I N V E S T O R S P R E S E N T A T I O N...(US $ in Millions) Revenues 93.5 123.2 134.0 30.2 Gross Profit 45.5 60.8 64.8 13.6 Gross Margin 49% 49% 48% 45% R&D 13.5 14.6 16.3 4.1 SG&A

May 2020

Rafi Amit, CEO

Moshe Eisenberg, CFO

I N V E S T O R S

P R E S E N T A T I O N

Copyright of Camtek Ltd© 2017. All rightsreserved

The information presented today contains “forward-looking statements” as defined in the Private Securities Litigation Reform

Act of 1995. Such forward-looking statements are based on the beliefs, expectations and assumptions of Camtek’s

management that represent Camtek’s views only as of the date they are made, including with respect to market size, Total

Available Market (or “TAM”) and revenue targets, and necessarily involve risks and uncertainties. Moreover, our stated

revenue targets are aspirational and should not be taken as projections of actual future results. We do not assume any

obligation to update the information provided. Actual events or results may differ materially from those projected, including as

a result of changing industry and market trends, reduced demand for our products, the timely development of our new

products and their adoption by the market, increased competition in the industry, price reductions as well as other risks and

uncertainties identified from time to time in Camtek’s Annual Report on Form 20-F and Camtek’s other filings with the SEC.

The presentation includes non-GAAP financial measures which are not intended to be considered in isolation or as a

substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and

non-GAAP measures when evaluating the business internally and therefore believes it is important to make these non-GAAP

measures available to the financial community. Reconciliations of non-GAAP measures to the most relevant GAAP amounts

are included in the Company press releases.

This presentation includes the company’s estimations on Market size and TAM. These estimations can vary and may be differ

materially from the reality and are based on internal estimations. TAM or market size is the company’s estimation on the total

yearly market size.

2

SAFE HARBOR


4455

6879

93

123134

2013 2014 2015 2016 2017 2018 2019

Annual Revenue

3

CAMTEK ID

Market Cap

$461M*

Employees

329

Net Cash

$91.6M*

Develops, manufactures and sells inspection and metrology systems to the semiconductor market

*Market CAP as of May 12, 2020Net Cash as of March 31, 2020

GLOBAL

PRESENCE:

Semiconductors revenue

from 2013 to 2019

18.7% Operating Income

in 2019

Tripled


CAMTEK’S PROGRESS

2016 2018

Revenues$123m

Revenues$79m

Op. income: $22m 18% margin

Op. income: $3m 4% margin

Gross margin: 47%

Gross margin: 50%

Year-end net cash

$20m

Year-end net cash

$55mStrategic steps to improve our business

Focused Sold Resolved Shut down Partnered

on fast growing

segments:

Advanced

packaging,

CIS …

PCB business

for $35 millionpatent dispute inkjet technology

activityChroma

Strong sales growth Improved profitability Significant increase in cash


1

5

OUR KEY SUCCESS FACTORS

Putting our

customers 1st

2Technology

leader

3Flexible

manufacturing

30% of employees are

customer support

25% of

employees are

R&D

~80% of our

systems are

customized

Strong and diversified customer base: ~100 active customers

Copyright of Camtek Ltd© 2017. All rightsreserved 6

TECHNOLOGY DRIVES MARKET GROWTH

Source: Cisco Global Cloud Index, Gartner, Camtek estimates

2010 2017 2020

PC + Internet Era

Mobile & Social Media Era

2000

• Memory

• Advanced Packaging

• Power & RF

• MEMS

• CMOS Image Sensors

Copyright of Camtek Ltd© 2017. All rightsreservedCopyright of Camtek Ltd© 2017. All rightsreservedCopyright of Camtek Ltd© 2017. All rightsreserved 7

ADVANCED PACKAGING: MORE FUNCTIONALITY,

HIGHER EFFICIENCIES IN A SMALLER SPACE

Economic advantage of silicon scaling is gone ->Heterogeneous integration

Known-Good-DieEnsuring each die in the package is good

100% inspection of all

dies in the package

I n t e r p o s e r


ADVANCED PACKAGING MARKET DRIVERS

No economic

advantage of silicon

scaling

Smart Packaging –

known good parts is

key

Smart phones sales

represent large

volume driving WLP, CIS

Connectivity trends:

IoT → more sensors

5G → New RF modules design

Big data analytics

requires high

performance

packaging & HBM

1 2 3 4 5


ADVANCED PACKAGING MARKET FORECAST

Source: Yole

50%

20%

14%

16%

Advanced Packaging Inspection and Metrology CIS RF/POWER/MEMS General Inspection

Installed Base

Based on over 1,000

machines installed worldwide

Advanced Packaging


5G PENETRATION

Smartphone Semiconductor Revenue by Generation, 2019-2023

Source: IDC


CMOS IMAGE SENSORS

Source: IC Insights

Optoelectronics Market Snapshot• Increased # of cameras

in smartphones and

smaller pixel size

requiring new equipment

• CMOS image sensor was

the largest this quarter

• Orders for 50

systems since Jan

2020

Source: IC Insights


SEMICONDUCTOR MARKET

2019: A slow year

US-China trade war

??


SEMI MARKET IN THE PANDEMIC: UNCERTAINTY

2019 Semiconductor market2020 Semiconductor growth

forecast2019 Semi CapEx 2020 Semi CapEx forecast

Gartner -11.90% 12.50% -11.90% -3.60%

IC Insights -12% 7% -2% -6%

VLSI rResearch -13.40% 9.20% -9.50% 4.70%

-11.90%

12.50%

-11.90%

-3.60%

-12%

7%

-2%

-6%

-13.40%

9.20%

-9.50%

4.70%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

2020 IC Outlook

Gartner IC Insights VLSI rResearch

• 2020 Forecast in Dec 2019 was ~6%• Following the Coronavirus the market will shrink in 2020

Copyright of Camtek Ltd© 2017. All rightsreservedCopyright of Camtek Ltd© 2017. All rightsreservedCopyright of Camtek Ltd© 2017. All rightsreserved 14

SMARTPHONES, AUTO, DRAM…IN COVID-19


COVID-19 UPS AND DOWNS

• Connectivity trends and 5G drive changes in

packaging

• IoT drives demand for sensors

• 5G drives new RF module designs

• Big data analytics drives high performance

packaging

• Government investments to propel economy during

Corona times

• Camtek’s market keeps growing

$ Down $ Up

Mobile phones

Automobile

Consumer electronics

Data centers

Communication

Notebooks


OUTPERFORMING THE INDUSTRY

0%

25%

55%

80%

111%

180%

205%

0%11% 11% 11% 34% 52% 36%

0%

50%

100%

150%

200%

250%

2013 2014 2015 2016 2017 2018 2019

Growth in Revenues vs Growth in Semiconductor Market 2013-

2019Revenues Global semiconductor market (YOLE)

Inspection and

metrology

equipment is

key factor in

adopting new

technologies and

products to

achieve high yield

and stability in

production

Gaining Market Share


Q2+Q3 2020:

• Good visibility

• Q2 guidance - $36-38m

• Q3 – continued revenue growth and improved profitability

RECORD LEVEL OF BACKLOG

Q1 2020:

• $30.2m revenue;

• $3M delays due to the Corona impact on recognition

• GM of 45.2%

• Lower volume and product mix

• Operating income (non-GAAP): $3.7m; 12.2% margin

ONGOING REVENUE GROWTH

Leverage in our business model


CAMTEK GROWTH STRATEGY

1

Addressable

markets

continue to

grow

2

Demand for

more

inspection

tools

3Continuous growth

of Advanced

Packaging

Continuous growth

of the Chinese

Semiconductor

industry

4

Higher accuracies

+ Smaller Geometries

--------------------------

More inspection

technology enabler

New

manufacturing

facilities → more

equipment

5G

Big Data

AI


EXPANDING OUR MARKET

Expand our TAM and won market share from competition

*Forecast

0

20

40

60

80

100

120

140

160

180

200

QTY 2017 QTY 2018 QTY 2019 QTY2020

2D/3D machines sales

2D 3D Total


PROGRESS TO MID-TERM MODEL

44.7%

46.7%

49.7%

50% - 52%

2016 2017 2018 Camtek @ $150M

Gross Margin

7.2%

11.1%

18.0%

20% - 22%

2016 2017 2018 Camtek @ $150M

Operating Margin


1

21

INVESTMENT HIGHLIGHTS

✓ Growth drivers

✓ Focused strategy

2 3Goal

Double Revenues every

3-5 years

✓ Profitability

✓ Strong balance sheet

Industry Performance

T H A N K

Y O U


FINANCIAL RESULTS - GAAP

FY 2017 FY 2018 FY 2019 Q1

(US $ in Millions)

Revenues 93.5 123.2 134.0 30.2

Gross Profit 45.5 60.8 64.8 13.6

Gross Margin 49% 49% 48% 45%

R&D 13.5 14.6 16.3 4.1

SG&A 22.0 26.2 26.5 6.6

Loss from litigation 13.0 - - -

Operating Profit (Loss) -3.0 20.0 22.0 2.9

Operating Margin -3% 16% 16% 10%

Net Income from Continuing Operations 1.7 18.8 20.8 2.8

Net Income from Discontinued Operations 12.3 - 1.2 -

Net Income 14.0 18.8 22.0 2.8

Documents

I N V E S T O R S P R E S E N T A T I O N...(US $ in Millions) Revenues 93.5 123.2 134.0 30.2 Gross Profit 45.5 60.8 64.8 13.6 Gross Margin 49% 49% 48% 45% R&D 13.5 14.6 16.3 4.1 SG&A