Investor Presentation

May 2017

2

Safe Harbor and Non-GAAP Financial Measures

This Presentation and the accompanying oral presentation include “forward‐looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding Ichor Holdings, Ltd. and its subsidiaries (“Ichor” or the “Company”), its financial condition, its results of operations and the potential offering that reflect the Company’s current views and information currently available. This information is, where applicable, based on estimates, assumptions and analysis that Ichor believes, as of the date hereof, provides a reasonable basis for the information contained herein. Forward‐looking statements can generally be identified by the use of forward‐looking words such as “may”, “will”, “would”, could”, “expect”, “intend”, “plan”, “aim”, “estimate”, “target”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding Ichor’s plans, strategies, initiatives, objectives, targets and future operating or financial performance. These forward‐looking statements involve known and unknown risks, uncertainties and other factors (including those set forth under “Risk Factors” in Ichor’s prospectus), many of which are outside the control of Ichor and its representatives. Actual results, performance or achievements may differ materially and potentially adversely from any projections and forward‐looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the information contained in this Presentation is reflective of future performance to any degree, and readers are cautioned not to place undue reliance on forward‐looking statements as a predictor of future performance. All information in this Presentation speaks only as of the date hereof unless otherwise specified. Ichor undertakes no duty to update or revise the information contained herein, publicly or otherwise, whether as a result of new information, future events or otherwise. Forecasts and estimates regarding the Ichor’s industry and end-markets are based on sources we believe to be reliable; however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part.

This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including, but not limited to, adjusted net income from continuing operations and certain ratios and other metrics derived therefrom. These non‐GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing Ichor’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Ichor’s presentation of these measures may not be comparable to similarly‐titled measures used by other companies.

This Presentation also contains estimates and other statistical data made by independent parties relating to market size and growth and other industry data. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Company has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of its future performance and the future performance of the markets in which it competes are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results or outcomes to differ materially from those expressed in the estimates made by the independent parties.

We have filed a Registration Statement on Form S-1 with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in the Registration Statement and other documents we filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, copies of the prospectus may be obtained from Deutsche Bank Securities Inc., Attention: Prospectus Department, 60 Wall Street, New York, New York 10005, telephone: 800-503-4611, or email: prospectus.cpdg@db.com.

Company OverviewTom RohrsChairman and CEO

4

Lithography

Our Mission

Chemical Vapor

Deposition (CVD)

Epitaxy

Chemical Mechanical

Planarization (CMP)

Rapid Thermal

Processing (RTP)

Electroplating (ECD)

Physical Vapor

Deposition (PVD)

Dry Etch

Provide fluid delivery expertise across all critical areas of semiconductor manufacturing through strong engineering

design and manufacturing

Gas delivery

module

Chemical delivery

module

Wet Clean

5

Key Achievements Since December 2016 IPO

Note: See reconciliation on page 26

(1) Represents median consensus estimates prior to Q1 2017 earnings pre-announcement on 04/24/2017

(2) Revenue CAGR represents growth for period of CY 2013 – CY 2016

Financial Achievements Business Achievements

Revenue CAGR greater than our customers and

competition(2)

Grew net income at a higher rate than sales

Responded efficiently to increases in customer

demand

Significant revenue growth with sequential

increases of 24% in Q4 2016 and 13% in Q1 2017Consensus(1) Actual

Revenue $145.3 $148.7

Non-GAAP adjusted

diluted EPS$0.55 $0.57

Q1 2017($MM, except per share data)

Consensus(1) Guidance

Revenue $138.8 $152 – $162

Non-GAAP adjusted

diluted EPS$0.52 $0.57 - $0.63

Q2 2017($MM, except per share data)

6

$64 $73

$95 $106

$131 $149 $157

Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17E

$249$291

$406

2014 2015 2016

Ichor at a Glance

End Market Drivers

Note: All financials reflect continuing operations

(1) Represents midpoint of management guidance as of 05/11/2017

(2) Gartner

Annual Revenue

World-Class Customer Base Quarterly Revenue

Mobility Connectivity Big Data / IoT

28%

CAGR

$MM

$MM

Cloud

Global demand for semiconductors & electronics continues to increase(2)

(1)

7

Investment Highlights

A leading supplier of gas panel delivery systems for the semiconductor capital equipment industry

Technology inflections and market share gain drive strong revenue growth

Variable cost structure drives leveraged earnings model

Long-standing customer relationships with industry leaders

Opportunity for share gain in the chemical delivery systems market

Revenue growth has outpaced the industry and customers

Net income has grown at a higher rate than sales

8

Semiconductor Supply Chain Depends on Critical Subsystems

Fluid delivery

Critical subsystems OEM Process ToolsDevice Manufacturers +

Foundries

Source: Gartner

Process control

Robotics

Power delivery

Vacuum

WFE: $40.3bn (2017E) Total Semi: $385.7bn (2017E)

9

What We Do – Gas Delivery Subsystems

Used for dry etch, CVD, epitaxy, PVD, lithography and RTP

Requires precise control of the various process gases necessary to build the semiconductor circuitry

Monitors and controls critical reaction process environment variables such as pressure and temperature

Gas

Delivery

Subsystem

Current Ichor Product

Factory

Interface

Transfer

Chamber

Mainframe

Chamber/

Process Module

Dry Process EquipmentGas Delivery Subsystems

Process

10

What We Do – Chemical Delivery Subsystems

Used for CMP, wet clean and electroplating

Precisely blends and dispenses reactive chemistries and slurries critical to process performance

Applies chemistries to wafer in a process and application-unique manner to create desired chemical reaction

Chamber/Pro

cess Module

Factory Interface

Process Module

Transfer Chamber

Controls Assembly

Chemical Delivery System

Current Ichor Product

Wet Process EquipmentChemical Delivery Subsystems

Process

11

New Semiconductor Processes Require More Fluid Delivery

Ichor platforms are critical to

the etch, CMP and deposition

steps which support these

technology inflectionsFinFET

3D NANDMultiple Patterning

Advanced Packaging

• Multiple lithography/etch cycles

to achieve feature dimensions

smaller than current lithography

wavelength

• Will still be required with EUV

lithography

• Increasing number of layers

and complex geometry

required to drive bit scaling

• Next generation 3-D

transistor structures with

complex geometry

• Incorporate front-end

processes into assembly

and packaging

• TSV, wafer level packaging

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Key Processes with Fluid Delivery are Growing Faster Than the Market

CMP (Chemical Delivery)

CVD (Gas Delivery)

Dry Etch (Gas Delivery)Total WFE

($MM) ($MM)

($MM)

($MM)

Source: Gartner

2.1x

1.8x

1.8x

Relative Growth

Rate

$28,988

$33,684 $33,258

$37,033

$40,336

$42,425

2013 2014 2015 2016 2017E 2018E

$3,877 $5,628 $6,252

$7,263 $7,821 $8,403

2013 2014 2015 2016 2017E 2018E

$724 $818 $902

$1,274 $1,438 $1,408

2013 2014 2015 2016 2017E 2018E

$3,005 $4,236 $4,601 $5,085 $5,362 $5,829

2013 2014 2015 2016 2017E 2018E

13

Revenue growth:

Ichor(1) vs. UCT(3)

Ichor’s Revenue Growth has Outpaced its Customers and Key Competitor

Revenue growth:

Ichor(1) vs.

Customers(2)

Note: Compares Ichor’s GAAP revenue growth with customers’ or UCT’s GAAP revenue growth, as disclosed in their respective public filings.

(1)Ichor’s fiscal year end represents calendar year end.

(2)Ichor’s customers include Applied Materials, ASML and Lam Research. Applied Materials calendar year is represented by the four consecutive quarters ending in Applied’s first fiscal

quarter. ASML’s fiscal year end represents calendar year end. ASML revenues are converted from EUR to USD as of the date of each respective filing. Lam Research’s calendar year is

represented by the four consecutive quarters ending in Lam Research’s second fiscal quarter. Growth rates shown are the average revenue growth rates for these customers.

(3)UCTT’s fiscal year end represents calendar year end.

Source: Company filings

Relative

Growth Rate

2.8x

2.4x14%

17%

40%

23%

10% 5%

14% 10%

2014 2015 2016 13- '16 CAGR

Ichor Customers

14% 17%

40%

23%

16%

(9%)

20%

8%

2014 2015 2016 13- '16 CAGR

Ichor UCT

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Long-Standing Relationships with Key Customers

Top 2 customers have been customers for more than 15 years

Designed into 10+ platforms / tool types at each of our top 2 customers

Proven ability to expand business as customers have made acquisitions

• Clean, CVD, Implant

New chemical delivery capabilities provide additional opportunities for growth at

both new and existing customers

Recipient of numerous supplier quality awards

15

Growing Customer Relationships

CMP

Development partner for new chemical delivery system

Developing innovative platform to reduce cost and required footprint while

providing the same performance

Epitaxy / CVD Recent product design wins in epitaxy and CVD tools

Utilizing engineering expertise and global manufacturing footprint

EUV

Development partner for multiple gas delivery subsystems within the

EUV lithography tool

Multiple design wins on current volume business

Lithography Design win in advanced packaging lithography tool

Expanding Ichor’s product capabilities within optics

16

Engineering expertise (chemical, mechanical,

software, systems engineers)

Early engagement model

Collaboration with customers

Increasing R&D content

Additional capabilities – fluid / plastics

Proven supplier reliability

Vertical production capabilities

Production sites near key customers

Lead time / configurability

Why We Win

Design Capabilities Operational Capabilities

17

Experienced and Proven Management Team

• Years of experience: 41

• Years at Ichor: 4

• Years of experience: 31

• Years at Ichor: 4

Tom RohrsChairman and CEO

Maurice CarsonPresident and CFO

Phil R. BarrosCTO

• Years of experience: 17

• Years at Ichor: 13

Mark HutsonCOO

• Years of experience: 33

• Years at Ichor: 13

Mark ThomasSVP, Sales

• Years of experience: 22

• Years at Ichor: 13

Norm HaasVP, Sales and Marketing

• Years of experience: 30+

• Years at Ichor: 1

Jennifer SpeerVP, Human Resources

• Years of experience: 22

• Years at Ichor: 9

Financial OverviewMaurice CarsonPresident and CFO

19

Financial Highlights

Scalable and capital efficient business model

Low capex requirement drives strong cash flows

Net income growth has outpaced revenue growth

Strong revenue growth

20

$249

$291

$406

2014 2015 2016

Strong Revenue Growth

Annual Revenue

28%

CAGR

$MM

21

$11.7

$20.2

$31.6

4.7%

7.0% 7.8%

2014 2015 2016

Capital Efficient Business Model with Operating Leverage

Non-GAAP Adjusted Net Income and MarginsGAAP Operating Expense

$MM $MM

$MM

Capex

64%

CAGR

$3.5

$1.4

$4.3

1.4%

0.5%

1.1%

2014 2015 2016

$32.8 $36.0

$41.5

13.2% 12.4% 10.2%

2014 2015 2016

Note: See reconciliation on page 26

22

Long-Term Model

Year Ended FY 2015 Year Ended FY 2016

Gross Margin 16.7% 16.1%

Research & Development 1.7% 1.6%

SG&A 8.5% 6.9%

Operating Margin 4.3% 5.9%

Non-GAAP Adjusted Net Margin 7.0% 7.8%

Long-Term Model (1)

18.0%

1.5%

5.0%

9.5%

10.0%

Note: See reconciliation in appendix

(1)These measures are forward-looking; are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond our and our

management’s control; and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For

discussion of some of the important factors that could cause these variations, please consult the “Risk Factors” section of the prospectus related to this offering. Nothing in this presentation

should be regarded as a representation by any person that these measures will be achieved and we undertake no duty to update these measures.

23

Balance Sheet Highlights

$MM Q1 2017

Cash $48.4

Total Assets $320.5

Total Debt $39.8

Total Liabilities $158.3

Total Shareholder’s Equity $162.1

24

Investment Highlights

A leading supplier of gas panel delivery systems for the semiconductor capital equipment industry

Technology inflections and market share gain drive strong revenue growth

Variable cost structure drives leveraged earnings model

Long-standing customer relationships with industry leaders

Opportunity for share gain in the chemical delivery systems market

Revenue growth has outpaced the industry and customers

Net income has grown at a higher rate than sales

25

Reconciliation to Non-GAAP Adjusted Net Income

($ in thousands, except share and per share amounts)December 26,

2014

December 25,

2015

December 30,

2016

March 31,

2017

Net income from continuing operations $5,782 $12,807 $20,779 $12,952

Non-GAAP adjustments:

Amortization of intangible assets 6,411 6,411 7,015 1,795

Share-based compensation 1,011 1,118 3,216 344

Other non-recurring expenses 1,905 4,154 2,988 (500)

Tax benefit related to Ajax acquisition -- -- (2,271) --

Tax adjustment related to non-GAAP adjustments (3,421) (4,241) (131) (24)

Non-GAAP adjusted net income from continuing operations $11,688 $20,249 $31,596 $14,567

Non-GAAP adjusted diluted EPS $0.49 $0.85 $1.31 $0.57

Diluted shares used to compute Non-GAAP adjusted

diluted EPS23,737,007 23,779,908 24,188,881 25,640,089

Year Ended 3 Months Ended