Photon Control designs, manufactures and distributes a wide range of optical sensors and instruments to measure temperature, pressure, position, and flow. Our products are used by original equipment manufacturers (OEM) as well as end-users in the Semiconductor, Oil and Gas, Power, Life Science, and Manufacturing industries. Photon Control’s products provide high accuracy and reliability in extreme conditions and are supported by a team of experts that offer onsite installation, training, and support. The company also provides engineering services for customized optical measurement systems.

1. March 2017
A Leading Developer of Optical Measurement Technologies
TSXV: PHO

2. TSXV: PHO
Important Cautions Regarding Forward-Looking
Statements
This Presentation contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Such forward-looking statements
concern the business and anticipated financial performance of the Company and include, without limitation, statements with respect to the Company’s
objectives, goals, liquidity, sources of capital, expectations of sales and ownership and continued development of its technologies and products.
These forward-looking statements are based on certain factors and assumptions, including, without limitation, the Company’s ability to successfully complete
new purchase orders along the timelines expected; continued and future demand for the Company’s products; continued sales to the Company’s major
customers; the continued financial health of the semiconductor industry; the Company ownership of the intellectual property rights and good will and products
and process that it believes that it has or should have; and the Company’s ability to continue and further enhance revenue diversification and open new market
opportunities.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to
differ from those expressed or implied by the forward-looking statements, including, without limitation the Company may not have all of the intellectual
property rights and goodwill that it believes that it has and should have as these matters are currently in dispute with photon R &D Ltd.to which the Company
had outsourced its research and development; uncertainties in the availability and cost of financing for the Company to enable the Company to achieve its
goals; uncertainties relating to the market for the Company’s products and maintaining a stable level of orders; fluctuations in revenue as a result of volatility
in the markets and product mix; risks relating to the Company’s present reliance on four major customers for the majority of its sales; risks relating to the
Company’s reliance on the financial health of the semiconductor industry; risks relating to the development of competing technologies and the possibility of
increased competition; the effect of slow growth in the United States, the Company’s principal market, as well as in Canada and other economies generally and
other economic trends and conditions in the markets that the Company and its customers serve; risks associated with technical difficulties or delays in product
introductions, improvements, implementation; uncertainties in product pricing or other initiatives of the Company and its competitors; uncertainties in factors
that may result in a reduction in capital expenditures and/or delayed buying decisions affecting demand for the Company’s products; risks relating to currency
fluctuations, particularly between the Canadian and United States dollars; and risks in pursuing additional development projects to support existing customers
or pursue other business opportunities.
The foregoing assumptions, risks and uncertainties are not exhaustive of the items that may affect our forward-looking statements. Should underlying
assumptions prove to be incorrect or one or more of these risks and uncertainties materialize, actual results may vary materially from those described in the
forward-looking statements. The Company’s forward-looking statements are based on beliefs, expectations and opinions of management on the date the
statements are made. For the reasons set forth above, persons should not place undue reliance on forward-looking statements. The Company undertakes no
obligation to update or revise any forward-looking statements included herein if these beliefs, estimates and opinions or other circumstances should change,
except as otherwise required by applicable law.
2
© Copyright 2017 Photon Control Inc. All Rights Reserved.

3. TSXV: PHO
Stock Price (3/22/17) $1.35
52 Week Low-High $0.65–$1.54
Avg. Vol. (3 mo.) 325,255
Shares Outstanding 108.5M
Free Float (est.) 92.3M
Insider Holdings (est.) 9%
Institutional Holdings 16%
Market Cap $146.5M
Enterprise Value $114.0M
Founded 1988
Full-Time Employees 51
$ CAD
Data source: Yahoo Finance!, Capital IQ
TTM/YTD/MRQ at September 30, 2016
Revenue1
Gross Profit1
Net Income
Photon Control (TSXV: PHO) Key Stats
$3.5M
$5.0M
$9.2M
$5.2M
13 14 15 YTD
$17.3M
$21.0M
$27.6M
$31.7M
13 14 15 16E
$10.9
$10.1M
$14.6M
$16.2M
13 14 15 16E
Total Revenue (2016E)1 $31.7M
Gross Profit (2016E)1 $16.2M
Net Income (TTM) $6.9M
EV/Revenue (2016E) 1 3.6x
Cash and Invest. (Q4-16) 1 $32.5M
Total Assets (mrq) $40.9M
Backlog (Q4-16)1 $8.8M
3
1. 206E is based on preliminary, unaudited results issued
on Feb. 27, 2017; subject to change based on the
Company’s customary year-end audit review process.

4. TSXV: PHO
Photon Control at a Glance
A leading harsh-environment
measurement solutions innovator
Our optical sensors measure
temperature, position & flow
Our technology helps customers increase
yield and efficiency, and reduces cost
We serve an expanding base of
customers, primarily in the thin film
applications & semiconductor market
4

5. TSXV: PHO
Multi-Billion Dollar Optic Sensor Market
A fiber optic sensor is a device that employs
optical technology to transmit signals to
amplifiers for processing
Expected to grow 9% annually to $3.5B by
20201
Fiber optic sensor advantages:
• Easy integration and small form factor
• Non-conductance of electric current
• Immune to RF or electromagnetic interference
• Fast and accurate: measure at speed of light
Increasing demand for fiber optic sensors in
oil & gas, manufacturing, and electronics
5
1. InsightBee 2016

6. TSXV: PHO
Internet of Things Driving Photon Control’s Core End
Market – Semiconductor Equipment
Proliferation of connected devices is rapidly
increasing demand for semiconductors
Semiconductor manufacturers transitioning
to new design and production capabilities
(i.e. multi-pattering, 3D NAND, FinFET)
These technologies impact the processes and
steps that require greater performance,
measurement precision & repeatability
Today, Photon Control is in only 1 of 40 steps
of the semi manufacturing process,
presenting a significant opportunity to
expand within its core customer base
6
Global Wafer Fab Equipment (WFE)
Market Growing 15% Driven by
Advanced Nodes (nm)1
$33B
$38B
2015A 2016F 2017F 2018F 2019F
14nm+ 10nm <7nm
1. Gartner, July 2015

7. TSXV: PHO
Photon Control’s Core Etch Market Growing with
Opportunity to Expand into Other Processes
7
Lam
Research
47%
Tokyo
Electron
Ltd., 29%
Applied
Materials
10%
Hitachi
9%
Others, 5%
Etch & Clean
$8.1B
Lithography
$8.1B
Deposition
$8.0B
Process
$3.9B
Test
$3.6B
Assembly
$3.3B
Other
$2.2B
7
Global WFE Market by Process
($ USD; 2016)
Etch Equipment Market Share1
(2016)
1. Technavio, Gartner

8. TSXV: PHO
Wafer Temperature Uniformity:
• Customer needs uniformity
• Chamber design team needs solutions fast
• Vendors provide customized proprietary solutions
Semiconductor Equipment Manufacturer Challenges
8
Temp probe
Heater
Controller
Converter

9. TSXV: PHO
Other Multi-Billion Dollar Growth Markets Requiring
Precision Measurement Solutions
9
Energy Life Science Power

10. TSXV: PHO
Fiber Optic Temperature &
Positioning Sensors
Focus® Optical Gas Flow Meter
• Immune to electro-magnetic interference
and accurate in high-RF environments
• End markets: Semi manufacturing, flat panel
display, life sciences, power, oil & gas
• Measure and monitor the flow of flare gases
in oil production
• End markets: Oil & Gas
Our Solutions: The Technology within the Technology
10

11. TSXV: PHO
Global Sales & Distribution
Gas Flow Meter Optical SensorsSpectrometer Spectrometer & Optical Sensors
U.S.
China
Other
Canada
Europe
2015 Global Sales
11

12. TSXV: PHO
Key Differentiators & Competitive Advantages
20-year track record & strong industry reputation
Trusted solutions provider with deep industry experience
Long product life cycles
Deeply embedded with customers and design process
Longstanding customer relationships
ISO 9001:2008 certified company & products
Intellectual property portfolio
12

13. TSXV: PHO
Competitive Strengths – IP
Speed-of-Light
Measurement
Proprietary
Manufacturing Process
Material Science-Based
Technology
Proprietary Optical Illuminator Proprietary Fiber Light Path Active Materials
13

14. TSXV: PHO
$4.4
$3.9
$7.3
$10.1
$14.6
$16.21
38.6% 37.1%
42.3%
48.2%
52.9% 51.1%
2011 2012 2013 2014 2015 2016E
Key Financial Metrics
14
$11.5
$10.5
$17.3
$21.0
$27.5
$31.71
2011 2012 2013 2014 2015 2016E
Gross Profit
(CAD) $ in millions
Revenue
(CAD) $ in millions
1. Preliminary, unaudited figure issued on Feb. 27, 2017; subject to change
based on the Company’s customary year-end audit review process.

15. TSXV: PHO
$0.9
$2.6
$1.8
$8.1
$12.0
$4.9
2011 2012 2013 2014 2015 YTD
Key Financial Metrics
15
$4.6
$3.0
$3.5
$5.0
$9.2
$5.2
2011 2012 2013 2014 2015 YTD
Free Cash Flow
(CAD) $ in millions
Net Income
(CAD) $ in millions
YTD @
Q3-16
YTD @
Q3-16

16. TSXV: PHO
Strong Fundamentals Support Growth
In millions except for current ratio data
Dec. 31,
2016
Dec. 31,
2015
Cash & Investments1 $32.5 $25.0
Current Ratio 13.7x 14.0x
Total Debt $0 $0
Sales Backlog1 $8.8 $5.6 $1.0 $3.6
$6.1
$14.1
$26.2
$32.51
2011 2012 2013 2014 2015 2016E
CAD $ in millions
16
Cash & Short-Term Investments
1. Preliminary, unaudited figure issued on Feb. 27, 2017; subject to change
based on the Company’s customary year-end audit review process.

17. TSXV: PHO
2017 Growth Strategy & Initiatives
Strengthening for growth:
• Doubling manufacturing capacity
• Reinforcing core operating capabilities
• Completing state-of-the-art R&D facility
Expanding the core business:
• Expanding to new semiconductor applications
• Expanding within current customers
• Expanding to new customers
Pursuing adjacent market opportunities:
• Flat panel display
• Other thin film applications
• Energy, medical, Oil & Gas
Supporting shareholder interests:
• 20% NCIB goal
• Best in class investor relations focus
17
$4.8
$5.6
$6.1
$6.7
$8.81
Q3-15 Q4-15 Q1-16 Q2-16 Q4-16E
Sales Order Backlog
(CAD) $ in millions
1. Preliminary, unaudited figure issued on Feb. 27, 2017; subject to change
based on the Company’s customary year-end audit review process.

18. TSXV: PHO
$10.5
$17.3
$21.0
$27.5
$31.7
2012 2013 2014 2015 2016E
Key Takeaways
Proven business model with consistent
management execution
Strong competitive position in billion-dollar
end markets
Growing within current customer base and
expanding into adjacent markets (flat panel
display and other thin film applications)
Strengthened management and board of
directors
Healthy balance sheet: $32.5M1 in cash &
investments and no debt
Commitment to invest 20% of annual free
cash flow to repurchase company stock
18
Revenue Growth
(CAD) $ in millions
1. Preliminary, unaudited figure issued on Feb. 27, 2017; subject to change
based on the Company’s customary year-end audit review process.

19. TSXV: PHO
Board of Directors
19
Michael
Goldstein
Neil
McDonnell
Ronan
McGrath
Dr. Robert
Breault, PhD
Dr. Joseph S.
Litner, M.D.
Michael
Torok
• Director and Acting
CEO
• Former Chief
Commercial Officer of
Ballard Power Systems
• Former CEO of
Actuality Systems and
iFire Technology
• Held senior roles at GE
and was responsible
for development and
manufacturing of
NASA's Mars Observer
deep space mission
• Joined board in 2016;
appointed Chair in Jan.
2017
• Chairman of
Agreement Express
and Director of
TitanStar Properties
• Former Chairman of
QHR Technologies and
CEO of Wurldtech
Security Technologies
• Held senior positions
at TeraSpan, TIR
Systems, Mobile Data
Solutions, Intrinsyc
Software
• Joined board in 2016
• Former President and
CIO of CN Rail and
Rogers
Communications
• Served on advisor
board of Compaq
Computer and Lotus
Development
• Former Chair of the
Information
Technology Association
of Canada (ITAC)
• Joined board in 1999
• Recognized expert in
stray light analysis and
suppression
• Involved in 275+ stray
light analyses, using
the APART™ stray light
analysis program,
which he authored
• Chairman of the
Arizona Optics
Industry Association
• Joined board in 2001
• Former Director of
VSM MedTech
• Serves on the teaching
staff for the
Department of
Emergency Medicine
at Louisiana State
University
• Member of the Faculty
of Medicine of
Madigan Army Medical
Center
• Joined board in 2016
• Co-founder and
managing director of
JEC Capital Partners
• Former CFO of
Integrated Dynamics
Engineering
• Held various roles at
PricewaterhouseCoop
ers

20. TSXV: PHO
Company Contact:
Michael Goldstein
Director & Acting CEO
Photon Control Inc.
Investor Relations:
Matt Glover or Najim Mostamand
Liolios Group, Inc.
(949) 574-3860
PHO@liolios.com
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