Investors Presentation

Rafi Amit, CEOMoshe Eisenberg, CFO

February 2018

Safe Harbor

2Copyright of Camtek Ltd. 2017 © All rights reserved

The information presented today contains forward-looking statements that relate to anticipated futureoperating results and performance. These statements are only predictions based on management’s currentexpectations and assumptions, including with respect to market size, Total Available Market (or “TAM”) andrevenue targets, and necessarily involve risks and uncertainties. Moreover, our stated revenue targets areinspirational and should not be taken as projections of actual future results. We do not assume any obligationto 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 timelydevelopment of our new products and their adoption by the market, increased competition in the industry,price reductions and other subsequent developments and business conditions, as well as due to risks and otherimportant information identified in the documents filed with the Securities and Exchange Commission,including the Company’s Annual Reports on Form 20-F and Reports on Form 6-K.

The presentation includes non-GAAP financial measures which are not intended to be considered in isolation oras a substitute for the financial information prepared and presented in accordance with GAAP. Managementuses both GAAP and non-GAAP measures when evaluating the business internally and therefore believes it isimportant 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, (“Total Available Market,” or“TAM”) these estimations can vary and may be differ materially from the reality and are based on internalestimations. TAM or market size is the company’s estimation on the total yearly market size.

2017 Strategic Changes at Camtek

Signed agreement to divest PCB business

Reached final legal settlementwith Rudolph

Settlement of $13mRemoved uncertaintiesSaves $2.5-$3m/year in legal fees

Strong PCB market createdopportunity for divestment

Completed sale ofPCB business

Sold for $32m +potential $3m earn-out

Internal Reorganization

Semi onlyNew Offices in China and Taiwan

Reduced overall expenses

NovemberJuly August October

3

Q4 – Pure Play Semiconductors Company

Partnered with leading inkManufacturer for FIT

Lowers FIT expenseReduced from $2m/yrTo $100-125/qtr

Camtek ID

$230m

MARKET CAP NET CASH

$45m

2017 REVENUES

$93m+18% YoY

2017 NET INCOME

$10m+315% YoY

Q417E OP. MARGIN

15%

EMPLOYEES

270

GLOBAL PRESENCE

China, Taiwan, Korea, Singapore, Hong Kong, USA, Europe

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

Camtek: Strong Customer Base

5

44

55

68

79

93

3

10

2013 2014 2015 2016 2017 2018E

Strong and Improving Operating Performance

Rev

en

ue

d

ou

ble

dig

it g

row

th

6

Camtek semiconductor revenue and operating income ($m)

~15% OIgrowth from

leverage

More than doubled semi revenue organically from 2013 to 2017

Performance highlights

• Doubled semiconductor revenues 2013-2017

• Successfully improved profitability to 15% op. margin

• Strongest ever balance sheet: net cash $45m @ YE 2017

• Highest ever semi backlog: strong start to 2018 with a number of wins

• Significant margin improvement: expect to continue in 2018

• Growth engines to drive 2018+ performance

Goal: Double revenues again in next 3-5 years

Copyright of Camtek Ltd © 2017. All rights reserved

Semiconductor Market Growth Engines

Source: Cisco Global Cloud Index, Gartner, Camtek estimates

Mobility & Connected Devices

Autonomous Car

Digital Healthcare

Augmented & Virtual Reality

Artificial Intelligence & Machine Learning

Cloud

RF Filters MEMSAdvanced Packaging

Multiple Growth Drivers

244 TB/seconddouble year-over-year

8

Blockchain Technologies

Data Centers & Storage

Processing Power

2010 2017 2025Semi-market size $300B $400B $500-600B

9

9

Advanced Packing Driving Increased Inspection & Metrology Capital Spending

...and # of bumps/wafer is growing driving AOI spending growth much faster

Advanced Packaging penetration expected to double 2016-2020...

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Automotive Industry Trends

10

Today ~70 electronics modules with 4-8k chipsBy 2020 ~100+ electronics modules expected

10

Most Cost effective solution for cracks detection that cause field failures

More than 90% correlation to IR Inspection

ICI – 4.9um /pixNormal – 1.7um /pix IR– 2.3um /pix focus on metal

FIB Cross Section

Inner Crack Imaging (ICI)

11

Our Target Segments Show Double-digit Growth

Source: Yole, Gartner, IC Insights% 2016-2022 CAGR

Cam

tek

Focu

s

7%

7.6%

7.6%

11%

12%

12%

19%

21%

Semi total

Foundry

Memory

RF

MEMS

CIS

3D IC

Fan-out

Ad

van

ced

P

acka

gin

g

Installed BaseBased on 800

machines installed worldwide

50%

20%

14%

16%

Advanced Packaging Inspectionand Metrology

CIS

RF/POWER/MEMS

General Inspection

12

Why Are We Winning?

High performance systems

Strong R&D

Flexible operation organization Excellent sales and CS

Dedicated employees

13

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Our Potential Market is Growing

Copyright of Camtek Ltd © 2017. All rights reserved

0 100 200 300 400 500 600 700 800

2015

2017

2019

2021

55

80

120

180

200

245

325

413

80

100

120

3D Bump Metrology ME 2D Inspection & Metrology Macro Inspection

Our share: ~27%

Our share (*): ~29%

(*) Excluding new market(**) CIS, RF, MEMS, General 2D, Post Dicing

Growth driven by demand for higher reliability, 100% inspection, defect-free products

Penetrate new marketMaintain leading position Increase market share (**)

Source: Yole, Gartner, Camtek

Strategic Plan Ahead

• Double Revenue in 3-5 years:

• Growth though organic growth and leverage cash for potential M&A

• Capitalize on new products

• Next generation metrology system

• Leverage strength in 3D: growth in 2D through new 2D capabilities

• Inner Cracks detection capability: brand new market solution

• Increased software sales – higher margins and recurring revenues

• New growth engines and new segments in expanding markets

• Macro inspection

• Leverage on Chinese market expansion where Camtek is well positioned

• Growing margins

• Operating leverage, lower ongoing expenses & increased software component

15

Ongoing Revenue Growth

16

Camtek Quarterly Revenue Growth (US$) since Q1 2016Q4 2017: record semi results:• $25.8m revenue; +20% YoY• GM of 48.7%, approaching

target model• operating income (non-GAAP):

$3.8m ;14.8% margin

Looking ahead…• based on highest ever level of

semiconductor backlog• Q118 revenue guidance of $26-

27m; +25% YoY• Double-digit growth for the

year;• 50% GM & 15% OM

16.8

19.821.0 21.5 21.1

22.723.8

25.8 26-27

Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118E

Progress to Long-Term Operating Model*

Double-digit growth from semi

100%

50-52%

Gross MarginRevenue

15-20%

Operating Margin

17

*Illustrative Purposes Only

17

46%

49%

2014 (inc. PCB)

2017

6%

11%

2014 (inc. PCB)

2017

Q4 2017 15%

Rafi Amit, CEO: “we expect double-digit revenue growth in 2018, and combined with our strong operating leverage, we expect to enjoy a strong year of profitability.”

drivers-> software sales, leverage drivers-> efficiencies, leverage

Investment Highlights

• End markets continue to grow quickly

• Focus on the fastest growing segments of the semiconductor industry

• Continued improvement in margins & profitability

18

Goal: double revenues again within 3-5 years

Thank you!

GAAP Financial Results

Annual Annual 2017

FY FY Q1 Q2 Q3 Q4

(US $ in Millions) 2016 2017

Revenues 79.2 93.5 21.1 22.7 23.8 25.8

Gross Profit 32.5 45.5 10.2 11.2 11.8 12.3

Gross Margin 41% 49% 48% 49% 50% 48%

R&D 12.7 13.5 3.5 3.4 3.2 3.5

16% 14% 17% 15% 13% 13%

SG&A 21.9 22.0 5.4 5.8 5.7 5.2

28% 15% 26% 26% 24% 20%

Reorganisation -4.1 - - - - -

Loss from litigation - 13 - 13 - -

Operating Profit (Loss) 30.5 -3.0 1.4 -11 2.9 3.7

Operating Margin 39% -3% 7% -48% 12% 14%

Continuing Operations 0.9 1.7 1.3 -5.7 2.8 3.3

Discontinued Operations 3.9 12.3 2 1.8 8.9 -0.5

Net Profit (Loss) 4.7 14.0 3.3 -3.9 11.7 2.9

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