INVESTOR PRESENTATION

February 2020

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99

Safe Harbor Statement

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements often address expected future business and financial performance and financial condition, and often contain
words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions,
and variations or negatives of these words. Forward-looking statements are not guarantees of future results and are subject
to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any
forward-looking statements. Important factors that may cause such a difference include: ((i) the failure of any one or more of
the assumptions stated above to prove to be correct; (ii) the risks relating to forward-looking statements and other “Risk
Factors” discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019; (iii) the purchasing
patterns of customers and end-users; (iv) the timely release of new products, and acceptance of such new products by the
market; (v) the introduction of new products by competitors and other competitive responses; (vi) the Company’s ability to
assimilate recently acquired businesses, and risks, costs and uncertainties associated with such acquisitions; and/or (vii) the
Company’s ability to devise and execute strategies to respond to market conditions. The Company disclaims any obligation to
update information contained in these forward-looking statements whether as a result of new information, future events or
developments, or otherwise.

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 2

Overview

“TWO SIX” Refers to groups II and VI of

the Periodic Table of Elements

Aerospace
& Defense
13%
23% Life Sciences
28% 6%
FY2019 FY2019 FY2019 Semi.Cap.
Revenue 72% Revenue 72% Revenue 4% Equip
43%
Regions Segments Markets
17% All other

6% 11%

Core Competency 24,000 69 18 2.6B

Worldwide Pro Forma Revenue
ENGINEERED MATERIALS employees
Worldwide
Locations
Countries
LTM 06/30/2019 for II-VI and
LTM 07/28/2019 for Finisar.

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Our Core & Growth Markets
Optical EUV
Communications Lithography

Industrial 3D Sensing SIC for

Lasers EV

Core Markets Growth Markets

Aerospace & SIC for
Defense Wireless

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Thousands of Customers Across Diverse Markets

*Sampling of representative customers based on approvals for public release

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 Revenue Growth & Transformative Acquisitions
10 Years of continuous revenue growth 4 Transformative Acquisitions
2019
$1,362
2016

2013
$1,050
$972
2010
$827 InP Technology
Platform
$742
$683 Vertical
Integration &
GaAs
Scale
$551 Technology
$516
$487 Platform
Optical Network
$333 & China Market

NASDAQ
S&P 500
5G
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Stock charts represent relative growth in value since 1987

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 6

 20+ Years of Tremendous Value Creation by
Integration of Acquisitions
1995 - 2010 2011 - 2015 2016 - 2019
Micro-optics Semiconductor Lasers InP Platform
Photop Technologies Oclaro Semiconductor Laser Finisar

Laser Processing Heads Optical Amplifiers High Energy Lasers

Highyag Oclaro Optical Amplifier Redstone Aerospace
Optonicus
Selenium Refinery Advanced Coatings
Pacific Rare Metals Oclaro Optical Coatings Wavelength Selective Switch
CoAdna
Thermo-electrics Aerospace & Defense Optical Systems
Marlow Industries LightWorks Optics Compound Semiconductor Wafer Fab
Kaiam Laser Limited(U.K. Fab)
Ultraviolet Filters Precision Ceramics
Laser Power Corp M Cubed Technologies Faraday Rotator
Integrated Photonics
Optical Channel Monitors
Silicon Carbide Substrates
Litton SIC Group
Aegis Lightwave Direct Diode Lasers
Direct Photonics
Conformal Patterning
ZnSe Platform Max Levy Autograph
Laser Power Corp GaAs & GaN-SiC Platform
Anadigics
Micro-optics
Lighting Optical Epitaxial Wafers
Epiworks
Micro-optics
Virgo Optics

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Proven Integration Playbook Focused on Operational
Improvements and Investing for Growth
Oclaro Semiconductor Laser1 Business Case Study

Transaction Overview Operational Excellence

 Target had a high unit cost structure II-VI Laser Enterprise Revenue and Operating Margin

FY14
 With vertical integration and wide
applicability in optical and industrial
60%
markets, II-VI drove margin expansion over Then (@ Acquisition)
subsequent years

(45%)

FY14 FY19

1. Oclaro’s semiconductor laser business was acquired in FY2014. Revenue Op. Margin

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 8

 Acquisition of Finisar
Strategic Window of Opportunity Now
Disruptive Megatrends Inflection Point TAM ($B)
$20

3D Sensing CAGR 20% $18

$16

Electric & Autonomous Vehicles $14

CAGR 16% $12

Proliferation of Cloud Services $10

$8
Window of $6
Increased Data and Video Consumption Opportunity1 $4

$2

Accelerated deployments in Mobile & $-

5G Communications 2018 2019 2020 2021 2022

Datacom TRx Telecom TRx ROADM 3DS & LiDAR RF Electronics Power Electronics

Right Technology + Right Team + Right Time Combined broad base of talent, technology and
manufacturing enhances our ability to hit market
windows today
Note: Market size forecast from Lightcounting, Ovum and Yole.

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 Addressing Multiple Strong and Growing Markets
Power Electronics
3D Sensing & LiDAR Optical Communications RF Electronics in Wireless
For Green Energy

GaAs | InP GaAs | InP | Si Photonics GaAs | GaN/SiC | Diamond SiC

For 3D sensing in consumer For terrestrial, submarine & For 4G remote radio heads, For electric vehicles (EV/HEV),
electronics & LiDAR in wireless optical infrastructure 5G beam forming antennas & smart grid power switching,
automotive and datacenters RF electronics solar and wind energy

2022 Market $2.9B $12.1B $1.1B $1.2B

2018-22 CAGR 60% 13% 26% 27%

Source: 3D Sensing & LiDAR, Wireless RF and Power Electronics for Green Energy from Yole, Optical Communications from Lightcounting and Ovum.

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 Finisar Brings Significant Next-Generation Technologies For
Communications, 3D Sensing, and LiDAR Enabling New Market Growth

Datacom Transceiver Technology Telecom Transceiver Technology ROADMs

I-Temp Tunable
High-Speed GaAs VCSEL High-Speed InP DML DBR Laser + MZ Mod Tunable Laser + InP Modulator LCoS
3D Sensing

2D VCSEL Array Coherent Tunable Laser Coherent Tx+Rx Assemblies Diffraction Gratings

GaAs InP WSS Optics

Integrated
Circuits
Laser Driver Transimpedance Amplifier Clock & Data Recovery Silicon Photonics PIC + EIC

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 11

 #1 in Optical Communications
A highly complementary and complete portfolio of leading-edge products

Long Haul, Metro, and Datacenter

Interconnects

Datacom
Telecom
Subsea ROADMs Transmission

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 Growth Opportunities in 5G Mobile Infrastructure
II-VI Finisar 5G OPTICAL ACCESS 5G RADIO ACCESS
Photonic Solutions Segment Compound Semiconductors Segments

Backbone Network Front- & Backhaul Network Base Stations Handsets

Coherent TRx HPC WSS LPC WSS 25G FH TRx Bidi DWDM TRx

Line Cards Amplifiers OCM/OTDR DWDM Filters Subsystems 100G BH TRx GaN/SiC RF GaAs RF
2022 TAM:$2.4B TAM:$1.4B TAM:$1.1B
2018-22 CAGR:13% CAGR:124% CAGR:63%
Source: LightCounting Note: TAM is all inclusive (not exclusively 5G driven) Sources: LightCounting & II-VI Estimates Sources: Yole, JP Morgan & II-VI Estimates
(GaN/SiC RF includes 4G & 5G)

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 RF Electronics for Wireless 5G
WIRELESS

 II-VI’s GaAs & SiC on 6” platform + Finisar’s Beam-forming Antenna

microelectronics design expertise

= Access to larger & growing markets
 Collaboration with SEDI for GaN/SiC RF electronics
 For wireless: efficient, high power RF amplification with
GaN/SiC HEMT
 Thin-film diamond on silicon for next generation high
speed wireless electronics

SiC Substrates GaAs Epiwafers GaAs pHEMT

4G
WIRELESS
Remote Radio Head

For 4G & 5G Wireless Antennas For RF Devices in Wireless Handsets For RF Applications in Wireless

GaN/SiC for RF Electronics

Market CAGR (‘18-’22): 26%
Source: Yole

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 Most Compelling Platform for 3D Sensing & LiDAR
 II-VI’s GaAs Platform + Finisar’s InP Platform
= Enhanced competency in 3D Sensing and LiDAR
 Optimization of R&D, Capital and Asset Utilization
= Faster Time to Market GaAs VCSEL
ARRAYS
940 GaAs
EDGE-
1550 InP
EDGE-
 Vertically integrated 6 inch GaAs compound semiconductor platform, one of EMITTING
LASERS
EMITTING
LASERS
the largest in the world
= RF Devices and advanced optoelectronic device integration

Tablets VR / AR

GaAs InP eCommerce

Auto LiDAR

Video Game Security / VCSEL Arrays For 3D Sensing & LiDAR CAGR (’18-22): +60%
Consoles Biometrics Source: Yole

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 Power Electronics for Green Energy
 II-VI’s SiC on 6” platform + Finisar’s microelectronics design expertise Applications
= Access to larger & growing markets  Electric cars (EV/HEV)
 High efficiency voltage and power conversion  Solar & Wind Energy
= SiC MOSFETs for Green Energy  Smart Grid Power Switching

A world leading supplier of SiC substrates

SiC for High Power Electronics

Electric Charger / HV Battery
Market CAGR (’18-’22): 27%
Bi-Directional Converter/ Inverter/ Electric Motor Source: Yole
DC-DC Converter

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 16

 Industrial Laser Materials Processing
High Power Semiconductor Lasers & Laser Optics
 A full suite of components for multiple laser modalities
 Strong CO2 deployed base in active use and strong secondary market
 Industrial laser components: 25-35% of worldwide revenue

Laser Components, Processing Heads, Beam Delivery Optics / Components

Fiber Lasers Market CAGR (‘17-‘22): +8%

Direct Diode Market CAGR (‘17-‘22): +7%
Source: Strategies Unlimited

FIBER LASER OPTICS CO2 LASER OPTICS LASER BARS CUTTING HEADS DIRECT DIODE LASER ENGINE

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 17

Aerospace & Defense
 Diverse Aerospace Applications
 4 Strategic Areas in Defense
• Intelligence surveillance & reconnaissance (ISR)
• High energy laser systems
• Missiles and ordnance
• EMI & survivability
 Differentiated core capabilities & products
• Materials engineered in-house
• Complex electro-optic sub-assemblies
• Emerging strategic platforms

World leader in large sapphire panel output

24,000 sf dedicated facility

Phased array laser optics for

space nanocraft propulsion
and communication
II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 18
 EUV Lithography
 EUV Lithography already started for 7 nm node production
 Multiple II-VI products used in each EUV system, ~1-2% of total value
EUV Lithography System
 Products leverage II-VI materials: ZnSe, CdTe, CVD Diamond and RBSiC

Structural Ceramic Subsystems

EUV Source System: Focusing Optics
Power Amplifier
CO2 System: Seed Laser

EUV Lithography Systems

Market CAGR (‘16-’22): 9%
Source: Allied Market Research

REAR MIRRORS OUTPUT COUPLERS MODULATOR CVD DIAMOND REACTION BONEDED SIC

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 19

II-VI Financial Summary
 Significant Value Creation Potential from Synergies
Annual Estimated Synergies
Achieved Within 36 months

Cost of Goods Sold  Supply chain management - Procurement

 Infeed - Internal supply of enabling ~$85 million
materials and components

 More efficient R&D with scale

Research & Development  Complementary engineering and design teams

 Consolidation of overlapping corporate costs

~$65 million
General & Administration  Optimization of operating model

Sales & Marketing  Savings from scale

Total ~$150 million

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 21

II-VI Segment Revenue by End Markets for Full Year FY19

End Market Distribution of Full Year FY19 Revenue

Fiber Optic & Life Science,

FY19 FYY19 Op Margin – FY19/FY18 Revenue Industrial
Reported Segments Wireless Military Semi Cap Consumer,
Revenue GAAP / Non-GAAP Growth (Automotive)
Comm. Other

Photonic Solutions $639M 13% / 17% 31% 9% 82% 0% 3% 6%

42%
Compound Semiconductors $723M 11% / 14% 8%
(3%)
13% 21% 13% 11%

27%
II-VI Consolidated $1,362M 11% / 15% 18% 45% 11% 8% 9%
(2%)

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 22

II-VI Segment Revenue by End Markets for Q2FY20

End Market Distribution of Q2FY20 Revenue

Pro Forma*
Q2FY20 Op Q2FY20/
Revenue Fiber Optic & Life Science,
Q2FY19 Q2FY20 Margin – Q2FY19 Industrial
Reported Segments Growth Wireless Military Semi Cap Consumer,
Revenue Revenue GAAP / Revenue (Automotive)
1HFY20/ Comm. Other
Non-GAAP Growth
1HFY19

(13%) /
Photonic Solutions $160M $460M 188% 3% 94% 0% 0% 3%
12%

Compound 30%
$183M $206M (4%) / 5% 13% 15% 22% 12% 21%
Semiconductors (2%)

(12%) / 11%
II-VI Consolidated $343M $666M 94% -2% 70% 7% 4% 7%
10% (0%)

* Pro Forma on page 11 of Form 10Q filed on February 10, 2020

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 23

Summary of Q1FY20 Main Points
Key Statistics for Modeling FY20 on II-VI Consolidated
Item Preliminary Amount Estimated for Comments
FY20
Depreciation $174M of Depreciation Includes Preliminary Purchase Accounting Amounts of Acquisition:
• $1,305M: Assigned to tangible net assets
Amortization $107M of Amortization • $750M: PP&E ($125M step up)
• $440M: Inventory (step up, $88M, $7M Q1, $81M Q2)
Inventory Step Up $88M of Inventory Step Up • $115M: All Other
• $774M: Assigned to goodwill
• $753M: Assigned to amortizing intangibles, weighted avg. 7 year life
• $ 76M: Assigned to non-amortizing intangibles
Synergies $150M run rate synergies by Year 3 Targets: Year 1: $35M, Year 2: +$50M, Year 3: +$65M
Cap Ex $150 – 200M
Stock Compensation $65M
Interest $85-90M
Tax Rate 9-12%
Shares Outstanding 94M

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 24

 II-VI Balance Sheet

Cash and Liquidity FY17 FY18 FY19 Q2FY20

Cash and
Equivalents $271M $247M $205M $377M

Cash Flow
from Operations $118M $161M $178M $81.9M
Long-Term Debt
$342M $439M $467M $2,297M
(Including current portion)

Shareholder’s Equity $900M $1,024M $1,954M $2,066M

Typical industry EPS adjustments are detailed at the end of this presentation.

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 25

Appendix
 II-VI Historical GAAP EPS and Adjusted EPS Equivalent
To calculate EPS comparable to some peers, below are the values of typical adjustments used by other companies
II-VI Consolidated Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Summary of Typical Industry Non-
GAAP Adjustments FY18 FY18 FY18 FY19 FY19 FY19 FY19 FY20 FY20

Special Items, net of tax (1) - - - - - - - 48.1 2.2

Inventory Fair Value Adjustment 80.6

Amortization 3.8 3.6 3.6 3.7 4.1 4.2 4.6 4.2 33.6

Share Based Comp 5.3 3.6 4.4 5.3 5.0 7.9 6.8 5.4 19.3

M&A Related Expenses - - - 1.9 8.6 4.1 4.8 5.6 8.0

Total Adjustments 9.1 7.2 8.0 10.9 17.7 16.2 16.2 63.3 143.7

Tax - (0.1) (0.2) - (0.1) (0.2) (0.4) (0.2) (12.3)

Impact of the “Tax Cuts and Jobs Act” 15.8 (6.5) (1.3) - - - - -
and Company Actions

PAT 24.9 0.6 6.5 10.9 17.7 16.0 15.8 61.1 131.4

Average Outstanding Shares - Diluted 65.0 72.4(2) 65.1 66.2 65.7 65.7 65.7 65.5 93.0

EPS Impact of Typical Industry 0.38 0.01 0.10 0.16 0.27 0.24 0.24 0.97 1.41
Non-GAAP Adj.

(1) Special Items are defined within Table 2 of the Company’s Q1 FY2020 Earnings Release. Includes severance, restructuring and related for Q2 FY20.
(2) Average Shares Outstanding – Diluted for the Three Months Ended March 31, 2018 was calculated under the If-Converted method to account for the Company’s convertible debt. Reference Table 7:
Earnings Per Share Reconciliation from the Q3 FY2018 Earnings Release.

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 27

II-VI Segment Reconciliation: Operating Income to Adjusted Operating Income

II-VI Incorporated CONFIDENTIAL - Export Control Classification EAR99 Page 28