.1 2.1 2.0 1.9 1.9 2.1

Capitalization & Amortization , net 0.4 0.8 0.6 0.2 0.1 0.2 0.8 0.3

Variable Pay (a) 5.0 3.9 2.9 3.8 4.4 4.0 3.2 3.9

Restructuring cost/(benefit) 0.4 0.1 0.1 - - - - -

Forex (b) and other (0.1) (0.5) 0.5 1.5 0.4 0.2 (0.7) (1.2)

Subtotal 5.7 4.3 4.1 5.5 4.9 4.4 3.3 3.0

Total Opex 29.2 29.1 28.2 29.8 30.5 34.1 30.4 34.2

As % of Revenue 37.0% 26.7% 29.9% 32.0% 27.7% 20.1% 19.1% 22.3%

(a) Includes both incentive comp and variable comp

(b) Year over year variance per quarter

February 2018

€ 8.0

€ 24.0

€ 16.6 € 16.7

€ 24.3

€ 52.4 € 52.9

€ 43.6

10.1%

22.0%

17.6% 18.0%

22.0%

30.8%

33.2%

28.4%

0%

10%

20%

30%

40%

0

5

10

15

20

25

30

35

40

45

50

55

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

euro

in m

illio

ns

Net Income Net Margin

Net Income Trends

• Through cycle net margins now range between

approximately 10%-33%

• Net margin reached 29.2% in 2017

• Operating initiatives have increased efficiency

• Gross margin range has steadily improved despite

revenue volatility

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

significant operating leverage

• 2017 net income of € 173.2 million is +165.2% vs. 2016

• +57.9% revenue

• +6.1 points gross margin

• Partial offsets:

• +11.1% operating expenses

• +1.9 point higher tax rate

• Effective tax rate varies based on profit mix and NOL

carry forwards per region.

• Approximately 12-15% for 2018

43February 2018

Cash Generation Trends

44

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.

February 2018

Liquidity Trends

Besi has significantly increased cash flow

generation over past five years

• Net cash reached € 247.6 million at year end

• Reflects € 243.3 million of dividends and share

repurchases

• Increased profits, faster cycle times, improved

working capital management

€ 300 million Convertible Note issuance over

past two years provides solid base to fund

future growth opportunities

• 1.33% blended coupon

• 6.5 year average maturity

• Minimal operating restrictions

106.489.6

135.3

157.8

304.8

527.8

79.5 71.0

118.0 136.5

168.1

247.6

0

100

200

300

400

500

600

2012 2013 2014 2015 2016 2017

eu

ro in

mill

ion

s

Cash and Deposits Net Cash

45February 2018

V. OUTLOOK & SUMMARY

46February 2018

Q4-17 Q1-18

Operating Expenses

Q1-18 Guidance

47

Revenue Gross Margin

Q4-17 Q1-18

€ 153.2 56.3%

€ 34.2

55%

-

57%

+5%

to

-5%

10%

to

15%

Q4-17 Q1-18

February 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 gen and

<20 nanoapplications and

strategic initiatives

Attractive capital allocation program

48February 2018