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

August 2021

Rafi Amit, CEO

Moshe Eisenberg, CFO

Ramy Langer, COO

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

Confidentiality

This presentation is confidential and may not be reproduced or distributed to others at any time without our prior written consent.

Safe Harbor

This presentation contains projections or other forward-looking statements regarding future events or the future performance of the Company. These statements are only

predictions that represent our views only as of the date they are made and may change as time passes. We do not assume any obligation to update that information, except

as required by law. These forward-looking statements are subject to risks and uncertainties that may cause actual events or results to differ materially from those projected,

including as a result of the effects of general economic conditions; the effect of the COVID-19 crisis on the global markets and on the markets in which we operate, including

the risk of a continued disruption to our and our customers’, providers’, business partners and contractors’ business as a result of the outbreak and effects of the COVID-19

pandemic; the risks relating to the concentration of a significant portion of Camtek's expected business in certain countries, particularly China, from which we expect to

generate significant portion of our revenues for the coming few quarters, but also Taiwan and Korea, including the risks of deviations from our expectations regarding timing

and size of orders from customers in these countries; 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 due to other risks identified in our Annual Report on Form 20-F and other

documents filed by the Company with the SEC. Although Camtek believes that the expectations reflected in the forward-looking statements are reasonable, it cannot

guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements, including Camtek’s outlook for 2021

and orders expected to be delivered, will be achieved or will occur. Except as required by law, Camtek undertakes no obligation to update publicly any forward-looking

statements for any reason after the date of this presentation, to conform these statements to actual results or to changes in its expectations.

This presentation provides financial measures that exclude share based compensation expenses and are therefore not calculated in accordance with generally accepted

accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The

presentation of this non-GAAP financial information is 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 felt it is important to make these non-

GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results are included in the company’s press releases.

This presentation includes the Company’s estimations on Market size and Total Available Market (or “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.

DISCLAIMER

2

Copyright of Camtek Ltd© 2017. All rightsreserved 3

CAMTEK AT A GLANCE

Leading provider of high-end inspection and metrology systems to the semiconductor market

State of the Art Technology

$214MRevenue LTM

$200MCash & deposits

As of 30/6/21(1)

~1,500Installed Base

(ASP: $0.8-1M)

360Employees

27% operating margin

Expects Q3/21 Revenue $69-71M

Quick Facts Performance Highlights

52.1% Gross Margin in Q2/21

(1) Includes cash and cash equivalents, short-term and long-term deposits.

(2) Financial statistics are presented on a non-GAAP basis. Please see the Appendix for a reconciliation of non-GAAP metrics to the nearest comparable GAAP metrics.

Global Presence

With positive signs for Q1 2022

Tripled

Semiconductor revenue

from 2013 to 2019

CAMT


0

5

10

15

20

25

30

35

H1-20 H1-21

10

34.1

Operating income

4

Q2 / YTD HIGHLIGHTS

Op. margin

27.4%

Revenues

$67.5M82+ % (YoY)

Net Cash

$200M+$19.9M CF in Q2

Op. income

$18.5M+190% (YoY)

• Expects continued growth for the second half of 2021

• Q3 2021 revenue guidance $69-$71m

• We have a healthy backlog

• Visibility of continued strong demand into the beginning of 2022

+86%

+240%

0

50

100

150

H1-20 H1-21

67

125

Revenues


Q2 BUSINESS SUMMARY

• Outperforming market growth

• Focus on fastest growing segments

• Advanced packaging ~60%; CMOS Image Sensors ~20%

• China contribution

• Technology leadership and strong local support

• China is becoming a major territory in the packaging segment

• Camtek is well positioned in China for many years

• Expanding our production capacity to address the growth


OUTPERFORMING THE INDUSTRY

Inspection and

metrology

equipment is

key factor in

adopting new

technologies and

products to

achieve high yield

and stability in

production

Focused on Fast Growing Market Segments

Source: Global Semiconductor Market Data from VLSI Research

(1)

0%

16%

37%

81%

97%

129%

0% 3%

28%

47%

28%

43%

0%

20%

40%

60%

80%

100%

120%

140%

2015 2016 2017 2018 2019 2020

Camtek Revenue Growth vs Growth in Semiconductor Market 2015-2020

Revenues Global semiconductor market

+80%

H1 2021

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

INSPECTION AND METROLOGY SOLUTIONS

FOR LEADING APPLICATIONS

Electric and Autonomous Vehicle

5G Networks

Artificial Intelligence

Internet of Things Big Data

More power devices and more electronic modules with Zero

defect policy → 100% Inspection

More RF silicon, HBM, more High-

End Advanced Packaging, more

HR-CIS

More sensors, more MEMS, more WLP

More Heterogeneous

Integration modules (CPU, HBM)

More computing power → more

CPU, DPU, GPU, HBM →

Heterogeneous Integration modules

MORE INSPECTION & METROLOGY

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CAMTEK TO BENEFIT FROM MARKET TRENDS

BUILDING NEW FABS TO SUPPORT GROWTH

LEADING COUNTRIES EXPANDING MANUFACTURING CAPACITY

SHORTAGE IN COMPONENTS

.

CAMTEK TO BENEFITSTRATEGIC AND STABLE INDUSTRY


OVERVIEW OF CAMTEK’S MARKET

Front End EoL Wafer Level Packages Dicing Assembly

Front-End Camtek’s Market (Mid End) Back-End

Other players

Camtek’s Segments(1) Camtek’s Position in the Market

9

Advanced Packaging

Inspection and Metrology

56%

CMOS Image Sensors

20%

General 2D

24%

(1) Based on solutions sold from Q1’2016 to YTD 2020.


ADVANCED PACKAGING GROWING IN SMARTPHONES

Source: TechSearch International, Inc.

2007 2009 2011 2012 2013 2014 2015 2016 2019

24

7

15

2229 25

44

89

= # of packages

iPhone iPhone 3GS iPhone 5 iPhone 5s iPhone 6 iPhone 6s iPhone 7 iPhone 11 Pro MaxiPhone 4s

10

2020

iPhone 12 Pro Max

105

“The world will move from system-on-chip to system-on-package, and Intel’s

unquestioned leadership in packaging technologies becomes even more

valuable.”

March 23, 2021, Intel CEO Pat Gelsinger

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

INSPECTION IS PARAMOUNT TO ADVANCED

PACKAGING

Representative Advanced Packaging Architecture

Extremely Complex Structures Bumps and pillars, through-silicon vias,

under bump metallization layer

Shrinking Form FactorsBump pitches becoming extremely fine

High-end inspection tools are needed to inspect 100% of die in a package

Representative Manufacturing

Challenges

12


5G: MULTIPLE GROWTH DRIVERS

5G

Growth in Advanced Packaging

Growth in CMOS Image Sensors

Demand for new phones

Growth in RF

By 2023 more than 50% of the smartphones sold will be 5G

Source: Yole 2021

The transition to 5G has just begun…


CMOS IMAGE SENSORS: MORE CAMERAS,

SMALLER PIXEL SIZE

Worldwide CMOS Image Sensors Market• Increased # of

cameras in smartphones

• Smaller pixel size

requiring new equipment

Over 30% of Camtek’s

business in 2020

0

2

4

6

8

10

12

14

$0

$5

$10

$15

$20

$25

$30

09 10 11 12 13 14 15 16 17 18 19 20F 21F 22F 23F 24F

2021 Will Be a Record Year for CMOS Image Sensors

Sales Units

($ in billions) Unit Shipments (billions)

Source: IC Insights.

2010–2019 CAGRs

Sales = 16.9% Units = 15.2%

2019–2024F CAGRs

Sales = 7.2% Units = 11.5%


WHY CAMTEK WINS

Camtek maintains close proximity to its customers

Customer

Centric

• Highly responsive to

customer needs

including specific

technological and

application requirements

• Local presence in key

geographies

• Installed base in most

major semiconductor

manufacturers (>100

customers)

• Provides visibility into

customers’ long-term

roadmap

Deep Customer

Relationships

• > 100 patents

• Standard for AP

metrology

• Among best-in-class

software and algorithms

• Proprietary optics

Technology

Leadership

Retain

GrowWin


MULTIPLE GROWTH STRATEGIES

Capitalize on

growth in Camtek

target markets

(AP, CIS, RF)

Maintain and grow

technology leadership

through best in class

innovation

Introduce new products

to address evolving

customer needs and

emerging applications

Pursue strategic

synergistic acquisitions

17

FINANCIAL OVERVIEW


TRACK RECORD OF GROWTH AND PROFITABILITY

Rapidly growing with significant operating leverage in the model

$93

$123

$134

$156

2017 2018 2019 2020

Revenue

$10

$22$25

$27

2017 2018 2019 2020

Operating Income and Margin(1)

$0.27

$0.57$0.62 $0.64

2017 2018 2019 2020

EPS(1)

11% 18% 19% 17%

($ in millions)($ in millions) ($ per share)



STRONG QUARTERLY PERFORMANCE


37 40

49

57

68

Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

Revenue($ in millions)

46.1%

48.8%48.2%

50.7%

52.1%

Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

Gross Margin(1)

17.2%19.0% 18.9%

27.2% 27.4%

Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

Operating Margin(1)

0.160.18

0.21

0.33

0.38

Q2'20 Q3'20 Q4'20 Q1'21 Q2'21

EPS(1)

Delivered

record Q2’21


PROGRESS TO TARGET MODEL

Continue to enjoy leverage in the model

93134

300

400

0

100

200

300

400

500

2017 2019 $300M $400M

Revenue ($ M)

47.8%48.6%

50-52%51-53%

45.0%

46.0%

47.0%

48.0%

49.0%

50.0%

51.0%

52.0%

53.0%

2017 2019 $300M $400M

Gross Margin

11.1%

18.7%

24-26%27-29%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2017 2019 $300M $400M

Operating Margin


INVESTMENT HIGHLIGHTS

PositioningStrong presence in fastest-growing market segments with several growth drivers.Strong position in Asia where our market segments are growing faster.

TechnologyIncreasing market share due to technological superiority and leadership

Operations~1,400 systems installed base worldwide serving over 100 customers including most major semiconductor manufacturers

FinancialsTrack record of delivering sustained YoY growth, together with attractive financial model with significant operating leverage

T H A N K

Y O U

A P P E N D I X


RECONCILIATION FROM GAAP TO NON-GAAP

(1) In the second and third quarters of 2019, certain transaction expenses were incurred in relation to

the technological cooperation agreement with Chroma. These were recorded under operating

expenses.

(2) At the end of the first quarter of 2018, the Company ceased its efforts to utilize the remaining

inventory and equipment related to FIT development and recorded a one-time write-off in the amount

of $0.5 million, consisting of: (1) inventory write-offs of $0.2 million, recorded under the cost of

revenue line item; and (2) fixed asset writeoffs of $0.3 million recorded under operating expenses.

(3) In the third quarter of 2017, the Company recorded a provision of $13 million ($12 million net of tax)

in conjunction settlement with Rudolph Technologies Inc.

(4) In the third quarter of 2017, the Company recorded net income of $4.5 million as a result of a

decrease in the valuation allowance on deferred tax assets following the evaluation of the

realizability of the assets based on projected future earnings.

$ in millions (except per share data) FY2017A FY2018A FY2019A FY2020A

Revenue$93.5 $123.2 $134.0 $155.9

Net income (GAAP)$14.0 $18.7 $22.0 $21.8

% of revenue 14.9% 15.2% 16.4% 14.0%

Share based compensation 0.4 1.7 2.9 4.2

Chroma transaction expenses (1) - - 0.1 -

Attributable to discontinued operations (12.3) - (1.2) -

Effect of FIT reorganization (2) - 0.5 - -

Settlement expense, net of tax (3) 12.0 - - -

Realization of deferred tax assets (4) (4.5) - - -

Net income (non-GAAP)$9.6 $20.9 $23.9 $26.0

% of revenue 10.3% 17.0% 17.8% 16.7%

Net income per diluted share (non-GAAP) $0.27 $0.57 $0.62 $0.64

Gross profit (GAAP)$45.5 $60.8 $64.8 $73.3

% of revenue 48.7% 49.4% 48.3% 47.0%



Gross profit (non-GAAP)$45.6 $61.2 $65.1 $73.8

Gross margin (% of revenue) 48.7% 49.7% 48.6% 47.3%

Operating income (GAAP)$(3.0) $20.0 $22.0 $22.6

% of revenue (3.2%) 16.3% 16.4% 15.5%


Chroma transaction expenses (1) - - 0.1 -


Settlement expense (3) 13.0 - - -

Operating income (non-GAAP)$10.4 $22.2 $25.0 $26.8

Operating margin (% of revenue) 11.1% 18.0% 18.7% 17.2%


RECONCILIATION FROM GAAP TO NON-GAAP (CONT’D)

$ in millions (except per

share data)Q2 2020A Q3 2020A Q4 2020A Q1 2021A Q2 2021A

Revenue $ 37.0 $ 40.1 $ 48.6 $ 57.4 $ 67.5

Net income (GAAP) $ 5.3 $ 6.0 $ 7.7 $ 13.4 $ 15.7

% of revenue 14.3% 15.0% 15.8% 23.3% 23.2%

Share based

compensation1 1.3 1.2 1.2 1.5

Net income (non-GAAP) $ 6.3 $ 7.3 $ 8.8 $ 14.6 $ 17.1

% of revenue 16.9% 18.2% 18.2% 25.4% 25.4%

Net income per diluted

share (non-GAAP) $ 0.16 $ 0.18 $ 0.21 $ 0.33 $ 0.38

Gross profit (GAAP) $ 16.9 $ 19.4 $ 23.3 $ 29.0 $ 35.0

% of revenue 45.8% 48.5% 47.9% 50.5% 51.9%

Share based

compensation0.1 0.1 0.1 0.1 0.2

Gross profit (non-

GAAP) $ 17.0 $ 19.5 $ 23.4 $ 29.1 $ 35.2

Gross margin (% of

revenue)46.1% 48.8% 48.2% 50.7% 52.1%

Operating income

(GAAP) $ 5.4 $ 6.3 $ 8.0 $ 14.4 $ 17.0

% of revenue 14.6% 15.8% 16.5% 25.4% 25.3%

Share based

compensation1.0 1.3 1.2 1.2 1.5

Operating income (non-

GAAP) $ 6.4 $ 7.6 $ 9.2 $ 15.6 $ 18.5

RECONCILIATION FROM GAAP TO NON

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