INVESTOR PRESENTATION ANNUAL AND Q RESULTS FEBRUARY 27, February 27, 2014 Page 1

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1 INVESTOR PRESENTATION ANNUAL AND Q RESULTS FEBRUARY 27, 2014 February 27, 2014 Page 1

2 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 constitutes 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 the discovery of weaknesses in our internal controls and procedures, our inability to maintain continued demand for our products; the impact on our business of potential disruptions to European economies from euro zone sovereign credit issues; 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 adequately decrease costs and expenses as revenues decline, loss of significant customers, lengthening of the sales cycle, incurring additional restructuring charges in the future, acts of terrorism and violence; inability to forecast demand and inventory levels for our products, the integrity of product pricing and protect 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; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2012 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 are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements whether as a result of new information, future events or otherwise. February 27, 2014 Page 2

3 Table of Contents I. Key Highlights II. Financial Review III. Strategic Highlights IV. Outlook V. Summary February 27, 2014 Page 3

4 I. KEY HIGHLIGHTS I. KEY HIGHLIGHTS February 27, 2014 Page 4

5 Key Financial Highlights Q4 and FY Profit up 2.2% vs Q4-13 Revenue and Profit Exceed Expectations. Order Outlook Improving. Proposed 10% Dividend Increase Revenue 53.1 million: -18.9% vs. Q % vs. Q4-12 Q FY 2013 Revenue million: -6.9% vs Orders 57.2 million: +18.8% vs. Q % vs. Q4-12 Net Income 1.4 million vs. 4.4 million in Q3-13 and 1.2 million in Q4-12. Includes 2.0 million, net non-recurring charge in Q4-13 Liquidity Net cash of 71.0 million million vs. Q3-13 Debt down 3.9 million vs. Q3-13 to 18.6 million Orders million: -8.8% vs Net Income 16.1 million vs million in million ex non-recurring charge Liquidity Net cash million 6.1 million cash dividend increase and 2.7 million share repurchases February 27, 2014 Page 5

6 millions Net Margin % Operational Progress Yields Increased Efficiency Revenue Net Income Margin % Gross Margin % +0.1 points 39.8% 9.0% OPEX -5.9% 87.9 MM 82.7 MM 8.0% Headcount -5.3% 1,539 1, Effective Tax Rate -3.3 points 19.1% 15.8% 7.0% % 6.3% 6.0% FY 2013 FY 5.0% February 27, 2014 Page 6

7 Dividend ( ) Dividend Trends Base Dividend % - Special Dividend % % (a) a) Proposed for approval at April 2014 AGM February 27, 2014 Page 7

8 II. FINANCIAL REVIEW February 27, 2014 Page 8

9 (euro in millions) (euro in millions) Revenue/Order Trends Quarterly Trends Full Year Trends Revenue Orders Q Q Q Q Q Q Q Q Revenue Orders Q4-13 vs. Q3-13 Revenue: 53.1 million (-18.9%) Lower die attach sales for high end smart phone and tablet applications Better than guidance (-20.0%) Orders: 57.2 million (+18.8%) Packaging and plating systems by European and US IDMs. Auto, smart phones and solar million (26.6%) IDMs million (4.6%) subcontractors Q4-13 vs. Q4-12 Revenue: million (-5.8%) Mixed picture: (-) packaging and plating. (+) die attach equipment Orders: million (+10.0%) vs Revenue: million (-6.9%) Lower sales of multi module die attach systems for high end smart phones Partial offset: increased sales for low/mid range smart phone/tablets and automotive February 27, 2014 Page 9

10 Gross Margin Gross Margin Gross Margin Trends Quarterly Trends 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Full Year Trends Revenue Gross Margin 39.4% 41.5% 40.3% 36.4% 39.6% 40.4% 39.2% 40.1% Q Q Q Q Q Q Q Q Q4-13 vs. Q % vs. 39.2% Above guidance (38-40%) despite -18.9% lower revenue and increased euro vs. USD Lower materials and freight costs Q4-13 vs. Q % vs. 36.4% in Q4-12 despite 5.8% lower revenue Lower materials costs from Asian supply chain Lower MYR vs. euro, freight, personnel and restructuring 45% 40% 35% 30% Revenue Gross Margin 39.7% 39.8% vs % vs. 39.7% Lower materials, freight and overhead costs more than offset 6.9% lower revenue 25% 20% % February 27, 2014 Page 10

11 (euro in millions) (euro in millions) Operating Expense Trends Quarterly Trends SG&A R&D Restructuring/Other Q4-13 vs. Q million higher opex (+2.0%) due to nonrecurring pre tax charge of 2.2 million Ex charge, opex down 1.8 million (9.0%) Better than guidance (down 0-5%) Lower warranty and freight costs and increased development grants 0 Q Q Q Q Q Q Q Q Full Year Trends SG&A R&D Restructuring/Other Q4-13 vs. Q million lower opex (-9.2%) Down 4.3 million (19.0%) ex non-recurring charge Lower personnel, restructuring and warranty 2013 vs million lower opex (-5.9%) Down 7.4 million (8.4%) ex non-recurring charge Benefits of Asian production transfer and die attach integration February 27, 2014 Page 11

12 (euro in millions) (euro in millions) Net Income Trends Quarterly Trends Net Income Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Full Year Trends Net Income Quarterly net income trends reflect industry and seasonal volatility Annual results reflect improved operating efficiency Net margins increase from 5.8%-6.3% (7.2% ex non-recurring charge) Significant leverage in operating model Quarterly opex have ranged between million over past 8 quarters 20.5 million in Q4-13 ( 18.3 million ex non-recurring charge) Effective tax rate reduced from 19.1% to 15.8% 2012 European operational restructuring February 27, 2014 Page 12

13 (euro in millions) Liquidity Trends Quarterly Trends 120 Cash Debt Q4-13 vs. Q3-13 Net cash up 15.0 million to 71.0 million 2013/2012 Net cash million due primarily to: 6.1 million additional cash dividends 1.8 million incremental share repurchases 60 Q4-13/Q3-13 Cash Movements Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Sources of cash 18.3 million cash from operations Principal uses of cash million net debt payments million capitalized R&D million capex Net Cash February 27, 2014 Page 13

14 III. STRATEGIC HIGHLIGHTS February 27, 2014 Page 14

15 ( billions) Assembly Equipment Market Trends Assembly Equipment Market Size YoY Growth Rate % % 8.4% -6.8% -9.4% -14.4% -27.1% E 2015E 140% 120% 100% 80% 60% 40% 20% 0% -20% -40% Source: VLSI Jan % growth anticipated in after 3 years of declining industry revenue February 27, 2014 Page 15

16 Advanced Packaging Demand and Estimated Market Share M wafers, 300MM Eq. AP Market Share % Advanced Packaging Wafers Advanced Packaging Unit Market Share (%) CAGR : 22.7% 32% 31% 26% 34% 36% 40% 35% 30% 20 19% 25% 20% % 9% 10% 13% 15% 10% 5 5% Source: VLSI Jan % Advanced Packaging (Flip Chip/WLP) is fastest growing assembly process In growth phase with move to <20 nano, denser and more complex circuits driven by smart phones, tablets, autos and Internet of Things February 27, 2014 Page 16

17 Strategic Priorities Continued Execution of Initiatives to Enhance Advanced Packaging Market Share and Profitability in Volatile Market Development objectives Die attach platform re-design to incorporate common parts/modules. H1-14 initial implementation Variety of new product introductions scheduled for 2014: Next generation high speed flip chip and epoxy die bonders Next generation diffusion solder die bonder New wafer molding system Expand customer base and applications for TCB die bonding equipment Hired CTO in January 2014 Operational objectives Further reduction of break even cost levels and euro based costs Expand Asian supply chain including outsourcing of certain system modules Evaluating additional opportunities in global operations February 27, 2014 Page 17

18 IV. OUTLOOK February 27, 2014 Page 18

19 Quarterly Book to Bill Ratio Assembly Market Mar 10 Jun Sept 10 Dec 10 Mar 11 Jun 11 Sept 11 Total Semi Equipment Dec 11 Mar 12 Jun 12 Sept 12 Dec 12 Mar 13 Jun 13 Sept 13 Dec 13 Jan 14 Total Equipment Assembly Market Besi order trends highly correlated to assembly equipment industry Strong industry growth in H1 followed by weaker H2 is now the trend Q3-13 was most recent trough Source: Semi Feb 2014 February 27, 2014 Page 19

20 Q Guidance Revenue Gross Margin Operating Expenses Capex % Up 25-30% 43% - 41% Up 5% million Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Positive outlook for Q1-14 Sequential revenue up approximately 25-30% Gross margins between 41% - 43% Opex up approximately 5% vs. Q4-13 Capex of approximately 1.1 million. 4.9 million for full year February 27, 2014 Page 20

21 V. SUMMARY V. SUMMARY February 27, 2014 Page 21

22 Summary Solid 2013 Despite Market Downturn Seasonal Industry Patterns and Quarterly Volatility Continue Strategic Execution Has Increased Efficiency and Margins Introducing Next Generation Products in 2014 Positive Q1 Order Outlook. Optimistic About 2014 Focused on Shareholder Value February 27, 2014 Page 22

23 Financial Calendar 5-Mar-14 6/7-Mar-14 7-Mar Mar Mar-14 7/8-Apr Apr-14 Roadshow Frankfurt organized by ING Roadshow London organized by ING Rabobank Made in Benelux Telecom, Media and Technology Investor Conference, Amsterdam, the Netherlands Roadshow Paris organized by ING Roadshow Brussels organized by ING European SmallCap Event, Paris, France 2014 First Quarter Results 30-Apr-14 AGM May Jul Oct-14 ING Benelux Technology Conference, New York 2014 Second Quarter Results 2014 Third Quarter Results February 27, 2014 Page 23

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