INVESTOR PRESENTATION

February 2019

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.

2February 2019

Agenda

I. Company Overview

II. Market

III. Strategy

IV. Financial Review and Summary

V. Appendix

3February 2019

I. COMPANY OVERVIEW

4February 2019

Besi Overview

• Leading assembly equipment supplier with #1 and #2 positions in key markets. 36% addressable market share

• Broad portfolio: die attach, packaging and plating

• Strategic positioning in substrate and wafer level packaging

• Global operations in 6 countries; 1,759 employees. HQ in the Netherlands

Corporate Profile

• LTM revenue and net income of € 525.3 and € 136.3 million

• Cash/deposits at Q4-18: € 475.5 million

• Net cash/deposits at Q4-18: € 199.4 million

• € 608.4 million of dividends and share repurchases since 2011*

Financial Highlights

• Applications for emerging digital society are key long term drivers: Internet of Everything, AI, Big Data, Cloud computing, 3D imaging, 5G network roll out

• Advanced packaging is critical part of semi value chain to realize promise

• China market growth and share gains also benefit revenue development

• European overhead reduction, optimization of Asian production and common parts initiatives also help drive profit potential

Investment Considerations

5

* Assumes proposed 2018 dividend payment of € 1.67 per share for approval at April 2019 AGM and share repurchases through February 18, 2019.

February 2019

Company History

€ 85.5

€ 525.3

25.9%

56.7%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

0

100

200

300

400

500

600

2003 2018

Gro

ss M

arg

in (

%)

Reven

ue

(€ m

illio

ns)

Revenue Gross Margin

•2000 2002 2005 2009

Die Attach Acquisitions

• Expanded advanced packaging leadership into die attach area

• Gained market share organically and via acquisitions

• Gained mindshare with key industry leaders

• Growth in China, key customers and electronics supply chains

Product Strategy

• 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 peer leading gross and net margins

• Improved cash flow generation

• Implemented attractive capital allocation policy

Financial Metrics

6February 2019

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 2019

Product Positioning

8

Semiconductor Manufacturing Equipment

(2018: $65.9B)*

Front end: $55.3B

(84%)

Assembly: $4.6B

(7%)

Test: $6.1B

(9%)

* Source: VLSI January 2019

** Includes Molding, Trim and Form and 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

February 2019

Customers OEMs End Products

Customer Ecosystem

• Diversified, blue chip customer base, top 10 = 54% of 2018 revenue

• Leading IDMs and subcontractors. 68/32% split in 2018

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

• Long term relationships, some exceeding 50 years

IDMs

Subcontractors

9February 2019

Current Operational Profile

• Development activities in Europe

• Production in Asia

• Sales/service activities in Asia, US and Europe

Sales Office

Production Site

Sales, Production and R&D Site

Leshan

ChengduShanghai

Korea

Taiwan

Philippines

Malaysia

Singapore

Suzhou

Radfeld, (Austria)Steinhausen,

(Switzerland)

Duiven & Drunen,

(The Netherlands)

Chandler

Shenzhen

10

YTD December 31, 2018

Europe/NA Asia

Revenue (MMs) € 176.5 33.6% € 348.8 66.4%

Headcount 523 29.7% 1,236 70.3%

February 2019

Year Ended December 31,

(€ millions, except share data) 2016 2017 2018

Revenue 375.4 592.8 525.3

% seq. change 8% 58% -11%

Gross margin 51% 57% 57%

EBITDA 89.8 222.8 187.7

Pretax income 73.6 199.2 154.9

Net income 65.3 173.2 136.3

Net margin 17% 29% 26%

EPS (diluted) (a) 0.85 2.17 1.68

EPS (basic) (a) 0.87 2.32 1.83

Dividend per share (a) 0.87 2.32 1.76

Net cash 168.1 247.6 199.4

Summary Historical Financials

11

(a) Adjusted for 2:1 stock split in May 2018

February 2019

Step function revenue and gross margin development over four

business cycles since 2006

• Addressable market share has expanded as well

Strong profit and margin development:

• Market position and efficiencies drive gross margin to 57% level

in past two years

• Operating initiatives keep expense growth in check

• Sector leading net margins of 26%

Net cash continues to expand:

• Increased profits, scalable production model help drive net cash

to € 199.4 million at year end

• Supports shareholder friendly capital allocation policy

• € 209.5 million of dividends and share repurchases in 2018

• € 475.5 million of cash at YE 2018 helps fund future growth

Capital Allocation Trends

12

12.4

56.945.4

65.3

174.0

122.922.0

23.5

35.5

6.9

12.4

60.467.4

88.8

209.5

129.8

0

50

100

150

200

250

2014 2015 2016 2017 2018 2019*

Dividends Share Repurchases

Cumulative: € 608.4 MM of distributions since 2011*

€ millions

* Assumes proposed dividend payment of € 1.67 per share for approval at April 2019 AGM and share repurchases through February 18, 2019.

February 2019

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 (c)

(% of shares outstanding)

• BESI

• Euronext Midcap AMX

Symbol/ Index

• € 1.6 billion ($1.8 USD)

• 73.3 million shares net

Market Cap (a)

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

Dividend Policy

a) As of February 18, 2019; b) Shares adjusted for 2:1 stock split in May 2018; c) 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

5,000

10,000

15,000

20,000

25,000

0

200

400

600

800

1000

2014 2015 2016 2017 2018

Avg V

ol *

Avg P

rice (

€ t

housands)

Vo

lum

e (

tho

usa

nd

s)

Avg. Daily Volume (b) & Liquidity

Other

Europe

ex. NL

UK

US

NL

February 2019

II. MARKET

14February 2019

Assembly Equipment Market Trends

3.0

3.9

3.23.7

4.6 4.64.0

4.4

-22.0%

26.8%

-17.5%

16.1%23.9%

0.0%

-12.4%

9.9%

-30%

-20%

-10%

0%

10%

20%

30%

0.0

1.0

2.0

3.0

4.0

5.0

2013 2014 2015 2016 2017 2018E 2019E 2020E

US

$ b

illio

ns

Assembly Equipment MarketMarket Size YoY Growth Rate

Source: VLSI December 2018

• VLSI revised 2019 growth rate to -12.4% at start of year

• H2-19 order rebound forecast as new product cycle begins. Renewed growth in 2020

254.9

378.8 349.2 375.4

592.8 525.3

-6.9%

48.6%

-7.8%7.5%

57.9%

-11.4%

-50%

0%

50%

100%

150%

0

200

400

600

2013 2014 2015 2016 2017 2018

€ m

illio

ns

Besi RevenueRevenue YoY Growth Rate

15February 2019

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 October 2018

Wire Bonding21.6%

Die Attach31.1%Packaging

15.7%

Plating0.6%

Other Assembly

(Inspection, Dicing)31.0%

16February 2019

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

17

KB – MB – GB – TB – PB – EB – ZB - YB

3 6 9 12 15 18 21 24

February 2019

Requiring Increased Density, Higher Accuracy and Smaller Form Factors for Next Generation Devices

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

18February 2019

As Well As Changes in Assembly Processes, Structures 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

19February 2019

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

February 2019

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

18

10

Estimated % of 2017 Revenue

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

• 55% equipment revenue is < 7 micron accuracy and sub 18 nanometer

• Most rapidly growing market segment

21February 2019

Advanced Packaging Unit Volume and Market Share Are Increasing

22

• Advanced packaging applications have grown

significantly since 2010

• Currently, estimated 37% 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 (%)

February 2019

And Is Reflected in Besi End User Application Trends

Source: Company Estimates

23

• Mobile Internet, Computing and

Automotive are largest end markets

• Estimated 73% of revenue in 2018

• Percentages vary p.a. based on

customer roadmaps

• Steady growth in automotive reflects

ever increasing electronic content

• Computing growth due to increased

demand for high end logic, cloud and

memory solutions

• Spares/service: 15% of 2018 revenue

• Growth in installed base

• Less volatile revenue stream

35%

21%

17%

7%5%

15%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2018 % of Revenue

February 2019

Besi Has Gained Share In Its Addressable Markets

2013 2014 2015 2016 2017

Addressable Market ($ Million) $1,200 $1,616 $1,216 $1,453 $1,844

Besi 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%

24

Source: VLSI June 2018 and Besi estimates

February 2019

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, Shibaura

• 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.

February 2019

What Drives Besi’s Business?

Macro GDP trendsTech capabilities in

24/7 production environment

IDM customer and supply chain

choice

Timing of customer roadmaps and

capital spending programs

Competitive cycle times and scalability

26February 2019

Besi Addressable Market Share of Mobile Increasing

Besi technology can support virtually all device platforms utilized in latest mobile devices.Source: Tech Insights

27

Component Illustration

Growth in

features vs.

units is

driving

revenue

February 2019

Adoption of 5G Will Expand Applications and Features With Increased Performance

28

Source: Qualcomm May 2017 ITF Conference

February 2019

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 December 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 five years

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

CAGR 2017 – 2023E

Flip Chip 2.4%

Wire Bond -0.1%

Flip Chip$390 28%

Wire Bonding

$983 72%

2023

Flip Chip$338 25%

Wire Bonding

$991 75%

2017

29February 2019

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 ~70 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

30February 2019

III. STRATEGY

31February 2019

Summary Strategy

Maintain Best in

Class Tech Leadership

Increase Market

Presence and Share

IncreaseScalability.

Reduce Cost

Grow via Timely

Acquisitions

32

• Leverage technology leadership to reach

40-45% market share in next five years

• Market high quality mid-range products to

increase mainstream penetration

• Expand share of wallet in China

• Expand software and process support in Asia

to better serve installed base

• Continue West-East personnel transfer

• Target 80% Asian headcount

• Further reduce euro based costs

• Target local production. Shorten cycle times

• Accelerate common parts development

• Seek € 15-20 million cost savings

• Target 53-57% through cycle gross margin

• Expand capabilities for:

• eWLB, TCB, panel size, ultra thin die bonding

• Large area, ultra thin, wafer level molding

• Solar and lithium ion battery plating

• Introduce next generation products for next

investment round

• Acquire companies with complementary

technologies and products

• Emphasis on wafer level processing

• Seek to leverage Asian production platform and

supply chain

February 2019

Favorable Drivers:

Digital Society

Big Data

Smart Everything

Cloud Expansion

Revenue Opportunities

33

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

Expand share of Korean and Chinese Android mobile customers

Sell next generation equipment to increase SoW in the Memory/Logic space

Expand share of Japanese automotive supply chain

• Capitalize on steady growth of electronic content and safety requirements

Expansion of Chinese semi infrastructure as per new five year government plan

Introduce complete Besi portfolio for production and sale in local Chinese market

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

February 2019

Asian Production Has Significantly Expanded

Leading to Lower Fixed European + NA Headcount

And Reduced Break Even Revenue Levels

Improved Cash Generation

-

198

396

937

396

1,135

43%

98%

0

400

800

1,200

2010 2018

China Other Asian % Direct

Asian Production Transfer Has Helped Reduce Break Even Revenue Levels

34February 2019

741

462

802 1,230

1,543

1,692

0

400

800

1,200

1,600

2,000

2011 2018

Europe/NA Fixed HC Asia Fixed HC

270

210

0

50

100

150

200

250

300

2011 2018

€ millions

HeadcountShipments

(37.7%)

(22.2%)

49

184

15%

35%

0

50

100

150

200

2011 2018

Cash Flow Ops

CF from Ops/ Revenue

€ millions

Materials Cost Reduction Is Also a Key Priority

• 80% of material now purchased in Asia

• Asian supply chain expansion:

• Enhances revenue scalability (+/-)

• Limits capex and inventory investment

• Reduces personnel, transport and logistic cost

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 = ~30% of revenue

35February 2019

Workforce Has Become More Asia Centric, Scalable and Flexible

1,489 1,489 1,549

1,724 1,754 1,754 1,738 1,692

60%64%

67%71% 71% 72% 72% 73%

40%36%

33%29% 29% 28% 28% 27%

25%

35%

45%

55%

65%

75%

85%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2014 2015 2016 2017 Q1-18 Q2-18 Q3-18 Q4-18

Headcount

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

Fixed Headcount

Total Headcount

• Asia now represents 73% of total fixed

headcount, up from 60% in 2013

• Asian production and supply chain model is

highly flexible

• European and NA fixed headcount continues to

decline:

• -37.7% since 2011

• -14.4% vs. 2015

• Aligning overhead with 2018 market conditions:

• 16.1% headcount reduction realized from

Q2-18 to Q4-18

• Mostly Asian production temps (276 or

80% reduction)

591 540 508 502 500 495 483 462

898 949 1,041 1,222 1,254 1,259 1,255 1,230

143 50 120

316 383 343 176

67 1,632

1,5391,669

2,0402,137 2,097

1,9141,759

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

2014 2015 2016 2017 Q1-18 Q2-18 Q3-18 Q4-18

Tem

p %

of

Tota

l

Headcount

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

36February 2019

Besi’s Asian Expansion Supports Future Growth

37February 2019

68225

236

464 423

449

0

400

800

1,200

Singapore China Malaysia

+6.2%

+96.6%

+230%

82 92

625462

0

400

800

2013 2018

Other Europe/NA

1,434

1,692

Asia

Europe/NA

-26.1%

Besi Strategic CSR Objectives

38

CSR Activities 2018

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

and energy

Responsible tax practices

in all jurisdictions

February 2019

Improvement in KPI metrics for supply chain

activities

Conducted customer

satisfaction surveys

RBA certification

received

IV. FINANCIAL REVIEW AND SUMMARY

39February 2019

€ 116.7

€ 92.5

25.1% 24.5%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

120

Q3-18 Q4-18

Net

marg

in %

Revenue (

€ m

illio

ns)

Revenue Net Margin

Gross Margin

OPEX

Headcount

Effective Tax Rate

€ 592.8

€ 525.3

29.2%25.9%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

40

80

120

160

200

240

280

320

360

400

440

480

520

560

600

FY-17 FY-18

Net

marg

in %

Revenue (

€ m

illio

ns)

Revenue Net Margin

Gross Margin

OPEX

Headcount

Effective Tax Rate

-281

-2.7%

-0.3 points

-155

- 17.8 points

-11.0%

-1.6 points

Solid FY-18 Performance Despite Challenging Market.Attractive Margins Maintained

40

14.9% -2.9%

1,914 1,759

€ 29.1 MM € 25.9 MM

58.0% 56.4%

Q4-18/Q3-18

€ 29.3

FY-18/FY-17

€136.3

€ 173.2

13.1% 12.1%

2,040 1,759

€ 129.2 MM € 125.7 MM

57.1% 56.8%

-11.4%

-3.3 points

€22.7

- 1.0 points

-20.7%

-0.6 points

February 2019

Liquidity Trends

Strong liquidity position:

• Total cash of € 475.5 million and net cash of € 199.4 million as

of Q4-18

• € 209.5 million of dividends and share repurchases in 2018

substantially funded by operating cash flow

• New € 75 million share buy back program initiated Q3-18

Attractive funding obtained to help finance growth

• € 300 million convertible debt (1.33% blended rate)

• Minimal operating restrictions

• 5.5 year blended average maturity

89.6

135.3

157.8

304.8

527.8

571.0

395.5

443.5

475.5

71.0

118.0 136.5

168.1

247.6

290.1

110.2

160.1

199.4

0

100

200

300

400

500

600

2013 2014 2015 2016 2017 Q1-18 Q2-18 Q3-18 Q4-18

€ m

illio

ns

Cash and Deposits Net Cash

41

€ 174.0 MM

Dividend

2017

February 2019

Currency Exposure Trends

42

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 47% of 2018 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

2016 2017 20182018 ∆

vs. €*2016 2017 2018

2018 ∆

vs. €*

Euro 25% 18% 33% 26% 21% 29%

US dollar 74% 82% 67% 5% 9% 9%

Swiss franc - - - 21% 19% 12%

Malaysian ringgit - - - 30% 31% 31%

Chinese renminbi - - - 11% 13% 10%

Singapore dollar - - - 4% 5% 6%

Other 1% - - 3% 2% 3%

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

* Currency variance in 2018 based on average forex rates vs. the euro

February 2019

Operating Expenses

€ 25.9

Q1-19Q4-18

Guidance Q1-19

43

Q4-18 Q1-19

Gross Margin

56.4%

Revenue

Q4-18 Q1-19

€ 92.5

-15%

Q4-18/Q1-19

55%-57%+25%

-

+30%

Base Line Operating Expenses

€ 25.7+5%

-

+10%

Q1-19Q4-18

February 2019

Summary

44

Assembly market ever more critical

step in semiconductor

value chain

Successful Asian production

expansion has been a game

changer

Long term secular trends

drive continued advanced packaging

growth

Tech leadership, scalability and

cycle times have led to benchmark financial returns

Disciplined strategic focus has created an industry leader

Attractive capital allocation policy

rewards shareholders

Market presence has grown via

key IDM customers and supply chains

February 2019

V. APPENDIX

45February 2019

Quarterly Revenue/Gross Margin Trends

110

170159

153155

161

117

93

7855.7%

57.3%

58.7%

56.3% 56.5% 56.5%

58.0%

56.4% 56.0%

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 Q4-18 Q1-19*

Gro

ss M

arg

in %

€ m

illio

ns

Revenue Gross Margin

* Midpoint of guidance: Revenue -15% vs. Q4-18, Gross Margin 55-57%.

46February 2019

Revenue and Gross Margin Cycles Since 2006

47

191

351

379

593

525

164

302

424

56.8%

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 2018

Revenue Gross Margin

€ millions

4 year

averages

-12.9%

-7.8%

-6.9%

-11.4%

February 2019

Base Line Operating Expense Trends

48

25.6 29.7

27.1 31.2 31.7 30.7

26.3 25.7

4.9

4.4

3.3

3.0

7.4

0.9

2.8 0.2

30.5

34.1

30.4

34.2

39.1

31.6 29.1

25.9

0

5

10

15

20

25

30

35

40

45

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

Base Opex Other Opex

Baseline Opex 25.6 29.7 27.1 31.2 31.7 30.7 26.3 25.7

As % of Revenue 23.2% 17.5% 17.0% 20.4% 20.5% 19.1% 22.5% 27.8%

Other Operating Expenses

Capitalization of R&D (1.9) (1.8) (1.2) (1.8) (2.6) (3.4) (2.7) (2.7)

Amortization of R&D 2.0 1.9 1.9 2.1 2.1 2.1 2.4 2.3

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

Variable Pay (a) 4.4 4.0 3.2 3.9 9.5 3.3 2.7 3.1

Restructuring cost/(benefit) - - - - - 0.1 0.4 0.2

Forex (b) and other 0.4 0.2 (0.7) (1.2) (1.6) (1.2) 0.0 (2.8)

Subtotal 4.9 4.4 3.3 3.0 7.4 0.9 2.8 0.2

Total Opex 30.5 34.1 30.4 34.2 39.1 31.6 29.1 25.9

As % of Revenue 27.7% 20.1% 19.1% 22.3% 25.2% 19.6% 24.9% 28.0%

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

(b) Year over year variance per quarter

February 2019

Net Income Trends

49

24.3

52.4 52.9

43.6

37.1

47.2

26.2

22.7

4.8

4.7 3.7

4.3

10.0

3.8

3.1

3.5

29.1

57.1 56.6

47.9 47.1

51.0

29.3

26.2

22.0%

30.8%

33.2%

28.4%

23.9%

29.3%

25.1%

22.7%

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 Q3-18 Q4-18

€ m

illio

ns

Net Income Variable Compensation (a) Net Margin

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

February 2019

Cash Generation Trends

50

18.1

73.3

86.5

98.7

168.2

184.1

7.1%

19.3%

24.8%26.3%

28.4%

35.0%

0

20

40

60

80

100

120

140

160

180

200

2013 2014 2015 2016 2017 2018

% of Revenue€ millions

Total Cash Flow from Operations As % of Revenue

February 2019

Share Repurchase Activity

51

4.0

22.4 22.8

35.5

€ 8.93

€ 12.44

€ 23.74

€ 21.79

0.0

5.0

10.0

15.0

20.0

25.0

30.0

0

5

10

15

20

25

30

35

40

2015 2016 2017 2018

Avg C

ost pe

r S

ha

re

€ m

illio

ns

Share Repurchases Average Cost per Share

February 2019

Dividend Trends

52

0.750.60

0.87

2.32

1.67

8.1%

6.5%

5.5%

6.6%

9.0%

0%

2%

4%

6%

8%

10%

12%

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2014 2015 (c) 2016 (c) 2017 2018*

Dividend Yield(a)Dividend (€)

Dividend Total Dividend Yield (a)

a) Based on year end stock price

b) Based on Basic EPS

c) Includes special dividend of € 0.10 and € 0.17 in 2015 and 2016, respectively

* Includes proposed dividend for approval at April 26, 2019 AGM

77% 79% 93%Payout Ratio (b): 100% 91%

Cumulative dividends: € 6.70/per share since 2011*

February 2019