ORBOTECH LTD.

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

U.S. dollars in thousands  

 (Unaudited)

12 months ended

3 months ended

December 31

December 31

2015

2014

2015

2014

Net income attributable to Orbotech Ltd. on GAAP basis

$56,771

$35,380

$16,047

$13,122

Minority interest and equity losses 

560

301

(37)

(65)

Tax expenses

13,788

3,419

2,651

(1,660)

Financial expenses

23,585

9,046

5,180

5,232

Depreciation and amortization 

45,282

30,333

10,544

12,616

Gain from the sale of the Thermal activity, net of tax effect

(628)

Equity-based compensation expenses

3,816

3,192

1,219

822

SPTS acquisition costs 

6,761

ADJUSTED EBITDA

$143,174

$88,432

$35,604

$30,067

ORBOTECH LTD.

RECONCILIATION OF GAAP NET INCOME TO CREDIT FACILITY EBITDA

U.S. dollars in thousands

 (Unaudited)

12 months ended

December 31

Net income attributable to Orbotech Ltd. on GAAP basis

$56,771

Minority interest and equity losses 

560

Tax expenses

13,788

Financial expenses

23,585

Depreciation and amortization 

45,282

Equity-based compensation expenses

3,816

Gain from the sale of the Thermal activity

(628)

Litigation expenses 

680

CREDIT FACILITY EBITDA

$143,854