ANALYST PRESENTATION

June 18, 2020

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, 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, 2019; 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.

2June 2020

Agenda

3June 2020

I. Strategic Overview Richard Blickman

II. End Markets & Drivers Ruurd Boomsma

III. Product Development Strategy Ruurd Boomsma

IV. Strategic Initiatives Richard Blickman

V. Capital Allocation Strategy Richard Blickman

VI. Outlook & Summary Richard Blickman

I. STRATEGIC OVERVIEW

4June 2020

CEO Summary

5June 2020

• COVID-19 and US/China issues clouding recovery post assembly market correction

• Structural advantages in business model continue vs. peers through market cycles

H1-20 business prospects have surprised to upside

• Featuring 5G rollout and new features/devices in mobile and cloud infrastructure

Next investment round targeted for 2021-2023

• Initiatives undertaken to exploit technology leadership, expand addressable market and reduce overhead costs

• Engagement with leading mobile and logic players for next-generation systems

• Attractive capital allocation to enhance shareholder value

Strategy refreshed in Q1-20

Favorable long-term drivers in place to generate strong advanced packaging growth well into future

Revenue and Gross Margin Cycles Since 2006

6

191

351

379

593

356

174196164

302

424

56.8%

55.8%56.8%

34.1%

39.5%

51.1%

0%

10%

20%

30%

40%

50%

60%

0

100

200

300

400

500

600

700

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1-19 H1-20*

Revenue Gross Margin€ millions

4 year

averages

Gross Margin

-40.0%

* Assumes midpoint of guidance for Q2-20

June 2020

+12.8%

Increased Profitability vs. Last Market Downturn

7

349.2356.2

57.9

91.9

0

20

40

60

80

100

120

140

200

250

300

350

2015 2019

Op

era

tin

g In

co

me

Reve

nu

e

Revenue Operating Income

+58.7%

€ millions

16.6%

25.8%

+2.0%

June 2020

Downturn

Flexible Production Model Has Generated Consistent Gross Margins During Market Cycles

8

* Midpoint of guidance: Revenue +5% to +25% vs. Q1-20, Gross Margin 56-58%

COVID

19

110

170159

153 155161

117

93

81

93 90 92 91

105

55.7%57.3%

58.7%56.3% 56.5% 56.5%

58.0%56.4% 55.9% 56.0% 55.1%

56.3% 56.7% 57.0%

30%

40%

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

120

140

160

180

Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20*

Gro

ss M

arg

in %

€ m

illio

ns

Revenue Gross Margin

June 2020

And Helped Increase Through Cycle Margin Variance vs. Peers

9

Gross Margin

Q1-16 Q1-17 Q1-18 Q1-19 Q1-20VarianceQ1-16/Q1-20

Besi 49.2% 55.7% 56.5% 55.9% 56.7% 7.5%

ASMPT (Backend)

39.9% 46.6% 44.4% 39.2% 41.3% -1.4%

K&S* 44.5% 45.2% 44.8% 47.9% 46.0% 1.5%

Operating Margin

Q1-16 Q1-17 Q1-18 Q1-19 Q1-20Variance Q1-16/Q1-20

Besi 12.2% 28.0% 31.4% 18.1% 20.6% 8.4%

ASMPT (Backend)

12.3% 24.7% 22.7% 3.4% 5.6% -6.7%

K&S* 7.5% 16.3% 17.3% -2.1% 7.3% -0.2%

* On calendar year basis

June 2020

• Significant upward revision in Q2-20 post Q1 earnings

• Continued strength in logic/cloud applications

• Offset by weakness in memory, discrete and analog

• Automotive applications particularly weak

2020 WFE Spending Upgraded to Roughly Flat vs. 2019

10

Source: VLSI May 26, 2020

Source: VLSI May 26, 2020

June 2020

11

Source: VLSI June 15, 2020

WFE Recovery Influenced by COVID-19 Outbreak

June 2020

Assembly Market Set to Rebound in 2020 Despite Challenges

12

349.2 375.4

592.8 525.3

356.2

174.1 196.3-7.8%

7.5%

57.9%

-11.4%

-32.2%

12.8%

-50%

-30%

-10%

10%

30%

50%

70%

0

200

400

600

2015 2016 2017 2018 2019 H1-19 H1-20

€ m

illio

ns

Besi Revenue

Revenue YoY Growth Rate

3.13.5

4.5 4.3

3.03.3 3.6

4.2 4.6

-15.9%

12.5%

25.8%

-2.5%

-31.5%

11.3% 9.5%15.6%

9.7%

-50%

-30%

-10%

10%

30%

50%

0.0

1.0

2.0

3.0

4.0

5.0

2015 2016 2017 2018 2019 2020E 2021E 2022E 2023E

US

$ b

illio

ns

Assembly Equipment MarketMarket Size YoY Growth Rate

Source: VLSI June 15, 2020

• Current VLSI 2020 forecast back

to pre COVID-19 estimate

• Reversal from -10.3% April

forecast

• Multiyear growth 2019 to 2023

(+54% total)

June 2020

Market Update

13

Current Environment

• Assembly market turned upwards in Q4-19 post ~35% downturn (2017-2019)

• Recovery interrupted by COVID-19

• Recent upturn fueled by:

• Renewed mobile investment for next cycle

• Increased Chinese investment (since H2-19)

• Continued logic/AI/cloud expansion

Looking Forward

• Volatile situation. H2-20 difficult to predict

• VLSI expects rebound in 2021-2023

• Assembly market fundamentals very strong

• 5G could be game changer

• Chinese want semi independence

• Mobile makers pack more features/functionality into handsets

• WAHE further advances Cloud, AI and logic applications

June 2020

COVID-19 Update

14

• Malaysia and China back to normal. Singapore: Open, most staff working remotely

• European facilities open, R&D, product management, sales staff returning to office

Business Fully Operational

• Supply chain activities back to normal, minor difficulties

• Dual sourcing strategy and inventory stocking of critical parts have lessened bottlenecks

• Some non-critical components can cause delays

• No significant disruptions to shipments

• Customer acceptance also ok

• After-sales support difficult given travel restrictions

Production Cycle Functioning

• Maintaining inventory of critical components on hand to ensure production flows

• Implemented additional IT systems for the WAHE economy

• Strong liquidity position, flexible Asian production and supply chain

Well Positioned for COVID-Related Challenges

June 2020

Impact of US/China Trade Dispute

15June 2020

Conflict Reshaping Global Semiconductor

Supply Chains

• Seeing customer shift to other SE Asian locations

• Vietnam, Malaysia, Korea, Thailand and Philippines

Export Controls Focus on Front End

Equipment So Far

• Besi US parts content below current proposed restrictions (less than 10%)

Manageable China Exposure

• 2019 China revenue of ~ € 112.1 million (31.5%)

• Foreign IDMs and Chinese subcontractors

• Limited exposure Huawei

Besi Market Share Trends

Source: VLSI May 2020 and Besi estimates

Percentage of Total Revenue

2017 2018 2019

Die Attach 81.6% 76.4% 75.6%

Packaging 15.2% 19.2% 19.6%

Plating 3.2% 4.4% 4.8%

2015 2016 2017 2018 2019

Total Assembly Market ($MM) $3,148 $3,541 $4,453 $4,343 $2,974

Besi Market Share 12.3% 11.8% 15.0% 13.8% 13.4%

Addressable Market ($MM) $1,271 $1,506 $1,940 $1,848 $ 1,247

Besi Market Share 29.9% 27.6% 34.2% 32.4% 32.0%

Die Attach 35.5% 34.2% 42.0% 38.6% 37.5%

Packaging & Plating 21.1% 17.6% 18.8% 21.4% 22.1%

• VLSI recently updated 2019 market data

• Addressable market down 32.5% in 2019

• Mobile and automotive weakness

• Besi addressable market share relatively stable

16June 2020

(€ millions, except share data) Q1-19 Q1-20 H1-19 H1-20*

Revenue 81.4 91.3 174.1 196.3

% seq. change +12.2% +12.8%

Gross margin 55.9% 56.7% 56.5% 56.8%

Operating Profit 14.7 18.8 39.9 49.7

Operating margin 18.1% 20.6% 22.9% 25.4%

Pretax income 10.8 16.2 32.7 N/A

Net income 9.5 13.9 28.4 N/A

Net margin 12% 15% 16% N/A

EPS (diluted) 0.13 0.19 0.38 N/A

EPS (basic) 0.13 0.19 0.39 N/A

Dividend per share 1.67 1.01

Net cash 229.7 148.3 86.1 N/A

Financial Performance Improved in H1-20

17

* At the midpoint of guidance

• H1-20 revenue guided +13% vs. H1-19

• Renewed mobile investment

• Continued demand for logic/cloud applications

• Slight improvement in gross margin YOY

• Operating margins expected to reach 25% level:

• Opex under control: 31.5% of revenue in H1-

20 vs. 33.0% in H1-19

• WAHE helps limit expense development

June 2020

Business Model Objectives

18

Objectives

€ 800MM

40%+

55-60%

30-35%

80% Asia/20% Euro

Revenue

Addressable Market Share

Gross Margin

Net Margin

Headcount Split

June 2020

II. END MARKETS & DRIVERS

19June 2020

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

• 5G mobile/wearable devices

• Artificial intelligence

• Driverless cars

• Data mining

• Cloud servers

• High performance Computing

• IoT

• VR/AR

• MEMS

June 2020

Importance Recognized in 1965 by Gordon Moore

June 2020 21

Gordon Moore’s Original Publication April 1965

Source: Intel

Quotation in Electronics (April 1965)

Key Players Also Recognize Importance of Advanced Packaging in Designing Next-Generation Devices

22June 2020

23

30 YEARS 1990-2020

8-FOLD

30 YEARS 1990-2020

12-FOLD

Value of Packaging Content Increasing In Semiconductor Devices

Source: ASE 3D Conference 2020

Decreasing Node Size Increases Value of Packaging Content

June 2020

Besi’s Product Strategy Has Consistently Focused on Advanced Packaging

24

Process Knowledge Extreme Precision Placement

At very high speed

Mechatronics

Optical System Development

Metrology and Vision Very Fast Real Time Software

June 2020

Which Has Contributed to Operational/Financial Excellence

25

• FAST TIME TO MARKET

• FAST PRODUCTION RAMPS

• SHORT DEVELOPMENT CYCLES FOR

NEW PACKAGES AND APPLICATIONS

NEW IPHONE MODEL RAMPS

Source: gsmarena.com

June 2020

Besi End User Markets

Source: Company Estimates

26

• Mobile Internet, Computing and

Automotive are largest end markets

• Estimated 71% of revenue in 2019

• Percentages vary p.a. based on customer

roadmaps

• Mobile is largest market

• % varies based on timing and success of

new product introductions

• Computing growth due to increased

demand for high end logic, cloud and

memory solutions

• Growth in automotive reflects ever

increasing electronic content

• Spares/service: 20% of 2019 revenue

• Growth in installed base

• Less volatile revenue stream

Mobile Internet Devices

32%

Computer, PCs22%

Spares/Service20%

Automotive17%

Ind’l/LED9%

2019 % of Revenue

June 2020

Key End User Market Growth Drivers

27

Mobile Internet

5G Ramp Underway

Increasing Mobile Content & Features

Computing

Digital Society Accelerating

Automotive

Development Continues Despite

Near-Term Weakness

Cloud Infrastructure

MedicalWork at Home

Economy

Autonomous Driving

HPC/Vision Lidar

ElectrificationCharging

InfrastructureMicro LED Display Technology

June 2020

Mobile: 5G Mass Market Rollout is Happening

28

Nr of IOT connected objects

June 2020

Mobile: New 5G Communications Structure Being Developed

29

Source: Skyworks

Wider Spectrum enables increased- and faster- data transfer

As well as new, advanced receiving and transmission components in handsetsRequiring increased investment in network infrastructure

June 2020

Mobile: Which Requires New, Higher-Speed and More Complex Handset & Network Components

30

For 5G Network Expansion For Next Generation 5G Phones

Source: Infineon

Besi Infrastructure CustomersNew Infrastructure Devices

Being Developed

June 2020

Mobile: 5G Will Facilitate Edge Computing and Enable Many New Features & Applications

31

Google Intelligent IoT Edge Device

Substantial growth market for advanced computing devices

Nvidia Edge Computing

Global edge computing market growing CAGR ~40%

June 2020

32

Computing: Data Generation Growing Exponentially

In 2025 150 B IoT Devices

59 ZB in 2020

26% CAGR

10% Original Data

June 2020

Computing: Advanced Computing & HPC Another Area of Growth

33

Cloud Computing

$ 230B

Automotive

$ 10T

Manufacturing

$ 14THealthcare

$ 7T

Gaming

$ 150B

COMPUTING POWER FAST DATA TRANSFER AI VISION GRAPHICS

Source: Intel, Nvidia, AMD, Nec, Google

ALL BASED ON EVER MORE POWERFUL PROCESSORS

Advanced computing used in many of the fastest growing or largest sections of the economy

June 2020

Computing: Data Growth Requires More Powerful & Efficient Devices

34

NVIDIA A100

TSMC 7 nm

CoWoS

54 Bio Transistors

HBM2 1.6 Tb/s

CoWoS

AMD EPYC

Next-generation processors more powerful

and energy-efficientAdvanced packaging key enabler for leading-

edge devicesFuture Ideas

June 2020

Computing: Ever Increasing Computing Power Requires New Advanced Packaging Solutions

35

Chiplet usage is new trend

CURRENT CHIPLET BASED TECHNOLOGIES

ADVANCED SIP MCM

AMD

CHIPLETS ON

ACTIVE INTERPOSER VERTICAL STACKING

LETI INTEL

Increasing die size is not the solution

Source: TSMC & VLSI Symposium 2020

June 2020

Automotive: Electrification Will Drive Growth for Advanced Power Semiconductors

36

Electric infrastructure investment increasing

Electrification major growth factor

By 2040, EV market larger than conventional

Many new EV models introduced

Containing higher content of power devices

Focus on efficiency in power conversion

Currently Tesla is the leader. Expect

conventional car companies to regain lead

Significant infrastructure investment required

Electrical car sales growing strongly

Source: Electrical Vehicle Outlook 2020 Bloomberg

Source: Infineon

Increase in EV volume will generate

substantial growth in power devices

0

2000

4000

6000

8000

10000

12000

14000

2018 2020 2025 2030

EV Power Devices Content $ Mio

Source. McKinsey

June 2020

Automotive: Autonomous Driving Will Increase Demand for More Complex, Feature-Driven Packages

37

AUTONOMOUS DRIVING

Investments ongoing

Growth slower than anticipated due to complexity

and need for collaboration

Requires further progress in sensor technology,

advanced computing and network development

Level 4&5 Super Computer

Level 3 Super Computer

External sensor content forecast to grow from $160/car for Level 2 to $970/car for Level 4&5

Source: Infineon

June 2020

III. PRODUCT DEVELOPMENT STRATEGY

38June 2020

Key Development Projects

39

2019 Activities

• Developing nano-accurate hybrid die bonding system

• Designing next generation TCB system

• Developing next-generation high-speed, high-accuracy flip chip and fan out systems

2020 Activities

• Developed and shipped first nano-accurate hybrid die bonding system with excellent initial results

• Continue development of MicroLED applications

• Next generation TCB system nearing completion

• Developing next-generation soft solder and plating systems for automotive and power applications

June 2020

Hybrid Die Bonding: Next Generation Bonding Technology

40

HYBRID BONDING

2018 NEW DtW

Pitch < 20µm

Source:Xperi

Create Cu Bond Pad

Hybrid Bond

Anneal

Mold

WIRE BOND

1975

100-55 µm sides only

FLIP CHIP

1995

Pitch 150-80 µm

Source:Amkor Source:Amkor

Epoxy Die Bond

Wire Bond

Mold

Create Bump on Die

Flip Chip

Reflow

Underfill

Mold

TCB BONDING

2012

Pitch 80-25 µm

Source:Micron

Create Micro Pillar

TCB Bond

Underfill

Mold

FAN OUT and WLCSP

2010

Create Fan Out Wafer

and overmolding dies

Create RDL Layer direct

Bumps

No use of substrate

Source: Infineon

Higher accuracy, more dense contact technology

June 2020

What is a Hybrid Die Bond?

41

1 Preparation

• CMP Polishing

• Very flat surfaces < 5nm

• Surface activation

• Very clean

2 Bonding

• Accurate placement

• Bond at room temperature

• Based on initial dielectric bond

3 Cu-Cu expansion via Anneal

• Copper expands. Contact is made

• Depends on dishing

• Depends on Cu properties

BUMPLESS INTERCONNECT

Used below 10 µm Pitch

< 200nm accurate

Hybrid Bond provides strong adhesion using

very flat oxide surfaces

June 2020

Hybrid Die Bonding: Superior Performance vs. FC & TCB. Enables New Device Structures

42

Attractive overall cost

More attractive than FC & TCB

Superior Performance Move to front end-like processes facilitates

next level of device integrationHybrid Bonding

Better thermal performance

Better reliability

Better signal integrity

Source: TSMC

Flip Chip TCB Hybrid

June 2020

43

Proprietary Active-Controlled Bonding Method

Besi’s hybrid bonding system can become

Industry’s tool of reference Most accurate production system currently available

Hybrid Bonding: Currently Realizing 150 nm accuracy at

~2000 Dies/Hr

Introduced new bond head with improved air bearing

Bond head flutter now < 10 nm

New angular control sensor system

Angular control now < 0.05 millidegree

Improved particle cleanliness

BOND HEAD MOVEMENT

Hybrid Die Bonding: Besi Has Developed a Very High-Accuracy & High-Speed System for 24/7 Production

June 2020

Hybrid Die Bonding: Significant Total Market Potential

H Y B R I D B O N D I N G E Q U I P M E N T M A R K E T

1 2 3 4Pre-maturity First entry Confirmation Mass volume / efficiency

Initial adoption driven

by TSMC, followed by

Intel and Samsung

Start replacements

of initial machinesOther IDMs and

OSATs likely wait

until technology

matures

Source: Besi estimates

Cumulative Total: € 2.0B

Cumulative Total: € 1B

Estimated 700-1,400 systems by 2030

June 2020 44

MicroLED: Another Emerging Growth Opportunity

45

VR and AR ApplicationsWatches and Phones Larger Size and TV and TV+

June 2020

46

LCD DISPLAYLIQUID CRYSTAL DISPLAY

OLED DISPLAYORGANIC LIGHT EMITTING

DIODE

MICROLED DISPLAYVERY SMALL SEMI-

CONDUCTOR DIODES

MicroLED: Basics

WELL ESTABLISHED

LOW COST

LIMITED BRIGHTNESS

HIGH ENERGY

MINILED AS BACKLIGHT

IS LATEST DEVELOPMENT

WELL ESTABLISHED

MEDIUM COST

HIGHER BRIGHTNESS

LOWER ENERGY

LIMITATION: LIFETIME OF

ORGANIC MATERIAL

EMERGING TECHNOLOGY

HIGH COST

HIGHEST BRIGHTNESS

LOWEST ENERGY

NO LIFETIME ISSUES

EXPECTED

TWO BASIC METHODS FOR

MICROLED PRODUCTION

MASS TRANSFER MONOLITHIC

MicroLED 10-50µm

Transfer of complete

Die to backplane

20+ process technologies under

development

June 2020

MicroLED: Besi Has Two Concepts Currently in Development

47

For Mass Transfer of Individual MicroLEDs System based on Besi’s Jumbo concept

Very precise placement over wide area

First system delivered and accepted

Interest from additional potential customers

Potential application most likely smartphone and wearables

For Monolithic MicroLEDs Utilizing Besi’s next generation TCB or hybrid bonding system

Potential application most likely AR or VR glasses

• Success of MicroLED depends on significantly improving productivity

• Market potential is substantial

June 2020

Product Portfolio Review

48June 2020

Die Attach: EVO

49

2200 Series EVO

Key competitive advantages Accuracy and high speed

3 µm accuracy available

Multi-die, multi-wafer

Extremely broad application field

Rapid R&D to production

Can be configured serially

New developments 2020 New optical inspection 3D

Advanced automation factory 4.0

Higher bond forces for power applications

Target markets 2020-2022 Mobile: Camera modules, OIS, 3D Structured

Light, IR, ALS Sensors, Finger Print

Automotive: Lidar, VCSEL, Mems Mirror, Photodiodes

Radar Power IGBT, SiCarbide, Sintering

Industrial: Power IGBT, SiCarbide, Sintering

HPC: 2.5 D Interposers > 70mm

5G: Cloud Storage, SiPh PD and VCSEL

CIS

HDD

SiP/ COB

Opto

Power

Sensing

SiPh

Over 6,400 installed:

Most succesful MCM

system in industry

June 2020

Die Attach: 2100 Epoxy Die Bonding Systems

50

Key competitive advantages High accuracy and speed

Very high control of bond line thickness

High level of self diagnostics and machine learning

New ultra-thin die ejector

New confocal inspection

New developments 2020 6 sided inspection

High bond force

Target markets 2020-2022 Mobile : NAND

Automotive : MEMS and Sensors

Industrial: FCoL packages

General : High end ICs for industry, computing

Photonics: Special Cooling elements

5G: RF Power Amplifiers

Over 3,300 installed:

Most succesful epoxy

system in industry

Mobile

Compute

Automotive

Industrial

Led

June 2020

Die Attach: High Speed Flip Chip and Fan Out

51

8800 FCQ High Speed

Key competitive advantages Based on 8800 Series (1,000+ delivered)

Delivers highest speed on market

Minimal die hand over by novel quatro principle

New die ejecting mechanism offering up to 4 die

eject at same time

New developments 2020 Expanded applications

Machine learning

New inspection system

Target markets 2020-2022 Memory: FC DRAM

General: FC and Fan Out

Mobile

Compute

Automotive

Industrial

June 2020

Die Attach: Soft Solder 2009-2100 Series

52

Key competitive advantages Best-in-class soldering system

Defacto industry standard

Continuously upgraded

High bond force

Plasma pre treatment

Fully automotive qualified including traceability

New developments 2020 Full 2100 based Soft Solder System

Increased level of precision

New advanced protective atmosphere tunnel

Increased automation

Target markets 2020-2022 Automotive: High Rel Power packages, SiC

Industrial: All power devices, IGBT

Mobile

Compute

Automotive

Industrial

Led

June 2020

Die Attach: TCB Large Die System

53

Next generation system Market introduction expected end 2020

Developed for logic applications

Competive Advantages

Both chip-to-substrate and chip-to-wafer

Very high precision

High productivity

Up to 70mmx70mm die size

Ultra-low gas usage

Target Markets 2020-2022

HPC

Memory

Monolithic MicroLED

DtW 20µm Pitch work done 2016

at IMEC

June 2020

Die Attach: Large Panel

54

8800 Large Panel System

Key competitive advantages Largest Area 650x720 mm

Global Accuracy 1.5 µm

Local accuracy below 1 µm

Unique Measurement Frame

Capable of using all Besi 8800 bondheads

High Speed with special cooled linear motors

New developments 2020 Improved materials handling

TCB Bondhead

Auto tilt bondhead

Next Gen optics

Target markets 2020-2022 HPC: Bridges and embedded devices

uLED: Controller dies and Mass Transfer

General IC PMICs

June 2020

55

Packaging: AMS LM Molding System

Key competitive advantages Most cost effective system in industry

Standard for thin die molding

Exposed die molding (90% mkt share)

Dynamic clamp force control

Board thickness variation compensation

Double sided molding and foil assisted molding

Lowest power consumption and weight

New developments 2020 180-ton molding system for larger area 125x300

4 individual clamp force for even clamp balance

Flexible operation mode

Vision inspection for zero defects

Low ESD capability (20 mv)

Target markets 2020-2022 5G : Advanced Antenna packages

Wearables : Advanced SIP packages

Automotive : Power Products

Memory : Stacked Die and FC Dram 5

Automatiove

Communication

Consumer

Other

Over 325 installed:

Most successful

thin-die molding system

in industry

June 2020

Packaging: AMS LM Molding System

56

5G Applications Utilized in many advanced SiP packagesWearables

June 2020

Packaging: Wafer Level Molding FML

57

Key competitive advantages No die swim

Narrow gap filling < 50 µm

Dynamic clamp force control

Mold planarity below 5µm

High precision placement

150-ton capability

New developments 2020 Improved multi-die exposed mold

Exposed die on glass and metal carrier

New particle detection system

Target markets 2020-2022 5G: Advanced Antenna packages

Wearables: Advanced SIP packages

Installed base of ~15

Industry standard for

wafer molding

June 2020

Packaging: FCL High Precision Trim and Form

58

Key competitive advantages Handles most complex HD leadframes

Fast configuration

Full product traceability

Fully modular

Many off load configurations

Complete vision inspection

Laser marking module

Selective punching

New developments 2020 Single product handling

Laser deflash

Target markets 2020-2022 Industrial: Power/IGBT

Automotive: All leadframe based packages

Automotive

Industrial

Stress Reduction Carbide tools and special coatings

Laser Deflash

Over 1,050 installed

June 2020

Plating Systems

59

Key competitive advantages Very efficient chemical usage

High precision plating

Also in solar version available for HE cells

New developments 2020 Upgraded selective litho system

New efficient power supplies

Wettable flank QFN (higher reliability automotive)

Flexible connector applications

Target markets 2020-2022 Industrial: Power, high precision leadframes

Automotive: All leadframe based packages

Solar: HJT Cells

Automotive

Industrial

Compute

Installed base of over

820 systems

Industry standard for

leadframe plating

June 2020

Technology Summary

• Advanced packaging is only solution for ever smaller, thinner, more complex, dense and multi-function devices

• Assembly process step is now an important gating item. Specifications more like front-end

• Value of packaging content increasing in devices. Decreasing node size increases value of packaging content

• 5G mass rollout is happening. Gateway to new markets such as edge computing and new device structures and

applications

• Data generation growing exponentially requiring more powerful & efficient devices and new assembly solutions

• Hybrid bonding and MicroLED are emerging technologies with significant market potential

• Besi at forefront of advanced packaging trends and leading customer roadmaps. Substantial progress made in:

• Hybrid bonding, TCB, and MicroLED technologies

• High speed flip chip

• New systems for power devices

• Next generation facial recognition and 3D imaging

• Molding of advanced SiP packages

60June 2020

IV. STRATEGIC INITIATIVES

61June 2020

Summary Strategy

62

Strategic Objectives

Maintain best in class

technology leadership

Increase market

presence in addressable

markets

Enhance scalability. Reduce

structural costs

Balance business

objectives with social/ecological responsibilities

Acquire companies with complementary

technologies and products

Reward shareholders

via capital allocation policy

June 2020

Revenue Initiatives

63

• Expand partnership with next-gen leaders to gain share

• Exploit opportunities for hybrid bonding, micro LED, 5G features, memory/TCB, solar plating

• Increase mainstream penetration with high quality mid range systems

• Expand presence and share of wallet in China

Customer

• Sustain service/operational excellence to further installed base growth

• Grow spares/service businessService/Support

• Better organize R&D group to support revenue objectivesResearch &

Development

June 2020

Cost Initiatives: € 10 Million Target Reduction

64

• Increased production/supply chain flexibility: MY, CHN, SGP

• Vendor consolidation and volume discountsSupply Chain

• Cost reduction with each new generation

• Reduce number of platforms

• Increase standardization

• Reduce cycle times

• Cost down engineering

Product Design

• Continue West to East transfer. Target 80% Asia

• Further reduce European facilities/overhead NL and CH

• Reduce overhead via WAHE

• Gain efficiency from SGP spares consolidation and web order system

Overhead

June 2020

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

Besi Strategic CSR Objectives

65June 2020

Progress on CSR Agenda

66

CSR Highlights 2019

Environmental

Footprint

Reduced packaging, energy, waste, and water

usage

Installed solar panels at Malaysia facility

Developed system to better assess

sustainability in product design

Received MISA ‘19 Audience Award for solar

panel efficiency

Implemented video system to reduce travel

Human

Resources

New management training, governance and e-

learning programs

Supply Chain

Achieved RBA gold status

Increased supply chain compliance with RoHs

standards

17.7

14.9

12

14

16

18

2017 2019

GW

h

Energy Usage

183

159

125

150

175

200

2017 2019

tons

Waste Usage

32.6

27.3

20

25

30

35

2017 2019

m³

(00

0s)

Water Usage

(13.1)%(15.8%)

(16.3%)

CSR Objectives 2020

Review sustainability strategy

Improve reporting and KPI monitoring

Upscale sustainability initiatives

June 2020

V. CAPITAL ALLOCATION STRATEGY

67June 2020

Strong Liquidity Position Underpins Capital Allocation Policy

68

304.8

527.8

475.5

507.5

361.7383.7

408.4427.6

168.1

247.6

199.4

229.7

86.1106.9

130.3148.3

0

100

200

300

400

500

600

2016 2017 2018 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

€ m

illio

ns

Cash and Deposits Net Cash

€ 122.4 MM

Dividend

2018

Solid Liquidity Base:

• Cash/deposits grew to € 427.6 million Q1-20

• Net cash up by € 18.0 million (+13.8%) to

€ 148.3 million

• Untapped € 80 million revolving credit

expandable to € 136 million

Strong cash flow generation continues:

• Cash flow/revenue ~30-35% per annum

• Supports shareholder friendly capital allocation

June 2020

Capital Allocation Trends

69

45.4

65.3

174.0

122.4

73.5

22.0

23.5

35.5

44.7

5.667.4

88.8

209.5

167.1

79.1

0

50

100

150

200

2016 2017 2018 2019 2020*

Dividends Share Repurchases

€ millions

* Includes dividend payment of € 1.01 per share paid in May 2020 and share repurchases through June 15, 2020.

33%

67%

26%

74%

17%

83%

27%

73%

€ 732.0 million distributions since 2011

7%

93%

June 2020

Dividend Trends

70

0.60

0.87

2.32

1.67

1.01 93%

100%

107%

91%90%

80%

85%

90%

95%

100%

105%

110%

115%

120%

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2015 2016 2017 2018 2019

Dividend YieldDividend (€)

Dividend Dividend Payout Ratio*

* Calculated on Basic EPS. Includes value of both cash and stock dividends

Cumulative dividends of € 578.3MM since 2011, or € 7.74 per share*

June 2020

71

Share Repurchase Activity

4.0

22.4 22.8

35.5

44.7

5.6

€ 8.93

€ 12.44

€ 23.74

€ 21.79

€ 24.31

€ 33.27

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

0

5

10

15

20

25

30

35

40

45

50

2015 2016 2017 2018 2019 YTD 2020*

Avg C

ost pe

r S

ha

re

€ m

illio

ns

Share Repurchases Average Cost per Share

• € 72.1 million purchased under

current € 75 million program

• 3.2 million shares

• Average price € 22.51

• € 5.6 million YTD June 15 (170k

shares)

• 7.3 million treasury shares (9.1%)

@ € 15.44 per share

* Includes share purchases through June 15, 2020

June 2020

• Direct peers allocated € 0.5 –

€ 1.4 billion of capital since 2013

• Besi skewed towards dividends

(68%)

• PT 43%

• K&S 7%

• Acquisitions were 22% and 23%

of K&S and PT mix

• Besi had no acquisitions

• Besi’s ROE has exceeded peers:

• Gap between Besi and peers

has grown

• Investment in business model

has yielded high returns

• Dividend policy and share

repurchases also helped

Peer Group Capital Allocation vs. Return on Equity

72

Besi K&S*ASMPT

Dividends 488 35 585

Share Buybacks 132 264 70

Acquisitions - 108 306

Capex (& Cap R&D) 94 85 395

Total 714 492 1,356

714

492

1,356

-

200

400

600

800

1,000

1,200

1,400

1,600

€ m

illio

ns

Capital Allocation2013-2019

* Fiscal year ended September 30

2013 2014 2015 2016 2017 2018 2019

Besi 6.1 24.0 14.8 19.3 44.5 33.8 24.3

ASM PT 7.9 20.9 11.7 16.9 27.4 18.8 5.2

K&S* 8.3 8.6 6.8 6.2 14.7 6.3 1.4

Besi

ASM PT

K&S*0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

RO

E (%

)

Return on Average Equity

June 2020

VI. OUTLOOK & SUMMARY

73June 2020

Guidance Q2-20

74

-15%

Operating Expenses

€ 33.0

Q2-20Q1-20Q1-20 Q2-20

Gross Margin

56.7%

Revenue

Q1-20 Q2-20

€ 91.3 56%-58%

-10%

-

-15%

-15%

+5%

-

+25%

€ in millions

June 2020

Summary

75

Assembly market ever more critical in semiconductor

value chain

Asian production expansion has been a game

changer

Long term secular trends drive

advanced packaging growth

Tech leadership and scalable model have resulted in 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

June 2020

Financial Calendar

76

18-Jun-20 Analyst meeting, webcast

28-Jul-20 2020 Second Quarter Results

3/4-Sep-20 DB European TMT conference, virtual

7/11-Sep-20 KeplerCheuvreux/Rabobank Autumn conference, virtual

22-Oct-20 2020 Third Quarter Results

18/20-Nov-20 Morgan Stanley TMT conference, virtual

24/25-Nov-20 Kempen’s London conference, virtual

16-Dec-20 NYC CEO Summit

June 2020