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APRIL22 2003 RISKMANAGEMENTDISCUSSION STRICTLYPRIVATEANDCONFIDENTIAL YieldCurveSteepening MarketUpdate JPMorganForecast JPMorgannowforecastsanadditionalratecutthisyear TheFedleftratesanditsbiasunchangedattheMarch18openmarketmeeting ItappearsfromthemeetingcommentarythattheFedviewsthemostsignificantrisktotheeconomytobethegeopoliticalissuesJPMorganbelievestheconflictwithIraqstagnatedconsumeractivity resultinginweakereconomicconditions Consequently weexpecttheFedtoeaseanother50bpstoinsurenofurthermarketdeteriorationTheequitiesmarketshavebeentradingwithconsiderablevolatilityduetotheconflictinIraq Initially equitiestradedprimarilyonnewsrelatedtothewar Overthepastweek however equitymoveshavebeennegativeasinvestorsturntoweakeconomicnewsathomeRecentstatisticsappeartohavebeensubstantiallyaffectedbynegativesentimentsregardingthewar ConsumerConfidencecameoutat62 5forMarch whichwasthelowestlevelsince1993 However theAprilnumber whichnolongerreflectedawarrelateddragonexpectations cameinat83 6Despitethis RetailSalesnumbershaveimprovedsubstantially cominginat2 1 whichwassignificantlyhigherthanexpectationsof0 6 andthepriornumberof 1 6 However somestatisticshaveremainednegativedespiteareleaseofwarrelateddrags InitialJoblessClaimscameoutat442KfortheweekofApril12 upfromapriornumberof405K ContinuingclaimsalsocameinhighCertainareasoftheeconomyremainnotablysoft especiallyproductionandbusinessspendingnumbersISMManufacturingcameinbelowconsensusexpectationsat46 2 downfrom50 5inFebruary Inaddition ISMNon Manufacturingnumberscameinat47 9 againbelowmarketexpectationsandpriornumbersThePhiladelphiaFednumber anothermanufacturingindicatorcameinat 8 0 downfrom2 3inFebruaryInorderfortheeconomytobegintorecover businessspendingneedstocontinuetoimproveinresponseenhancedconsumerdemand 1 RISKMANAGEMENTDISCUSSION Mechanics Structure IndicativeTermson2 25 due4 15 08 StandardLIBOR IndicativeTermson2 25 due04 15 08 LIBORinArrears Current6monthLIBORsetting 1 32 Initialsavings bps Coupon 1 32 spread 365 360 Startdate April24 2003Enddate April15 2008Notional 150MMAmortization NoneJPMpaystoPhotronics 2 25 S 30 360 PhotronicspaystoJPM 6 monthLIBOR 98bpsPositivecarry 190bpsInitialAnnualizedsavings 2 86MM Startdate April24 2003Enddate April15 2008Notional 150MMAmortization NoneJPMpaystoPhotronics 2 25 S 30 360 PhotronicspaystoJPM 6 monthLIBORinArrears 140bpsPositivecarry 233bpsInitialAnnualizedsavings 3 50MM PhotronicsreceivesfromJPMorganthecoupononitsNotesAswapallowsPhotronicstomoreefficientlymanageitsliabilityprofilebyincreasingfloatingrateexposureinalowinterestrateenvironment6 monthLIBOR currentlyat1 32 isathistoricallylowlevelsThetransactioncanbestructuredtoreceivefavorableaccountingtreatmentPhotronicscangenerateadditionalsavings andinfactreceiveaninitialpaymentgreaterthanitsbondcouponbyswappingtoarrears Swap to floatingtransaction 2 25 Photronics JPMorgan 2 25 LIBOR Investors 3 RISKMANAGEMENTDISCUSSION SwaptofloatingLIBORpathanalysis Apresentvalueanalysisonthe4 15 08notedemonstratesthesensitivityoftheswaptorisingLIBORlevels ThefollowingmodelshowsanNPVgainof 4 02MM Thefirst12monthsoftheLIBORmovesrepresentJPMorgan sforecastforrates 4 RISKMANAGEMENTDISCUSSION BestOverallFXProviderGlobalInvestor March2001World sBestCorporateBankGlobalFinance October2001 1FXBankbyMarketShare OverallEuromoney May2001 1FXBankbyMarketShare InstitutionalInvestorsEuromoney May2001BestRiskManagementServiceGlobalInvestor March2001 1FXBankforInstitutionalInvestor ByAssetSizeGlobalInvestor March2001 1FXBankforInstitutionalInvestor ByFXTransactionSizeGlobalInvestor March2001 Note SetfontsizeandTextstylestoolsarenotintendedforusewiththeseobjects 2001awards 2002awards ThebreadthandqualityofJPMorgan sexecutioncapabilitiesareunmatched 1ExoticCurrencyOptions EuroCanadianDollar CorporatesRisk September2001 1CurrencyForwards Euro Yen CorporatesRisk September2001 1DerivativesDealerOverallDerivativeStrategy January2001 2FXTechnical Economic CurrencyStrategy andPoliticalResearchCorporateFinance September2001 2Multi OptionStrategiesandVanillaFXOptionsCorporateFinance September2001 2BankinFXSpotTrades EmergingMarketForwards andExoticsCorporateFinance September2001 BankoftheYearIFR January2002DerivativesHouseoftheYearIFR January2002DerivativesHouseoftheYearRisk January2002BestatRiskManagementandTreasuryinNorthAmericaEuromoney July2002HouseoftheYear2002AsiaRisk October2002DerivativesHouseoftheYearRisk January2002World sBestCreditDerivativesHouseEuromoney July2002CreditDerivativesHouseoftheYearRisk January2002InterestRatesDerivativesHouseoftheYearRisk January2002HouseoftheYear2002 CreditDerivativesOctober2002 BestSiteforEconomicResearch CashManagement FXTrading FundManagersE November2002 1TechnicalAnalysisResearchGlobalInvestor March2002 1EconomicResearchGlobalInvestor March2002BestBankforOnlineDerivativesEuromoney November2002BestBankforCreditDerivatives DerivativesResearchandAnalytics TechnicalStrategy andCustodyEuromoney November2002 1CreditDefaultSwaps CreditSpreadOptions andExoticCreditDerivativesRisk November2002VanillaDefaultSwaps 1InvestmentGradeAmerica Asia 1HighYieldNorthAmerica EuropeRisk November2002 5 RISKMANAGEMENTDISCUSSION Contacts CorporateDerivatives 6 RISKMANAGEMENTDISCUSSION ThispresentationwaspreparedexclusivelyforthebenefitandinternaluseofPhotronicsGroup Inc Photronics or theCompany inordertoindicate onapreliminarybasis thefeasibilityofapossibletransactionortransactionsanddoesnotcarryanyrightofpublicationordisclosuretoanyotherparty Thispresentationisincompletewithoutreferenceto andshouldbeviewedsolelyinconjunctionwith theoralbriefingprovidedbyJPMorgan NeitherthispresentationnoranyofitscontentsmaybeusedforanyotherpurposewithoutthepriorwrittenconsentofJPMorgan Theinformationinthispresentationisbaseduponmanagementforecastsandreflectsprevailingconditionsandourviewsasofthisdate allofwhicharesubjecttochange Inpreparingthispresentation wehaverelieduponandassumed withoutindependentverification theaccuracyandcompletenessofallinforma