<SEC-DOCUMENT>0001206774-15-001727.txt : 20150520
<SEC-HEADER>0001206774-15-001727.hdr.sgml : 20150520
<ACCEPTANCE-DATETIME>20150520172423
ACCESSION NUMBER:		0001206774-15-001727
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20150518
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150520
DATE AS OF CHANGE:		20150520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHOTRONICS INC
		CENTRAL INDEX KEY:			0000810136
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				060854886
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15451
		FILM NUMBER:		15880541

	BUSINESS ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		PO BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804
		BUSINESS PHONE:		2037759000

	MAIL ADDRESS:	
		STREET 1:		15 SECOR ROAD
		STREET 2:		P O BOX 5226
		CITY:			BROOKFIELD
		STATE:			CT
		ZIP:			06804

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOTRONIC LABS INC
		DATE OF NAME CHANGE:	19900514
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>photronics_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<BR>
<P align=center><B><FONT face="Times New Roman" size=2>UNITED STATES
<BR></FONT></B><B><FONT face="Times New Roman" size=2>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549
<BR>____________________________</FONT></B><FONT face="Times New Roman">
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=4>FORM 8-K</FONT></B><FONT face="Times New Roman"> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>CURRENT REPORT
<BR></FONT></B><B><FONT face="Times New Roman" size=2>Pursuant To Section 13 Or
15(d) Of The Securities Exchange Act Of 1934<BR></FONT></B></P>
<P align=center><IMG src="photronics_8kx1x1.jpg" border=0></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="25%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="69%"><FONT face="Times New Roman" size=2>Date of report (Date of earliest event
      reported)&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="30%"><B><FONT face="Times New Roman" size=2>May 18,
    2015</FONT></B></TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="100%"><B><FONT face="Times New Roman" size=2>PHOTRONICS,
      INC.</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="100%"><FONT face="Times New Roman" size=2>(Exact name of registrant as specified in
      its charter)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face="Times New Roman" size=2>Connecticut</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face="Times New Roman" size=2>0-15451</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face="Times New Roman" size=2>06-0854886</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>(State or other jurisdiction</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="32%"><FONT face="Times New Roman" size=2>(Commission</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>(IRS Employer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>of incorporation)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="32%"><FONT face="Times New Roman" size=2>File Number)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>Identification
Number)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="75%"><B><FONT face="Times New Roman" size=2>15 Secor Road,
      Brookfield, CT</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="24%"><B><FONT face="Times New Roman" size=2>06804</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="75%"><FONT face="Times New Roman" size=2>(Address of Principal Executive
      Offices)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="24%"><FONT face="Times New Roman" size=2>(Zip
Code)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Registrant's Telephone Number, including area code&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><STRONG><FONT face="Times New Roman" size=2>(203)
      775-9000</FONT></STRONG></TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="100%"><FONT face="Times New Roman" size=2>(Former name or former address, if changed
      since last report)</FONT></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><FONT face="Times New Roman" size=2>Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions: </FONT></P>
<TABLE style="WIDTH: 100%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>

  <TR vAlign=bottom>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face="times new roman" size=2>&#9744;</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=2>&nbsp; </FONT></TD>
    <TD style="WIDTH: 98%; TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=2>Written communications pursuant to Rule 425
      under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="times new roman" size=2>&#9744;</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="times new roman" size=2>&#9744;</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="times new roman" size=2>&#9744;</FONT></TD>
    <TD style="TEXT-ALIGN: left" noWrap></TD>
    <TD style="TEXT-ALIGN: left" noWrap><FONT face="Times New Roman" size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: #ff0000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: #ff0000 1pt solid; TEXT-ALIGN: left" noWrap></TD>
    <TD style="WIDTH: 98%; BORDER-BOTTOM: #ff0000 1pt solid; TEXT-ALIGN: left" noWrap>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2><U>Item 2.02</u>&nbsp;<u>Results of
Operations and Financial Condition</U></FONT></B></P>
<P style="padding-left: 42pt" align=left><FONT face="Times New Roman" size=2>On May 18, 2015, the Company
issued a press release reporting second quarter 2015 results. A copy of the
press release is attached to this 8-K. </FONT><FONT face="Times New Roman"></FONT></P>
<P style="padding-left: 42pt" align=left><FONT face="Times New Roman" size=2>A copy of the press release is
furnished as Exhibit 99.1 to this report. The information contained in this Item
2.02 and the attached Exhibits 99.1, 99.2, 99.3, 99.4, 99.5, 99.6 and 99.7 shall
not be deemed &#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act
of 1934 and shall not be incorporated by reference in any filing under the
Securities Act of 1933 except as shall be expressly set forth by specific
reference in such filing. </FONT><FONT face="Times New Roman"></FONT></P>
<P style="padding-left: 42pt" align=left><FONT face="Times New Roman" size=2>On May 19, 2015 the Company
will conduct a conference call during which certain unaudited, non-GAAP
financial information related to the Company&#146;s operations for the three months
ended May 3, 2015 will be disclosed. This information is set forth in Exhibit
99.6 and 99.7.</FONT><FONT face="Times New Roman"> </FONT></P>
<P style="padding-left: 42pt" align=left><FONT face="Times New Roman" size=2>EBITDA is a non-GAAP financial
measure that the Company defines pursuant to its credit agreement. The Company
believes that EBITDA is generally accepted as providing useful information
regarding the operational strength and performance of its business, including
the ability of the Company to pay interest, service debt and fund capital
expenditures. The Company&#146;s method for calculating EBITDA may not be comparable
to methods used by other companies but is the same method the Company uses for
calculating EBITDA under its credit facility.</FONT></P>
<P align=left><B><U><FONT face="Times New Roman" size=2>Item
9.01</FONT></U></B><FONT face="Times New Roman" size=2>. </FONT><B><U><FONT face="Times New Roman" size=2>Financial Statements and
Exhibits</FONT></U></B><FONT face="Times New Roman"> </FONT></P>
<TABLE style="font-size: 10pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="100%" colSpan=4>
      <P style="padding-left: 15pt" align=left><FONT face="Times New Roman" size=2>(d) Exhibits
      </FONT><FONT face="Times New Roman"></FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>99.1</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Press Release dated May 18,
      2015</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>99.2</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Condensed Consolidated Statements
      of Income</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>99.3</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Condensed Consolidated Balance
      Sheets</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>99.4</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Condensed Consolidated Statements
      of Cash Flows</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>99.5</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Reconciliation of GAAP to Non-GAAP
      Financial Information</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>99.6</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Reconciliation of GAAP Net Income
      to EBITDA</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>99.7</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Reconciliation of GAAP Operating
      Income to Non-GAAP Operating Income.</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURES</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman"></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.
</FONT><FONT face="Times New Roman"></FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="100%"><FONT size=+0><B><FONT face="Times New Roman" size=2>PHOTRONICS, INC.</FONT></B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="text-align: center" width="100%"><FONT face="Times New Roman" size=2>(Registrant)</FONT></TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><B><FONT face="Times New Roman" size=2>DATE: May 20, 2015</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>BY&nbsp;&nbsp;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"><B><FONT face="Times New Roman" size=2>/s/ </FONT></B><B><I><FONT face="Times New Roman" size=2>Richelle E.
    Burr</FONT></I></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Richelle E. Burr</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Vice
      President, General Counsel</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #ff0000 1pt solid; WIDTH: 1%; TEXT-ALIGN: left" noWrap colSpan=3><FONT size=2 face="Times New Roman">PHOTRONICS,
INC.</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 18, 2015
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-BOTTOM: 2pt">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="50%"><IMG src="exhibit99x1x1.jpg" border=0><BR><EM><FONT size=4><STRONG>Press
      Release</STRONG></FONT></EM></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom align=right width="50%">
      <P align=right><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=3><STRONG>For Further
      Information:<BR></STRONG></FONT><FONT face="Times New Roman" size=2>Pete Broadbent<BR>Vice President, Invest<FONT face="Times New Roman" size=2>o</FONT>r Relations <BR>&amp; Marketing<BR>(203)
      775-9000<BR>pbro<FONT face="Times New Roman" size=2>adbent@phot</FONT>ronics.com</FONT><FONT face="Times New Roman" size=2></FONT></P></TD></TR></TABLE><BR>
<P align=center><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=3><B>PHOTRONICS REPORTS SECOND QUARTER FISCAL 2015 RESULTS</B></FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">Quarterly sales of $127.3 million</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">Diluted EPS of $0.14; includes $0.02 related to
      the reduction of foreign tax net operating loss valuation allowance</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">Quarterly high-end IC photomask sales increase
      15% sequentially to $41.7 million</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">Flat panel display sales increase 7%
      sequentially to $23.5 million</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">Non-GAAP EBITDA of $35 million</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">Working capital of $151 million, up $7.8
      million sequentially</TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>BROOKFIELD, Connecticut May
18, 2015 &#151; Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in supplying
innovative imaging technology solutions for the global electronics industry,
today reported financial results for the fiscal 2015 second quarter ended May 3,
2015.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Peter Kirlin, Photronics'
chief executive officer commented, "High-end semiconductor sales led by
increased demand for memory photomasks helped us achieve revenues near the high
end of our expectations for the quarter. Our strong operating leverage and
improved manufacturing efficiencies enabled us to leverage our strong revenues
into bottom line performance above our initial guidance range." </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Sales for the second
quarter of fiscal 2015 were $127.3 million, a sequential increase of 3% compared
with $123.5 million for the first quarter of fiscal 2015. Sales for the second
quarter of 2014 were $104.9 million. Sales of semiconductor photomasks were
$103.8 million, or 82% of revenues, during the second quarter of fiscal 2015,
and sales of flat panel display (FPD) photomasks were $23.5 million, or 18% of
revenues.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>GAAP and non-GAAP net
income attributable to Photronics, Inc. shareholders for the second quarter of
fiscal 2015 was $10.1 million, or $0.14 per diluted share, which includes a
benefit of $1.5 million, or $0.02 per share, relating to the reduction of a
portion of a tax net operating loss valuation allowance for a foreign subsidiary
that was no longer required. GAAP and non-GAAP net income attributable to
Photronics, Inc. shareholders for the second quarter of fiscal 2014 was $15.5
million, or $0.22 per diluted share, and $1.2 million, or $0.02 per diluted
share, respectively. Non-GAAP net income attributable to Photronics, Inc.
shareholders for the second quarter of fiscal 2014 excluded a non-cash gain on
acquisition of $16.4 million and transaction expenses of $2.0 million related to
the PDMC joint venture in Taiwan.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Sales for the first six
months of fiscal 2015 were $250.8 million, compared with $206.4 million for the
first six months of fiscal 2014. For the first six months of fiscal 2015, sales
of semiconductor photomasks were $205.3 million, or 82% of revenues, and sales
of FPD photomasks were $45.5 million, or 18% of revenues. GAAP net income
attributable to Photronics, Inc. shareholders for the first six months of fiscal
2015 was $13.9 million, or $0.21 per diluted share, compared with</FONT><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>$17.5
million, or $0.27 per diluted share for the first six months of fiscal 2014.
Non-GAAP net income attributable to Photronics, Inc. shareholders for the first
six months of fiscal 2015, which excludes financing expenses of $0.9 million,
was $14.8 million, or $0.22 per diluted share. Non-GAAP net income attributable
to Photronics, Inc. shareholders for the first six months of fiscal 2014, which
excludes a non-cash gain on acquisition of $16.4 million and transaction
expenses of $2.5 million, was $3.6 million, or $0.06 per diluted share.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The section below entitled
"Non-GAAP Financial Measures" provides a definition and information about the
use of non-GAAP financial measures in this press release, and the attached
financial supplement reconciles non-GAAP financial information with Photronics,
Inc.'s financial results under GAAP. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Non-GAAP Financial
Measures </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Non-GAAP net income
attributable to Photronics, Inc. shareholders and non-GAAP earnings per share
are "non-GAAP financial measures," as such term is defined by the Securities and
Exchange Commission, and may differ from non-GAAP financial measures used by
other companies. Photronics, Inc. believes that non-GAAP net income attributable
to Photronics, Inc. shareholders and non-GAAP earnings per share that exclude
certain non-cash or non-recurring income or expense items are useful for
analysts and investors to evaluate Photronics, Inc.'s future on-going
performance because they enable a more meaningful comparison of Photronics,
Inc.'s projected earnings and performance with its historical results of prior
periods. These non-GAAP metrics, in particular non-GAAP net income attributable
to Photronics, Inc. shareholders and non-GAAP earnings per share are not
intended to represent funds available for Photronics, Inc.'s discretionary use
and are not intended to represent, or be used as a substitute for, operating
income, net income or cash flows from operations data as measured under GAAP.
The items excluded from these non-GAAP metrics, but included in the calculation
of their closest GAAP equivalent, are significant components of the consolidated
statements of operations and must be considered in performing a comprehensive
assessment of overall financial performance. Non-GAAP financial information is
adjusted for the following items:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">Financing expenses in fiscal 2015 related to the exchange of
      convertible senior notes are excluded because they are not a part of
      ongoing operations.</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">Non-cash acquisition gain and transaction expenses in fiscal
      2014 related to the joint venture, PDMC, in Taiwan are excluded because
      they are not part of ongoing operations.</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The presentation of this
financial information should not be considered in isolation or as a substitute
for the financial information prepared and presented in accordance with
accounting principles generally accepted in the United States. The attached
financial supplement reconciles non-GAAP financial information with Photronics,
Inc.'s financial results under GAAP.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A conference call with
investors and the media to discuss these results is scheduled for 8:30 a.m.
Eastern time on Tuesday, May 19, 2015. The call can be accessed by logging onto
Photronics' web site at www.photronics.com. The
live dial-in number is (408) 774-4601. The call will be archived for instant
replay access until the Company reports its fiscal 2015 third quarter results.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=4># # # </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>About Photronics
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=1>Photronics is a leading worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that
contain microscopic images of electronic circuits. A key element in the
manufacture of semiconductors and flat panel displays, photomasks are used to
transfer circuit patterns onto semiconductor wafers and flat panel substrates
during the fabrication of integrated circuits, a variety of flat panel displays
and, to a lesser extent, other types of electrical and optical components. They
are produced in accordance with product designs provided by customers at
strategically located manufacturing
facilities in Asia, Europe, and North
America. Additional information on the Company can be accessed at www.photronics.com</FONT></P>
<P align=justify><FONT face="Times New Roman" size=1>The Private Securities
Litigation Reform Act of 1995 provides a &#147;safe harbor&#148; for forward-looking
statements made by or on behalf of Photronics, Inc. and its subsidiaries (the
Company). The forward-looking statements contained in this press release and
other parts of Photronics&#146; web site involve risks and uncertainties that may affect
the Company&#146;s operations, markets, products, services, prices, and other
factors. These risks and uncertainties include, but are not limited to,
economic, competitive, legal, governmental, and technological factors as well as
decisions we may make in the future regarding our business, capital structure
and other matters. These forward-looking statements generally can be identified
by phrases such as &#147;believes&#148;, &#147;expects&#148;, &#147;anticipates&#148;, &#147;plans&#148;, &#147;projects&#148;,
and similar expressions. Accordingly, there is no assurance that the Company&#146;s
expectations will be realized. For a fuller discussion of the factors that may
affect the Company's operations, see "Forward Looking Statements" in the Company's
Quarterly and Annual Reports to the Securities and Exchange Commission on Forms
10-Q and 10-K. The Company assumes no obligation to provide revisions to any
forward-looking statements.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=1>13-2015 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>CONDENSED CONSOLIDATED STATEMENTS OF INCOME
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>

<P align=center><B><FONT face="Times New Roman" size=2><u>PHOTRONICS, INC. AND
SUBSIDIARIES<BR>Condensed Consolidated Statements of Income</u><BR></FONT></B><FONT face="Times New Roman" size=2>(in thousands, except per share
amounts)<BR>(Unaudited)</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=7><B><FONT face="Times New Roman" size=2>Three Months
      Ended</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=7><B><FONT face="Times New Roman" size=2>Six Months
      Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>May 3,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>May 4,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>May 3,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>May 4,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net
      sales</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>127,309</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>104,882</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>250,814</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>206,424</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Costs and expenses:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost
      of sales</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(94,214</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(82,692</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(189,535</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(161,352</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling,
      general and administrative</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=right width="3%"><FONT face="Times New Roman" size=2>(12,421</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(13,419</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=right width="2%"><FONT face="Times New Roman" size=2>(24,365</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(25,697</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research
      and development</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(5,809</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(5,939</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(10,490</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(10,913</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
      income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>14,865</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>2,832</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>26,424</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>8,462</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Gain
      on acquisition</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>16,372</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>16,372</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Other expense, net</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(1,457</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(1,222</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(2,740</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(2,095</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
      before income taxes</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>13,408</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>17,982</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23,684</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>22,739</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Income tax provision</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(1,252</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(2,032</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(4,386</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(4,747</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>12,156</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15,950</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,298</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>17,992</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Net
      income attributable to noncontrolling interests</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(2,096</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(410</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(5,401</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(459</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net
      income attributable to Photronics, Inc. shareholders</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10,060</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15,540</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>13,897</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>17,533</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Earnings per share:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.15</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.25</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.21</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.29</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>0.14</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>0.22</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>0.21</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>0.27</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Weighted-average number of common shares
      outstanding</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>66,230</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>61,372</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>66,148</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>61,286</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>78,228</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>77,705</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>72,624</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>77,632</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>CONDENSED CONSOLIDATED BALANCE SHEETS
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>

<P align=center><B><U><FONT face="Times New Roman" size=2>PHOTRONICS, INC. AND
SUBSIDIARIES<BR></FONT></U></B><B><U><FONT face="Times New Roman" size=2>Condensed Consolidated Balance Sheets<BR></FONT></U></B><FONT face="Times New Roman" size=2>(in thousands)<BR>(Unaudited)</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>May 3,</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>November 2,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Assets</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Current assets:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash
      equivalents</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>176,050</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>192,929</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      receivable</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>97,634</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>94,515</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23,233</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>22,478</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current
      assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>24,705</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>26,570</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>321,622</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>336,492</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Property, plant and equipment, net</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>602,982</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>550,069</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Investment in joint venture</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>93,059</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>93,122</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Intangible assets, net</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>27,883</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>30,294</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Other assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>17,648</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,206</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,063,194</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,029,183</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Liabilities and Equity</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Current liabilities:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of
      long-term borrowings</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>17,651</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10,381</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable
      and accrued liabilities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>152,595</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>128,736</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current liabilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>170,246</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>139,117</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Long-term borrowings</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>119,784</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>131,805</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Other liabilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,181</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18,767</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Photronics, Inc. shareholders' equity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>637,706</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>628,050</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Noncontrolling interests</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>116,277</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>111,444</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      equity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>753,983</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>739,494</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,063,194</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,029,183</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>

<P align=center><B><U><FONT face="Times New Roman" size=2>PHOTRONICS, INC. AND
SUBSIDIARIES<BR></FONT></U></B><B><U><FONT face="Times New Roman" size=2>Condensed Consolidated Statements of Cash Flows<BR></FONT></U></B><FONT face="Times New Roman" size=2>(in thousands)<BR></FONT><FONT face="Times New Roman" size=2>(Unaudited)</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=7><B><FONT face="Times New Roman" size=2>Six Months
      Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>May 3,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>May 4,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cash
      flows from operating activities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>19,298</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>17,992</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to
      reconcile net income to net cash</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided by
      operating activities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
      and amortization</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>40,318</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>36,782</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
      in assets and liabilities and other</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(1,709</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,497</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain
      on acquisition</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(16,372</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net
      cash provided by operating activities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>57,907</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>39,899</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>Cash
      flows from investing activities:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of
      property, plant and equipment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(67,935</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(42,385</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash from
      acquisition</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,508</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(218</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(910</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>Net
      cash used in investing activities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(68,153</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(38,787</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cash
      flows from financing activities:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of
      long-term borrowings</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(4,751</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(25,100</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred
      financing fees</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(309</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from
      share-based arrangements</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,195</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>888</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(76</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(543</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>Net
      cash used in financing activities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(3,632</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(25,064</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Effect of exchange rate changes on cash</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(3,001</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>165</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>Net
      decrease in cash and cash equivalents</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(16,879</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(23,787</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cash
      and cash equivalents, beginning of period</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>192,929</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>215,615</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>Cash
      and cash equivalents, end of period</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>176,050</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>191,828</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=9>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Noncash net assets from acquisition</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>110,211</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>

<P align=center><B><U><FONT face="Times New Roman" size=2>PHOTRONICS, INC. AND
SUBSIDIARIES<BR></FONT></U></B><B><U><FONT face="Times New Roman" size=2>Reconciliation of GAAP to Non-GAAP Financial
Information<BR></FONT></U></B><FONT face="Times New Roman" size=2>(in thousands,
except per share data)<BR>(Unaudited)</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=6><B><FONT face="Times New Roman" size=2>Three Months
      Ended</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=6><B><FONT face="Times New Roman" size=2>Six Months
      Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=2>May 3,</FONT></B></TD>
    <TD style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>May 4,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=2>May 3,</FONT></B></TD>
    <TD style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>May 4,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Reconciliation
      of GAAP to Non-GAAP Net Income</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Attributable
      to Photronics, Inc. Shareholders</U></FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>GAAP
      net income attributable to Photronics, Inc. shareholders</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align=right width="2%"><FONT face="Times New Roman" size=2>10,060</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>15,540</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align=right width="2%"><FONT face="Times New Roman" size=2>13,897</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>17,533</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=right width="2%"></TD>
    <TD align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=right width="2%"></TD>
    <TD align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a) </B></FONT><FONT face="Times New Roman" size=2>Financing expenses, net of tax</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>901</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b) </B></FONT><FONT face="Times New Roman" size=2>Gain on acquisition, net of
      tax</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(16,372</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(16,372</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c) </B></FONT><FONT face="Times New Roman" size=2>Acquisition transaction expenses, net of
      tax</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,018</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,455</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Non-GAAP net income attributable to Photronics,
      Inc. shareholders</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" align=right width="2%"><FONT face="Times New Roman" size=2>10,060</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,186</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" align=right width="2%"><FONT face="Times New Roman" size=2>14,798</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>3,616</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=right width="2%"></TD>
    <TD align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=right width="2%"></TD>
    <TD align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Reconciliation
      of GAAP to Non-GAAP Net Income</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicable
      to Common Shareholders</U></FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Weighted average number of diluted shares
      outstanding</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>GAAP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>78,228</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>77,705</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>72,624</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>77,632</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=right width="2%" bgColor=#c0c0c0></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Non-GAAP</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" align=right width="2%"><FONT face="Times New Roman" size=2>78,228</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>62,282</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" align=right width="2%"><FONT face="Times New Roman" size=2>78,166</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>62,209</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=right width="2%"></TD>
    <TD align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=right width="2%"></TD>
    <TD align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Net
      income per diluted share</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>GAAP</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>0.14</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>0.22</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>0.21</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>0.27</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="80%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>Non-GAAP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.14</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.02</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.22</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.06</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><B><FONT face="Times New Roman" size=2>(a)</FONT></B></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Represents
      financing expenses related to the exchange of $57.5 million of 3.25%
      convertible senior notes, recorded in other expense, net</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><B><FONT face="Times New Roman" size=2>(b)</FONT></B></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Represents
      gain on acquisition of DNP Photomask Technology Taiwan Co., Ltd (DPTT), a
      wholly-owned subsidiary of Dai Nippon Printing Co., Ltd.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><B><FONT face="Times New Roman" size=2>(c)</FONT></B></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Represents
      transaction expenses in connection with the acquisition of
  DPTT</FONT></TD></TR></TABLE><BR>


<HR align=center width="100%" noShade SIZE=2>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>RECONCILIATION OF GAAP NET INCOME TO EBITDA
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>


<P align=center><B><FONT face="Times New Roman" size=2>PHOTRONICS, INC. AND
SUBSIDIARIES<BR>Non-GAAP Financial Measure<BR></FONT></B><B><FONT face="Times New Roman" size=2>Reconciliation of GAAP Net Income to Non-GAAP EBITDA<BR>(in
thousands)<BR>(Unaudited)</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=6><B><FONT face="Times New Roman" size=2>Three Months Ended</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%" colSpan=6><B><FONT face="Times New Roman" size=2>Six Months Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>May
      3,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>May
      4,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>May
      3,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>May
      4,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>GAAP Net Income (a)</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>12,156</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15,950</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,298</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>17,992</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=15>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Add: interest expense</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,233</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,816</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2,603</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>3,800</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Add: income tax
      expense</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,252</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,032</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,386</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,747</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>Add: depreciation and amortization</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>19,293</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>18,550</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>39,900</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>35,972</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Add (less): special items
      (b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>912</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(13,310</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,738</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(11,768</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="78%"><B><FONT face="Times New Roman" size=2>Non-GAAP
      EBITDA</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=right width="3%"><FONT face="Times New Roman" size=2>34,846</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=right width="3%"><FONT face="Times New Roman" size=2>25,038</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=right width="3%"><FONT face="Times New Roman" size=2>68,925</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=right width="3%"><FONT face="Times New Roman" size=2>50,743</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" vAlign=top noWrap align=left width="1%">&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>(a)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=1>Includes net income attributable to noncontrolling
      interests.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>(b)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=1>Special items consist of stock compensation expense, and
      in 2015 financing expenses in connection with the exchange of $57.5
      million of 3.25% convertible senior notes, and in 2014 noncash gain on
      acquisition of DNP Photomask Technology Taiwan, Co., Ltd., a wholly-owned
      subsidiary of Dai Nippon Printing Co., Ltd., and related acquisition
      transaction expenses.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<HR align=center width="100%" noShade SIZE=2>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>exhibit99-7.htm
<DESCRIPTION>RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>

<P align=center><B><FONT face="Times New Roman" size=2>PHOTRONICS, INC. AND
SUBSIDIARIES<BR>Non-GAAP Financial Measure<BR></FONT></B><B><FONT face="Times New Roman" size=2>Reconciliation of GAAP Operating Income to Non-GAAP Operating
Income<BR>(in thousands)<BR>(Unaudited)</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%" colSpan=11><B><FONT face="Times New Roman" size=1>Three Months
      Ended</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%" colSpan=11><B><FONT face="Times New Roman" size=1>Six Months
      Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="8%" colSpan=5><B><FONT face="Times New Roman" size=1>May 3,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="7%" colSpan=5><B><FONT face="Times New Roman" size=1>May 4,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="7%" colSpan=5><B><FONT face="Times New Roman" size=1>May 3,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="8%" colSpan=5><B><FONT face="Times New Roman" size=1>May 4,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=5><B><FONT face="Times New Roman" size=1>2015</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=5><B><FONT face="Times New Roman" size=1>2014</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=5><B><FONT face="Times New Roman" size=1>2015</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%" colSpan=5><B><FONT face="Times New Roman" size=1>2014</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>$</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=1>%</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>$</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>%</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>$</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>%</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>$</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>(a)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" colSpan=2><FONT face="Times New Roman" size=1>(a)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%" colSpan=2><FONT face="Times New Roman" size=1>(a)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="4%" colSpan=2><FONT face="Times New Roman" size=1>(a)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>GAAP Operating Income</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>14,865</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>11.7</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>2,832</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>2.7</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>26,424</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>10.5</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>8,462</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>4.1</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition transaction
      expenses (b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=+0><FONT face="Times New Roman" size=1>&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>2,018</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>1.9</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1><FONT face="Times New Roman">&#151;</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=1>2,455</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1.2</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=25>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="66%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Non-GAAP Operating Income</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>14,865</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp; 11.7</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>4,850</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp; 4.6</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>26,424</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp; 10.5</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>10,917</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp; 5.3</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>%</FONT></B></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>(a)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=1>Represents percentage of net
      sales</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>(b)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=1>Represents transaction expenses
      in connection with the acquisition of DNP Photomask Technology Taiwan Co.,
      Ltd., a wholly-owned subsidiary of Dai Nippon Printing Co.,
  Ltd.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<HR align=center width="100%" noShade SIZE=2>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>photronics_8kx1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 photronics_8kx1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!6`$T#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^@+_@L9^W
MO^UY^QWXQ^"NB_LV>&-'U_3/&^@>-M1\42ZMX`\0>,WM;S1-1\/VVE1VT^B:
MGIR6"RPZI>-,EPEP\YAC5#&4);\8/^'X?_!58G/_``KCPCGKG_A1OC[.1[_\
M))UX_P#KYK^XBYLK:YP9X89=OW1)&C8QSQN4]R3VZ]ZI-I6FA<FRM`#C@V\6
M>V,_*/\`/Z_G.>\&\1YKF>(QN`X_SK)<+6<?9Y=A<-AZE"ARQBFJ<IS4WS.+
MGKLVS^R?"OZ27@MP%P1D_"_%OT2?#GQ-SW+EB%C.,<\SS,\%FF:^VQ-6M3>)
MP^&PM2E'ZO3J1P\'&3O"E%O70_B$_P"'XG_!5?\`Z)QX1_\`#&>/N?K_`,5)
MS^.:/^'XG_!5?_HG'A'_`,,9X^_+_D9.GMT]J_MV_LO3.OV*SQ_UPA]?]WK[
M9_QJ*YT#2+ZVN;*:RMV@N[::VF$!-M*8YXWC<17-L\%Q;RA6+1SV\T,\+[9(
M98Y55U\F7AYQC:Z\5.(GU?\`L>$UMT_B;M65O^"?HL?IA?1PYHJ7T#/"1+FB
MFUQ-G3:3:NTG@5=I7:5U=I*ZN?Q'?\/Q/^"J_P#T3CPC_P"&,\>X]^/^$CQ_
MD^M'_#\3_@JO_P!$W\(_^&,\?=/_``H^GMTK]OOVJ/\`@EE^T)XIUG4/$_[*
MO[=/QX^%$][?17+>`O'7Q$\9^*_!ME;2!EO8=#UW^T+SQ?8A0B7$46L7/B-$
MD#01RVEK,AM?Q$UWPO\`';POKFM^&O$'_!;KX?Z/KOAW5;[1-9TJ]^)WQ.MK
M[3M6TJYDT[4["]M&6-[.]L;ZVN+6[M9`9(9H7#D$[%^%SK+./<DK.&*XNXQE
M1E)QHXR-7ABAAL0K7]QXS,L+44^6SE!Q3CIN?U7X9\7_`$3/%+*H8[(?H_\`
MT>Z&:0HQJYCPS5RKQMS7.\H4INFGCJ?#7`^>X9495$XT<11K3H5;:2B]!G_#
M\3_@JO\`]$X\(_\`AC/'N/?C_A(\?Y/K1_P_$_X*K_\`1./"/_AC/'WY?\C)
MT]NGM6?]C^+XZ?\`!<SX:]>WQ5^)OMS]X?3\*7['\7_^DYOPU_\`#J_$W\_O
M?_7]J\3ZWQ=_T67%WJ\?P7KT_P"AXN_4_3O]5?H]*S_XEP\!O+_C#OI+:7_[
MQ+_E^)?'_!</_@JL>/\`A7/A$9SP/@9X^R,#.?\`D8]N#T^;KSC!R:_KG_8D
M^*WQ!^-G[*OP0^*_Q2L8-.^('COP'H_B#Q5I]CI%YH=K9ZO>QL]U#!I.HS7=
M[8Q(V$2WN;B:5`F6D8MQ_(,;/XO8/_&\OX;'E21_PM/XFG)SP<!N=IY/8<GU
MK^O?]B4ZDG[*WP/76/BO8?'#4U\`Z,E]\6]+U"\U2P\?W2+*LOB.UU/41]NO
MXKTC<MU=LUQ*06E^8Y;](\-L1G=3,,R69Y[GF;0C@J;ITLSQ.0UJ=*;Q%G4I
MQRG,<;5C-Q]UNK"%-Q=E)RT7\1?3>R?PURW@_@Z?`WA5X=\`XFIQ-B:>,Q_!
MF1>*F58K'X993.<,)BJW'_!G#&$JX>%7]\J>!Q&)Q*J*,YT(TN:H?5C$*1P.
MGID_AR/UQ]:^(_\`@H'^U_\`\,/?LW^)/C\O@+_A8[>'M;\)Z.?#`\2+X3%Y
M_P`)/XBTWP_]H.LG1/$)A^Q'41=B(:3.;DQ>1O@#F>/[<?H"#[^_L?7`)_#/
M2OQ._P""_?/_``3B^)7WA_Q6GPIY!(/_`"43PV.V.,>^<XSVK]+XIQV)RSAK
M/,RP=3V6+P.5XS$X>IR1J*%:C2YZ<G"=XSM):QE=-.S/XN\`^%<DXZ\;_"G@
MSB;"RQW#W%''G#F1YS@X8BOA)XG+<QQZH8NC'$X:=/$8>4Z;LJM&<*D':497
M/S9'_!SO-G'_``QPN3G'_%^0>`?3_A4@!RN#GC&>`0-S?HS_`,$UO^"PC?\`
M!0+XM^,/A@?@+_PJW_A%/`TWC+^VA\25\9?;C%K6E:.=/^P#P1X9%N6&IFY^
MU_;9R!;^0;0F7S8OX)3U7[G.23P<\GOU''`SV!'3`K^BC_@VW!_X:S^+W`!_
MX4;=@_*N01XU\+8&<94>H&,G&:_F#PZ\6N.>(>-,AR?-,THU\OQV,G2Q-&.7
MX.BZD%A\3/E56E352-I4H.\6F[6;U9_NE],W]GU]%KP>^C3XJ^(W`?`N8Y7Q
M;PQP_0Q^2YA7XOXCS&EAL34S7)<+*I+!XW&U,+73H8RO%0KPE%.?,DY*+7]L
MC#SUSMQ]X'G)&0<E,'K@X(.`1G@]3_/Q_P`%6_@K_P`$_P#X$ZEH7[1/QL_8
M:\1?'+6?BMXEE\.>*/$WPV\3^(?"LUEKUMI4E_I=]XHTK0?$V@V=[-J]A8:A
M!_;HLY+N273[.ROKF9IK%1_07;DF/J!AN_J5`/3!_7@8ZXKX>_X**>*?BWX.
M_9;\<Z[\#/BQ\.?@K\3K:_\`"4?AWXA?%._\,:5X-TF.;Q;HL.L6^I7WB_1]
M?T*.75=$EU#2;`7>DW+R:E?V26QMKEH;F'^G>*L%0QF28Y5:-"K/#T)XFA*O
M@,'F?LZM-)\]+"8YT\-4JN'-"$:E:E&\]9QW/\+_``&XGS7ACQ0X6GEN8YM@
MJ&<9GA\FS6EE7%_$O!#Q^7XVI*F\/CL_X4AB\XPF"I5G2Q56IA,OS"I%8=N.
M$JM\I_)Y_P`+\_X)`@D'_@EI\="0<?\`)1_'?_SP`?7[P!QC@'BC_A?O_!('
M_I%G\=/_``X_CO\`^>%7O2_M)?\`!5H`!?\`@IA^PN%'1?\`A87[/2$`<`;#
M\)CM(``"?P_='`.'_P##27_!5KI_P\O_`&&C_P!U#_9Z_P#0O^%3@>V"?P]/
MYZ<9N[6!E9_]4!P3:VR_YJ%=/*^S/]A5&#23XHH^=_I>_2C3]6EX0M+S2;ZV
M;6IX#_POS_@D%R!_P2S^.9)(QGXC^.QQGG_FH(]^".>!E3S7]?W[$&K?#?7?
MV4?@;K/PC\`ZK\,OAIJ7@#1;KP;\/]<O;O4=7\)Z))"WV/1]0O[^^U&[NKBU
MB"1N\][<RC:`\S'Y4_E\;]I'_@JWSC_@I?\`L+?>7(?XC?L\ACGC*_\`%IB-
MJ]<GGKD=,?U-_L>ZS\0?$7[-/P=UOXJ^._"/Q+^(>H^#-,N/%OCSP->Z-J/@
M_P`4ZPPD%SJ_AV^T#3M*T6ZTNZ8;K>;3=-LK9P"4MXSD5^A>'KG]=QZ>&]BE
M@J=G+AOA_)%+_:-O;91F>.K5WU]E5C3IQLYJ3EH?QK],Y0CPAPBXYM#,?^,D
MQ*=.'C=XN^*/+_PE-J7]F^(W!/"V`RQ=/KV7XC$XRH[8>I1C0?M#Z990>2>@
M_KG_`!KX8_X*&_L>WG[</[-'B?X`V/CJ'X=W7B'6_"FKQ>*+GPZ/%,-I_P`(
MSX@T_7O(DT4ZOH)N!>"P^R"1=3@>V,HN%$C1A&^Z0`.!4$\RPQEW8*.AY'&0
M3GGJ!CGIA<MVK]9QV#P^8X/%8#&4_;83&4*N'Q-%R<%4HUH\E2'/%QE'FCI=
M2371K<_@;A;B;.^"N)<BXOX9QCR[B'AO-,'G.2X]4*6)EA,RP-7VV$KJA7A5
MHUG3J>\J=6E4A-V4H26C_D+'_!L7XP&?^,P-!'.>/@?>D'&-I'_%W<\``#.3
M\N<\BOTB_P""9?\`P1^US_@G[\7_`!I\4=5^.^G_`!0B\6>!6\&1:-9_#F;P
M>UB9-=TO6'U)[^7QQXI^U873!;+:BSMN9?,-QA-C?ML-5LF&1=6^.<$31GC)
M`.=PYQC(YP<C)`S2_P!JV7_/U;_]_8__`(NOBLH\,>`\BS#"YKEF44L+C\'4
M=7#5_K^(J>RJ.,X<RA4Q<X-\LYJSBU[SZVM_37B+].GZ5?BMP;GGA_QYXC8S
M/.$N),+'`YSE,N%<DP<<7AH5\/B84_K."R'#XJERUL)0FI4JT)-T[-M.2>L&
MCB4`L2"3@@-UR.#A3SR,9QGH,X./Y_O^"T/[5W[$FEV/A;]E?]IQ?C1KT>KC
M3_B9J>D?!6Z\/07%K%IL]_INBVGC";6=9TV5+.]N9;K5;"PA@E,]QHJ7<LD(
M@MUG_9SXS:O\4%^&WB<_`F/X>7WQ7:R$?@Z/XE:OJ^E^"8-1FECC^VZ[-X>T
M[5M8N;:QA+W7]G6,5M)J+QK9R:AI\<S7D'XV:_\``+_@JWXKU>^\0>)?"_\`
MP2GU_7=3DCFU'5M=^''Q+U;5+R6&T@M(&NKV]FN;B<PV]O!;1F25F%O!%&I1
M0`OL<43Q6(R^OE^!IN=7%1C&I4GEZS/!N@Y?O:5:@L?A.>52*45%5$HZ2=]C
M\\\!:&0Y/QAEO&G$^/CA<'D&(JU\!@L)QC+@?B/^U84KX',L!FM7A3B+ZM2P
M524YRG]2E.M.7LH*"3J'\]7_``DG_!$(\GX=?MO[CR<Z_P"`&.3R02/%F&.>
MI'!H_P"$D_X(@?\`1.OVW_\`P?\`@#_YK*_H!/[,7_!3TDG_`(5]_P`$E>23
MS\+/B`<@G.#B(?R')S2']F'_`(*>#_FGO_!)3_PU?Q"_+_5=?I7Y0^#<:]7E
MV1.]VV^!(IMO>_\`QDVOJO/8_P!"/^)FN&+)+C;Q822LDOI4O9;)?\:5^[R^
M9_/^/$G_``1"[?#O]M[+?=QKW@`<#&_)_P"$NX&".<@'IZY_M3_8$G^%5Q^Q
MY^S_`#_!.R\5:?\`"B7X=:*_@2R\;RVDWBRV\/GSS9Q:])87%S9/J"KGSVMK
MB:%F.5D?EC^53?LR?\%.P"#\//\`@DD>5)_XM9\0,@9P0"8S@$<$G/!./0_M
MK\`=$\<^&O@]\/\`0?B79?#VQ\>:5X<L[3Q19?";3[W2_AM::K$TRSV_@S3]
M147]GH<6%6UM[L"6,`@@=*^RX+R*OE.,QE6KA,NP\:N%C!/!\.K))R:K<UIU
MO[5S#VT4M?9.G3LWS\[^$_EWZ4GBOE?B'PWPU@LOS_C'.)X'/*^+G2XF\8'X
MDT*,)Y>Z'M,/@'P'PBLNK2?+!XSZSBO:03H*A&_M#V0@<DCC`Y_$^G/&?UKS
M7XPP>%;KX9>.[7QM9:]J7A&Z\+:Y;>)M/\+0>*;GQ/>:)-IERFH6_AVW\$`>
M,)M9FMBZ:>OAAX]=6X*/I<B7BQ,/3#Q_]>L;7[N^LM(U&[T[37U>_M[2YFL]
M,CN;:S>^N8X)'AM3=7CQVUN)Y%">=,ZQQYWL2%(/Z152E2J1E9ITY1DG'G33
MBT^:"UDM=8KXM5=7NOXLPM25+%X:M!SC.EB*%2$J=98:HI4ZU*:E#$-25":<
M4XUG%^R:52SY+/\`!\>!?^";:J@/PI_;L(V@J#\/O^"F8(4Y(4YM4W'.2YY*
MN65V+JRTG_"#?\$V?^B5?MV^O_)/_P#@IC^7_'OT]^O]/UO3QS\4_F'_``HG
M4B23G/CCP01D``@;-4EX&``6*MGL!@EQ\<_%0C!^!&I'!Q_R._@HGU_Z"&:^
M5_LK`*]\-@G:]W_J_-ZW;NK56MW?33]/W&/'_$]E;-N*6NEO%N@E;I9?4--+
M+I:W1GY'_P#"#_\`!-H'*_"G]NS.",'X>_\`!3!EY&",-;,#WZC([$4T>!_^
M";?3_A5?[=A&6//P_P#^"F!.78NQ):V9CEF;;D\`!1P`%_7/_A.OBKG'_"B-
M1S_V._@K'Y_VAC\:/^$Y^*G_`$0C4NN,_P#";^"L_G_:&<>^<4?V9E^G^S83
M2]O^,>J:7WM^]Z]1KQ`XH_Z&W%7E?Q<H?_,!^1O_``@__!-O_HE7[=G3C_BW
MO_!2_K[_`.B]/ICI[Y!_P@__``3;_P"B5?MU_P#AO?\`@IAU_P#`;I[=?>OU
MR_X3OXJ9_P"2$ZC_`.%OX*Q_Z<,=Q^='_"=_%3&/^%$ZEUQ_R._@K/Y_VAG'
M(YZ<U7]FX+_H'P7_`(C]3_Y</_B('%'_`$-N*O\`Q;E#_P"8#\BSX&_X)LE7
M)^%7[=1&%!S\/O\`@I?MZDC(^SXP<\;L\XQWK]G/@-;>#+'X1^!+3X=Z=XIT
MCP1;^'K&'PUIOCFT\;:=XOL]+1&^SP^(;+XD1IX[MM45"/M,/BD?VPAPMV`_
MS-RS>.?BF<Y^!.J#`'3QOX(`P3U.=2'T[C\:]I\.76H7^D6=WJNC3:'?3PH]
MSI4UW9WLMC,2PDMGO+*:2TN=A`836[M$=Y5>48MZ6683#8>K5E1IT(.4%&7L
MLLE@6TI7UG*I+G5]HI73U/BN-N)<XSS!8.AF6-SK%4Z.*E5I1S'C:EQ/3C-T
M>1RIX:.&H/#3<='7<FI1_=VOJ>:?%+]HOX(_!.[TNQ^+/Q.\'?#^ZUM+F;2(
M/$^MV>DRZC;V;1+=36J7CQ-.D#S()C")!&K*6(#`UX9XH_;C_9`U_P`/ZMH^
MF_M9?#7PM?:E97%G;^(M%\8>%)-7T=YXFB6^TU-:MM7TLWEOO\R'[?IE];AU
M!>W<8`\=_P""C/[3WQ6_9[UO]DSPC\+_`![\$OA2_P"T'\:?&GP]\4?$_P".
MWPT\9_%CPMX.T/PG\"/BE\6K5K'PEX&^)WPMU>ZUC7]>\`:5X;M[J7Q%]BT^
MVU6XN)M-NWC26#X^^'O_``5@\;^&OC/\`_A]^T/X9L]1^'_Q'^'_`.VAJ%Q\
M3/@I^R]^U-K.K?$G5?V=OBM\`/!7PY^(?@#X1:7H_P`2_B3X1^&7C'1/B;XU
M@U6\US2?%F@WGB+PWI.IZ!\0&T#Q'H%OJ7HU(8J;E[.I1A#9*5.I)O39N-6*
MU\DM-W='R>$Q.24:=*6)R_,ZV*IOFG4HYCA*5"4E*\7&A6R[$6BK).,YS4M;
MJSL>X?\`"VO@=D_\;:O&1Y`R/$7[,H;:`!EBGP1"EVP68X'+?+A0!2_\+;^!
MG_26KQI_X47[,_\`\Y.L'X&?M9_M@_ML>!O"(_9WU']GKX,Z_%X'U'XK>/\`
MQW\8/A)\4_'EM<^&O$'[1'[1OP?^$'@WPO\`!NS^)/PG\2Z%KNJ:%^SEKVL_
M%#6/&/C2+4O#5_JUMIND>!4OWNK/0N"^.O[6G[?VEZ;^R9XB^&/B?]D?P3#\
M>/VMM7_81\<^&O%_P+^*GQ17PU\7O`7C3]HWP3XV^+7A3Q9H_P"T-\+IM2^'
M^L:K\`6NO"O@/6O!^GZY8Z1XDBCU;QG=:G:RE>&675F[JK277EC]<BDWJ[)8
MRRUZ;:GTBXPP-E_PFXM622][AO9:;OA9]D[ZM[MMGK?_``MOX&_]):O&F`<'
M_BH_V9_?@_\`%DNN?Y?A1_PMOX&=/^'M7C3/_8Q_LS]/_#)U\Q_'G_@HW^UC
M\%?C)\4/AQX>\0?!#XQ_$/X:?&7X*?`_P=^RSX9_9`_:5T_QO^T5XD\8?!SX
M&_$#QI=^$OVDM-^*WBGX/_#.Y,_Q!\?^)K#2_$?A/Q0O@;P3X(FN?%-UJZB;
M5$]F\9?MQ?M13?"+]H_]O#P98?!+0/V1?V1/&7[3?ASQ=\!O$7A+Q-XG^/?Q
MN\'_`+)'C_QS\/OB_P".=%^+VG>/O#7@CX1>)=4U#X>^([[X5_#V_P#AI\0[
M74K.RTN7QAXOTJ3Q7)9^#)_LVMI^^AI_>QO=_P#49J'^N&"_Z%F,_P#`N&O_
M`*%SM?\`A;?P,XQ_P5J\9X_[&/\`9GZ>W_%D_6C_`(6W\#/^DM7C3KC_`)&+
M]FC_`.<G^O2N&US_`(*6?%WPYI/[0T>O_"SP1I$^C?$J9_V5O&R-K-UX:^+/
MPH\/?M1>$?V?/B7H/C7PW=WNG:_X:^,7PS7Q+I>OZKIUI>?V+K7AKQMX3\2:
M>EN=#\<Z;H=CP[^W'^T?^T-\9=7_`&1/@E)\'OA/\94\;?MS^([GXR^/_AQX
MK^)?@7PQ\"_V2OVJ='_9S\,:9IWPSTOXE?#S4?&_Q1^(-UXHT6XU34E\?Z'X
M;\+6&DZUJTNB7ESK'AS1Y&LMK:?OH:6^UC?/_J,^_P"0?ZX8+_H68S_P+AK_
M`.A<[!OBW\#`K%?^"M/C4%=F,>(OV:">20?E'P1RP[\'Y>I&.:_47X0:CI&I
M_#CPC?Z'\0[KXK:1>:+9W&G_`!%O+G0KR[\7VT@<)K-Q<>&M+T;09'N=N-VD
MZ1I]D0F4@63S:_(W]J?]K[]LGX':I\#/#6M2?`CX10WW@'Q!KGQ7^.8_9]_:
M/_:<_9HU?XF>%O$U[H<?P_\`%'C[X8:OX,U3]D'PEXET.RL_%U[X^^+&A^/M
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MK9ZC+8:E%B:T5#2U[X"_#[7?V@_`/[2^IVNJ-\4OAC\+?B=\'?"UU#JDPT.+
MP1\6?$GPU\5>+K>^T7:D%]J5QJ?PL\(26.HR2)+IT46HVT0E2]=P45W'S?5^
MB_-GSO:?\$_/@UX>D\"WWPQ\:?&WX.>*O!&@_$GPUI_C'X;?$233M:UOPA\7
M?B/J/Q3\4>%?%]CKFF>(/"7B?3K#QOXHU?5_!E]JGA>?Q#X!DU&]?P7K>A7,
MUQ<77>+^Q+\"[?P-^S?\-Q8^+'\/?LN_&32OCQ\,;B]\:>(-;\0WOQ4TS3_B
M#'=>*_B!XEUZ[U'7O'NI^)[OXD>-O$GBZ^U_4;B\U[Q7K+ZU>S272F5BB@9)
M\8_V*_@=\<?A_P#&/X:>.K#Q)_9'QP^*?@7XX:_JWAWQ1K/AKQ3X7^*WPVL/
MA3IOP_\`'?P\\2:5=PZGX*U_PA-\&OA_JVC2Z9*UNNL:;?7-_!J%CJ^HZ5<<
M!JO_``3I^`NKZU\2VBU3XEZ+\.OCG\1=+^,?QV^!6C^+XHO@U\8_BA;W'AZ\
MO_%/B[PU=Z/>:GI<?B^?PEHDGQ*\,>!->\'^#/B=);W+^._#>O?VQKHU,HH'
M=]W]YK_&K_@GS^S1\?O`OA[X<_$SPKJVKZ'X7_:8F_:S\(WUMXEU73=?\-_&
MEO&FO>.KW6M)U;3WM9K72=0O?$?B#1M1\/3"]TG4/#&L7^BW-L3+!>VL=Y^P
M=\%8M3TCQEX(UKXD_##XF>'/BO\`'[XE^'/BKX&\0Z0GC;1M;_:9\:OXH^-W
MAN-?%?A[Q9X5U;X>^-_%/]DZK<^#O$OAC7=*L;SPOX3UC3H+;6O#NFWD110%
MWW?WLYS2_P#@G!\$_!NA:1HOPC\<_'KX)I)X&UGX>>,]5^&/Q4N]-USXL:+X
MH\;^.?B=X@U/XF:EXBTCQ1-JWCC5/B%\3_BEXQ7XE:.=#^(6B:W\1/%<WAKQ
M+HT.I)%:?8WP;^%?@'X&?"KX<_!?X5Z!%X5^&GPG\#>%OASX`\-0W%Y>1:#X
M.\&:1;>'O#NE"]U"YO-0OI+/3-/MX9K_`%&ZNM0OI%-U?7=S=2RRL44`]WZL
"_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>exhibit99x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!A`%(#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^^O4-2T[2
M+.?4-5O[+3+"UC>:YOM0NH+*SMX4&7EGN;F2*&&-!R\DCJJCDD5QP^*WPN/(
M^)/@$CU'C'PZ?Y:C7F'[6OP7N_VBOV=/B_\``VPUNV\-WGQ2\!Z[X.M=>NK5
M[V'29]6CACCO9+.(K-<I"RAC%$P=CM`(S7\Q*_\`!L[\27+*/VJ?"7R8X/@[
M60@##*JGEZ@X^4#!`"J.`N<''QO$N=\4977H4\@X2_UBH3I*5?$_VQA<N6&K
M\[3H2I5Z5252]-TZBG%I+GY6KV9_2O@=X6^`G'V3YQC?%[Z1T/!7-,'FT,'E
M&3OPTSGCEYQE[P=*O4S%XW+,[RRG@?9XB53#?5ZU*<YJG[2,K.S_`*QO^%J_
M"_\`Z*1X"_\`"P\/?_+&C_A:OPO_`.BD>`O_``L/#W_RQK^3O_B&8^)7_1U/
MA#_PC]=_^3*0_P#!LS\2@"?^&J?"'`)_Y$_7>W_;Z/YCZU\Q_KAXC_\`1L8]
M/^:JR]=NOU;SW_S1^Y?\2W?0H_Z3W@O/_B7SBO\`N]N+O/\`JVO]8G_"UOA=
MT_X63X!SZ?\`"8>'O_EC1_PM;X7?]%)\`_\`A8^'O_EC7\1'Q[_X(\?#K]F"
M]CM/CM^VMIO@*WGCC>'7+GX(_%'5?"\ID128U\2:59W6D"="Z*\#W:.CY4G.
M*^:_^&.?V%SS_P`/0?AD?<_"#XJ*?Q5]/5ACIR/ID8->/BO%/BG`5Y87'<$9
M3A,1!7E0Q''F34*J5TKN%7"P:5W;KK;<_2>'_H#>!G%N74\XX3^D[XB\4915
M:5'->'OHC>*.=9;6O9WI8[+<YQ6&E=7:C[12MK:R/]`S_A:OPO/3XD>`C_W.
M'A[_`.6-'_"U?A?_`-%(\!?^%AX>_P#EC7^?JO[''[#/./\`@J!\,_P^$7Q2
M'_MAS3O^&./V&?\`I*!\-/\`PTGQ1_\`E?6'_$7<^_Z)+(?GXA\/K\Z)[B_9
MO^&3M_QOWQ?7D_H8^,-U\/\`U,//\#_0(_X6K\+_`/HI'@+_`,+#P]_\L:WM
M%\6>%O$OGGPYXET#7Q:^4+DZ+K.G:K]G,^_R!/\`8;F?R?.\N3RO,V^9Y;[-
MVUL?Y[/_``QS^PTOS#_@J#\-05Y!7X2?%#<".05S8`;AVR0,]2!S7]&/_!"'
MX0?!;X3:!^T1%\&OVF/#G[1]KK6N?#,^(+OPYX2\1>%H?"<^FVOBRVTVWNAX
MCCBEO9-8BGN[F%K3>D"63"<AYES[_#'B-FN?9WA,JQ?#^49?1Q*Q#GB<-QGD
M^;5X>QP>)Q,5#`X6G&M44Y4%"4XRY:47*<E9(_&_'OZ%W`W@[X7<0^(&3>+G
MB+Q5F62ULBI8?(\_^C1XC^'>58M9MGN6Y36GB.+.(,95RO+I86AC:N*H4\13
M<L?B*-+`4&J^)IM?T*4445^LG^>XA`.,@'!R,@'!]1Z'WJ-PJE<!5).-V`..
M@!XZ$D`#U(`Y(J6J]R@=<$L.#T./XD(/U!4$'MSZFBZ33?==+O5I6Z;[/R[[
M$R5T[)-V=M;:]-5JMEJB(2*S+M#';D$`$[LC(&0`6VD$$YX(/K2M(O*E&&1U
M*.!\P;')./X6_P`FO\T;XU?M:?M36/QF^+NG67[1OQPLK&Q^)WCVSL[2T^)_
MC&WM[6UL_%NLVUM;00Q:ND<,$,,:1QQ1JJ(B*JJ%4`5_A%^UC^U'?_%CX86-
M]^T=\<+RSO?B%X*M+NTNOBCXQGM[JVNO$NGP7%O/!+J[1S12Q,T;QR*R,CLK
M`JQ!_GB/TA<G>.6"GP_FCJ_6JF&C4AB<)&#=.M[-3:E>6N[O?2RZ'^Q]/]C;
MXI2X57%4/&/@*.$ED4<_^K2R7B*6(5&671S#V"E=T_:*FO9W3Y'4CS;-V_TH
M?$?ACPYXQT/5O#?BC1-.US0]9L+C3]5T75;6&\TW4;*\B:VG@O+6X$D4T<L8
M:-^"Q'((/-?SJ?\`!0K]CCX8?LSV7A3QK\`/^"9/PB_:)\.ZUJ%YIWBO3=*E
M^(]KXJ\-ZQ<2_:-/O(O#GA2[EM+SPYJ")<PM=Q0))::G&D;VXADW#^D2P#&T
MB)=V+01@EFR3P"220268N<L3GI@C%<+\5]%U[6_AQX[T'PGXGN/!OBC6?"/B
M33_#GBV"01S>&]<O](O+?2=;CD>&YCC_`+*U'[+?N\EO-'LA<O!)N(/[1GN3
MX;/,NK4JE&E'$3I*I0Q?U7"8K$X:<(JK!TEC*52E-RLJ;C)1BE-MO33_`#2\
M%O%[B?PBXRRO,<LS/.)Y!6S*%+B+AK#<6<6<,9/G>'JJ6$G7S*OPEF&`S&,\
M)&4L52Q-"-:O25'D]CB8SE2G_%@^N^*$V@?\$%M!;*ALKX?^/SG!)QN-O;LH
M/!^5B&'<4S^W_%/_`$@4T3_PG/VA?_D6O:)_B%^W=ITTMG>?\%T_V2[.]MI9
M;>]M[CXM^&;6>*[AED6YAE@3P`OERPS&2*5"/DE5U&0H)0?$W]N7`_XWN_LC
M]/\`HL7AW_Y@:_G-T;MMX;-8MMW3R;PW6MXW=JF8TII2=Y+FIQ=I.ZTN_P#;
M6'$,ZD8SAFG`')-*47_Q%#Z<#NI<K6L.#W![[Q;B[7BVK->,?V_XI_Z0*Z(/
M?_A'OVA%Q[[FME48ZY8A1U)`YK]UO^".>H:GJ.B?&S[?^PW9?L32P:_\/2=.
ML].\:V,?Q$5T\2EKUCXR@BEF?PX(Q"IL6D2,:R!<[6:,M^2`^)G[<A('_#][
M]D?GCCXQ>'<\\=_`!'Y@_2OV=_X)+>)/C3KFD?&0_&3]MSX3?MHW4>M^"?[#
MU'X5^+-,\51^`8)8_$8O[/7)=/T'0382:])%:W.GI*MT+F/2+IXS%L</];P-
M24.(L)+V.94Y<F(4:TLMX&PW(W@\3>,JV48ZOF$(5$G=4H^SG)*-6RU/YN^E
MMFU7$^`_%T?KW!^(2Q?"MJ64\=_2CSO,'+_6O(Y<U'+?$OA_+.%*L8PA/VT\
M?BH3I4G.O@8U,QHX.E/]FZ***_?C_'L*K73A(RQQP&8\@<+AF//95!8GH`,=
M2*LU'(BOM#`_Q8(&<9&#R<@9!QR#FDU?[T_N:=W9IM+=I--[70I7L[7OTM:^
MNFETTGV;32W:M<_RPOCJI/QO^,;@JPD^*7Q!8^7O(0R>,=:E"EG2-6P&P2I/
MS`XSUK.^#9$?QD^%#,<?\7,\`X#?+N/_``E&FX"D\'H<X)VG`/45_ISS?L]?
M`R:]N+VZ^#_PVN;J[EGGN9YO!V@RRSSW,K7%Q<33/I>YY9IG>21C(S-(Y8\D
MTZ/]GWX&P3Q75M\(/AM;SVTT%Q;RQ>#=!26">UE6>WFAD73PT<L,RK+&ZE66
M0!@<@8_F"I]'VI_:*QRXFPD+8N6*5'^S,1=*==5/9N3Q\KR2M%SLEUY4[W_W
M:A^V?RR'!:X2_P")?LR]HN'*601QTO$3#QB^7+(Y=/$K#?ZF2:A)<U6-*6(<
MD[P]J])+U;3B6MHEP,>2F&SD-C"Y''W2%#`^A`K!\9:K%HOA?Q+KEU!=7MMI
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M-.91*\"LR0.[QQG8!6?]I_9V_P"D*?QN_P##L?M&?U\,`_F!]*_5F3X._P#!
MPMO/E_M9_"]%`"A&U3X8-A5X7!?X>/U')`=@#QQC%*/@[_P<+8&?VM_AAT'_
M`#$_AA_\[ROYK?#6)DV_[%S>3;NW_P`0WX*=V^5W?/)R;;O>4I2<KM_:/]Q,
M/X]Y;0P^'H4O%3P\]E0P]"E3Y/IQ_27H1]G3I4X02HTL-3ITDHI+V<(0A"SC
M&,;67Y3"X_9U)`/_``15^-R@D`M_PMC]HL[0?XL?\(NV<=<;6SCH>E?OS_P1
M(D^'LND_'[_A!?V-_''[(ZIK?PX_M2V\7^*OB5XJ/CJ01>+5T^YLIOB#HND2
MV2^'8Q=6]S'IBS0RKJD$EV8BD'F?,2_![_@X4#*6_:V^%S*&!97U/X8[6`/(
M;'P]!VD<'!!QG'-?J+_P3>\(?M[^$M-^*$/[<WQ4\+?$_4+O5O"Q^'=QX;N/
M#=P-)M+9]<'B2*^_X1OP_P"'X4EO9;C1V@2ZCN91'%(P\OEY?J.#<AJ8//\`
M!XF>5YAAO9^W3KXK@SA3)Z-&,\%B8<SQ>`?UI3J-QIPC2Y>>4TIMQM%_@GTH
M?%S!\6^"?%>14^/N$<\JXK%<-3CEF4?2H\<O$S'8CZOQ%E>)E*GPAQGAGP_F
M<:'LO;U)8N49X"E"IF>%:Q6#H1?ZF4445^['^3X5%*<`G.,([$%<@X`&3Z!2
M0>AXSZ5+4$XRAX#'9)M!X&[`P2<@@#H1@YSSC%-;K6W1.R>KVT;2O?:[2OU1
M$VU%M;JSZO9J[LDV[+6R4F]E&3LG\>>/?VM1X!\8:KX57]FO]K7QNVDS+`?$
MGP^^"]UXD\&ZH7B$OFZ+KQU^SCU&&($QRR1VT?ES`QD-UKE#^W-)@_\`&'O[
M<O\`XC[-_7Q1C\ZV_'OPQ_;0UKQIK%_\.OVI_AS\/O!MU+#+X?\`"6J?LSV_
MC/4-%MQ;`3PW?B5_BAHG]J32S%I//;3;1U0^4R,037,?\*9_X*$?]'N?"K_Q
M$"R_^?/7S=2MG$JM14L'F$X0J2@JGU?)XJ=I1]Z'MN(*$I1M+23I13:VT9^P
MY;E/AS4R_`5,7GG"-/%SP>%EBH8C.?$R&(CB)4*4JRQ%'">&F,PV'KJ?,JM#
M#XO$4J<[J%>JK5':/[<CG(_X8_\`VZ<$$''[/K]R#G_D:>H(X/U]:^./$_AK
M]C'QOXCUCQ?XQ_X)>?M6>(_$GB&_EU+6=:UG]GW7[W4K^]F),EQ<W4OQ`9GD
M))V=!&A\I`J@`?7O_"F?^"A'_1[GPJ_\1`LO_GST?\*9_P""A'_1[?PJ_P#$
M0++_`.?/7)B*&9XR,:>+RFOBH1DI1AB<!PUB(QG91YHQJ\0-1E:5N9:V<EU9
M]3DV,X1X;KU<7PWQWDG#^+KT?JU?%9)Q?XQY5B*V&YX5'AZM?+_#3#5:E%U*
M<*GLISE#GA"7+S0C)?$__"K_`-@MNG_!*/\`::./3]G+7&_7_A/?T^OO1_PJ
MS]@S_I%%^TW_`.(XZY_\WM?:Y^"__!08]?VVOA0?K^Q_8_\`SYZ3_A2__!0;
M_H]GX4?^(?6/_P`^>N1935Z<-T>G_,DX4Z\O_50>:_K?Z6/'TDE?QIQM^O+X
MG>/"6\=E_P`0_P#(^)W^%O[!81BW_!*']ILJ%8L/^&<-<.0`<C'_``GHSD<8
M[]*^Z?V-?"'P&T*W\:O\%_V6/B1^S-;2:AX?;6[3XC_#S4/`5QXMO(5U"33[
MW2X[[7==;5H=+#W4,LXD@^QMJ$"E&\Y7&8_P7_X*#A6*_ML_"<L%)4']C^P`
M+`'`)/QE;`)[X./0]*]T^"7@WX_^$FUP?&_XR>&?C!/J-WI<OA^X\.?"FV^%
MT>A6=NMS]OAN[:U\6^)X]7DO))K9X;DFQ-HMHZF.Y%R#%WY7@'0QM.4LDAA)
MJG4<,0LHR/#QIIQBI<V*P.:8NI2<H^ZHI*4V^7EDFV?'\><83S/A?&X%^)F)
MXCIUZV`<\JK<=^+&>1K*CC,-4C)91Q/P;EN48R5*<(5HO$8RC+#^R>*HN5>A
M3A+Z1HHHKZH_`R-W*E1Q\V1SU)R``,D#))[GK@=Z@=CM!=L;MWE[>0R$`_-@
ME<@8Z9&3P2.:PO&,GB&+0-2?PI'HLOB);.=](3Q#=7=GHK7J*IB&I7%A!<WL
M=H/F,QMH)9`!NV,JG'Q;HOQC^/.L1ZFFC>+/V*]:GT&%[CQ"FC_&/Q=JD6AP
M0YB-SJK6?AZ4:9;?:0]NUSJ$L$*3#R7>.<K%)SUJOL]'0Q%:+C=NE&E*$7S)
M*+4JT)MMV>D6DOM:M'JY=E/]HTJM3^U<FR_V=54O9YIC)8>I.].,^>G"&'J_
MNK/D<IU(OGO:,E9/`^*$W[+/_"P?$(\<?%3XS:)XG6XB.K:3H/C;XZ:9H]G(
MUN!$MG8^'570HH63G_0HRI?JV<UP_G?L5_\`1:/CW_X<7]HO_P")KZ$G\1_M
M:VUW):W%I^RS%?6^G7&KR6,WC_XA6]U#I%N0EQJLB/X.%TFFPO\`NY;R5!9P
MRL(VG5FQ7$0?';XU7/AJY\90>-OV'Y/"5CJ*:/?>*$^.7BE_#EEJTCK''I5W
MKL?AQ],MM3D<E(]/FN8[J20>6L1?<$\&OAZU2HYPP^%M/7]]E52=2_G*GFE*
M+TMO&]]6VC]:P.:8'"8+"X:?$F8SE0H4Z,GA_$C+L+AU[.*BHX?#S\/<7.C2
MC&RA3EB:THI6<VV>9>=^Q7_T6CX]_P#AQ?VB_P#XFCSOV*_^BT?'O_PXO[1?
M_P`37H9_:#^+JV#:HWQ"_86&F"]&F_VB/CUXB:P_M$P?:QIYNTT!H%OFLPUV
MMH9/M!MDDG$1@1I*Z/4?BI^T5I'A6+QSJ^L?L=Z1X+F2.2+Q=JOQ=\;:=X6F
M28L(3;^(;OPO%I,XE*[49+K:S!T0LT9!Q^J8G_H'P'_AHQ'E_P!3C^F[;K7J
M_MS`?]%#FW2__&S\K=KV_P"K:^;^[S/&?._8K_Z+1\>__#B_M%__`!-'G?L5
M_P#1:/CW_P"'%_:+_P#B:]_L_&/[56H/I4=E'^RC>-KME-J>ABR^)GQ"NSK.
MFVWD"[U#2E@\(N^H6%H]S;+<WMJLEK"MQ`TDR^=&K-M_&G[4]W<):6Z_LHSW
M<D6H3I:P_$OXA23O;Z/="QUF=(5\(^;)#H][_H>J21HT>G78-M?-;3!D46$Q
M+_YA\!_X:,1Y?]3C^ODQ_P!MX#_HH<VZ?\W/RSK;_JVGG^'FCP,3_L6*0R_&
MCX^;E(9=OQ%_:*+;@<C:"H&<].>M?3G[.DOP8\O7Q\*?&?C_`,61RWNAG5I/
M&OB'XB^(C;3+;W+:8M@?'Q\VR6XADE-W_9H"3O&AO"3;VU<!IOQ@^/FL:/KO
MB+2/$O[&.K^'?"[W$7B?7=*^,OB^_P!&\.S6>?MD&NZK;>&Y-.T>:V"L9H]2
MNK9T"L64!6Q[=\"O&GC?Q_H=QXD\3ZG\%?$.F7-U9Q^'M:^"_C"_\:Z!<QQ>
M:NJ"YU/4-+L8DNX)C!Y4=E+<,$D9+H0211JW;E^&=+%TZM?"X=.$:G+5P^!E
MAI+FAR\CE5Q^+O&3=WRP3TMS)ZGSO%6:8/%9)B:-/.,PQ4YSPZA1Q''>`SFE
M.2Q6'J/FP%+@C)YU7!0<E)9A1]FTI\M6WLY?0M%%%>^?DYSWBE/-T'681!+<
M/-H^K(L,`)FD5[&6-XXMJLQED#B.)%^:25T4`G%?R3?#_P#X)V_&W0?^";'B
MWXIZSX1^&WASQNO[%/QS\!>$?A3\*_V<O$G@WX[>*O$OQ7U_2+FV;XYWCZQJ
M.L_$CQ!X9'AK3M6T[1;?P[I3WWB6Y&KW264,;1O_`%Z2P)*R,^?W>2H^7&[?
M&X?)4LKJ8\*R,I`9N^TK#]B0Q>4TUPY_>XE:1?,_>(T8!546%A$C!8P\3#"Y
MD\QGE,CC)Q::W7ZJP)R3NI-6VU=DNJM>SZN[3:N?RV_MF_L\?MU3?'+7+_QK
MXF\7?M0>$F_9>^%L'CR+X0_!/4OAI<:[\%]*_;*^%_B#XX_!W2G\/^(]5/BC
MQAXE^&-GJ.K#PQ8ZGI_B'6/#&GZ]HVGVU[:W\EM<?5_P]^!?[,WQ;_:A\>2?
ML_\`[,-CIW[+,7[)6I:)\5[#5O@5K'@'X,>/OC9IGBWP]=_!6T\/?#KQMX-\
M.:3J_P`1?ACX6T[Q]!K7B72O#T5[H\'B/2?#NJ74E]";>U_>,6,0;<CS1@!\
M(CA5#NI4RYV[VFP3F1F9G)_>;\+A4M$4EFEFD;>S@LR*5W_>5?*2/`)P2W^L
M.`I<QY0W[6?>UNBT73_+3M=VL5SS_FMZ:=NS_'I^?\D/A+]@;Q[J'[-G_!&7
MP1\&/@/\*/A7\0=-\)_&[7OC!/\`&/\`94/CGP'HOBM_@LVDZ3-\;/!21>&+
MC3=?U2=[;2='UCQ'J-OJT(:XATZWO)9&B'J/[.GPG\%?#?0/V8;3]LO]GGXA
MZQ\/O`7B#]KNR^,G@[4_@EXE\3_`OX.?M=^)/&'PUU#2/%7AKX7>&_"^MZ2O
M[/NM^!].\;6?P"\1VND^(/#NAVWB-H9;BQ\0:K<3Q?U%1V$21QJTCRR1Q>4;
MB1+82O@QLKL(K>.%&1X8G588HH@R*3&=H`<EC`F-N\`,S*H;:(PV25CV@%!N
M.\LI$DC`>:[A5`/:S[_@OZ_X?3I8]I4_F_#T_K[NVO\`+/\`#?\`90^._B[X
MKZ+X[^`GA[Q]\$=(^%.J?MQ_%3_@G)9^-/#_`(S\)^#_`(;^$K_Q9^R!8Z1\
M,/B%X/U5()O#_P`*_CIJ5E\<9_#7PT\1VNE:CHGA37%\1Z%HUC)H4*6OD'B#
MX8_M)_$;X;^#?%^G?L]_'GPCXE\3?L]_M_ZMXX^&]OX>\2:5XXLM%\>_\%&/
M!'CSQO\`":/5[6WT][3QEXR^$<'C;3_!IL-0LKWQ5I-Y'J7AB*Y2ZA<_U\&T
M7>'\Z<$*P(W1L"Y>-A+EHV=73855498661A)$Y6(Q,CT^"(84R;2C)(FX!)0
M0%4R!57E$W1J$V)M=MRLVUE/:S[KHMET^7]78<\_YK[:M:Z6_P""_6W;7^<W
MXM^#?V*O'_@;XG>'/V>_V5OCW\-?!&K_``]^`.E_%#XS_"3]G3Q1I7@_PM/X
M6^-'A?6/!?A_Q?\`L\>,_#5G:_';5_AO/IW_``D?QAM;#X<^-=6@^&L/B+PM
MK&J7UQ>'1;#[5_X)2Z-J'AWPY^T1HY\-_#YO#W_"W]*U;0?BU\*?@AXX_9N\
M!?&&74_`7AN'5]2LO@QXPGDLO#^N^%)]/M_#GB7Q!X%M=-\$>*=2B%S:6@UJ
MRUZ5_P!819Q!"C%Y`R[9-VP&3.=Y?RT0'S/E#JH6,!$"(@!!D2%8R2&<@D$!
MF!"@<!5XR%]B3CH,``4G-M.]GI9-[K;;\?O]")+GMSMRMJM6DGIK:]ME;T??
@4FHHHJ!A1110`4444`%%%%`!1110`4444`%%%%`'_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
