Photronics acquires additional shares of PKL in Korea

April 4, 2002 – Jupiter, FL – Photronics Inc. has acquired an additional 859,730 shares, or 28% interest, in PKL Co. Ltd. in Korea.

As a result of this transaction, the company now owns 78.8% of PKL. Photronics acquired the additional equity in PKL, an independent photomask manufacturer, from several existing PKL shareholders upon their partial exercise of a previously disclosed put option, in exchange for 1,212,218 shares of Photronics common stock.

The company issued the shares of its common stock in a private placement and granted the sellers certain registration rights. The company may acquire up to approximately an additional 100,000 shares of PKL under its existing agreement with the selling PKL shareholders.

This transaction is not expected to have a material impact on the guidance Photronics has provided with respect to its expectations for its fiscal second quarter, which ends on April 30, 2002.

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