ANNUAL SHAREHOLDER MEETING

OCTOBER 26, 2017

Safe Harbor Statement

This presentation contains “forward-looking” statements that are based on our beliefs and assumptions and on informationcurrently available to us. Forward-looking statements include information concerning our possible or assumed future resultsof operations, business strategies, product development plans, competitive position, potential growth opportunities, use ofproceeds and the effects of competition. Forward-looking statements include all statements that are not historical facts andcan be identified by terms such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “intend,” “may,” “plan,” “potential,”“predict,” “project,” “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actualresults, performance or achievements to be materially different from any future results, performance or achievementsexpressed or implied by the forward-looking statements. Forward-looking statements represent our beliefs andassumptions only as of the date of this presentation. Except as required by law, we assume no obligation to update theseforward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated inthe forward-looking statements, even if new information becomes available in the future.

This presentation includes certain non-GAAP financial measures as defined by the SEC rules. We believe these non-GAAPfinancial measures are appropriate indicators to assist in the evaluation of our operating performance on a period-to-periodbasis. We have provided a reconciliation of those measures to the most directly comparable GAAP measures, which isavailable in this presentation.

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Overview

�30 years of leadership in precision optics,

visible and infrared

�Deep expertise in optical aspheric lens

design for visible and IR applications

�Markets include industrial, commercial,

medical, defense, datacom

�Low cost / high volume manufacturing

capability in China, Europe and US

�Profitable (FY17); Revenue growth of 64%

(YoY); GM 52% in FY17

�318 Employees; 122 in United States, 122

in China, and 74 in Europe

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Combined: Total Available Market

Optical Systems Market

LightPath $320M SAM1111 LightPath $510M SAM*

ISP $900M SAM*

LightPath $830M SAM*

ISP $900M SAM*

$1.41 Billion Combined SAM*

$1.73 Billion Combined SAM*

Visible

$9.5 Billion

Infrared

$5.8 Billion

Combined

$15.3 Billion

* “SAM "means serviceable available market. Source: LightPath internal estimates, Strategies Unlimited 2015, Maxtech International Commercial and Dual Use market survey (April 2015)

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AerospaceNight vision systems,

thermal imaging cameras, direct IR counter measures, day/night systems

AerospaceNight vision systems,

thermal imaging cameras, direct IR counter measures, day/night systems

Instrumentation

Food and agrochemical quality control, chemical

analysis, Laser Guides, Optical Transceivers

Instrumentation

Food and agrochemical quality control, chemical

analysis, Laser Guides, Optical Transceivers

CommercialSmartphone cameras,

automobiles, glasses, surveillance, handheld

cameras/rifle scopes, Laser Projectors

CommercialSmartphone cameras,

automobiles, glasses, surveillance, handheld

cameras/rifle scopes, Laser Projectors

DefenseSurveillance systems, military rifle scopes, targeting systems,

missile sensors, night vision goggles

DefenseSurveillance systems, military rifle scopes, targeting systems,

missile sensors, night vision goggles

MedicalDiagnostic and clinical imaging,

biological thermography, functional neuro

imaging, neurology, Endoscopes

MedicalDiagnostic and clinical imaging,

biological thermography, functional neuro

imaging, neurology, Endoscopes

EducationTelescopes,

molecular modeling, metrology,

climatology, art conservation and

analysis

EducationTelescopes,

molecular modeling, metrology,

climatology, art conservation and

analysis

Applications

Industrial

Metal Fabrication, Barcode Scanners

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GRADIUM

InfraredHV PMO & LV PMO

Optical Assemblies Connectorized Collimators

Specialty Products

57% of FY17 Revenues 33% of FY17 Revenues

10% of FY17 Revenues

LightPath: Products

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Global Blue Chip CustomersVisible Light

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Global Blue Chip CustomersInfrared Light

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� Business

– No lost customers

– Good strategic fit

– Business growth

� Systems

– ERP system integration 80% complete

– Product costing issue

– Scheduling horizon too short

� People

– Final stage of founders transition

– 99% of staff retained

– Sales force consolidation done too soon

� Culture Change

– Public vs Private

– Growth & Investment

– Sense of Urgency

Acquisition Assessment

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Acquisition Assessment

Customer Count

• 2016 – 786 Active Customers• 2017 - 965 Active Customers

Product Count

• 2016 – 1183 SKU’s • 2017 – 1895 SKU’s

Countries with Sales

• 2016 - 18 Countries • 2017- 31 Countries

22% Increase

60% Increase

72% Increase

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Acquisition Assessment

39%

23%

26%

12%

2016 Revenues by Product Group*

LV PMO

HV PMO

Specialty

Infrared

30%

12%

10%14%

9%

15%

10%

2016 Revenues by End Markets

Distributor

Other

Defense

Industrial

Telecom

Laser

Medical

45%

33%

21%

1%

2016 Revenues by Geography

US/NorthAmerica

China/Asia

Europe

ROW

30%

27%10%

33%

2017 Revenues by Product Group *

LV PMO

HV PMO

Specialty

Infrared

32%

45%

17%

6%

2017 Revenues by Geography

USA/NorthAmericaChina/Asia

Europe

ROW

17%

16%

9%18%

13%

7%

12%

8%

2017 Revenues by End Markets

Distributor

Other

Defense

Industrial

Telecom

Laser

OEM

CATALOG

* Revenues generated by non-recurring engineering projects were added to the applicable product group

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LightPath: Financial Performance

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Metrics

FY2017 Metrics

LightPath Target FY2017

Revenue growth * 20% 18%

ADJ. EBITDA margin * 20% 23%

ADJ. ROA, weighted * 16% 20%

* excludes ISP acquisition

ISP

Revenue $ 6.9M $ 8.0M

EBITDA margin 23% 31%

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LightPath Values

Growth Oriented

• Grow or die

Committed

• Whole heartedly dedicated to the betterment of the company

Bold

• Creative risk taker providing solutions

Collaborative

• Get things done through teamwork

Fun

• Have fun while being the best!

• Maintain perspective, celebrate success and enjoy your work

LightPath Values

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Vision

• LightPath will be the best at what we do!

What do we do? We bend light! � LightPath manufactures products that manage light so it can be used

to do useful work

� LightPath uses innovative technology to provide products to our customers at the best value

� LightPath leverages its manufacturing and R&D capabilities to be a fully integrated manufacturer of visible and infrared optical components

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Marketing Strategy

• Optical Equipment manufacturers primarily in:

• Industrial• Commercial

• Military

Demographic

• Global – 60% international Geography

• Target Markets Want:

• Quality • Cost Competive Optics

• Fast Delivery

Psychology

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LightPath Unique #1

• Mold • Diamond Turn• CNC• Conventional Grind & Polish• Flexible Materials

Flexible Fabrication

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Flexible Fabrication Manufacturing Capabilities

• Vertically Integrated Processes

– Lens Fabrication Capabilities• Precision Molding

• Diamond Turning

• CNC Polishing

• Conventional Grind and Polish

– Large Variety of Glass Materials Available

– Large Lens Capability

– AR and DLC Coating for visible and infrared

– Full Range of Metrology

– High Volume Manufacturing

– Facilities• North America 39,000 sq ft Added 13,000 sq ft (ISP)

• Europe 27,000 sq ft Added 27,000 sq ft (ISP)

• Asia 41,000 sq ft Added 13,000 sq ft

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LightPath Unique #2

• Concept to high volume manufacturer Optical Solutions

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Optical solutions – Design & Investment

• LightPath employs 43 Engineers as of 10/01/17

• Capital Investments for Growth and Cost Reduction

– 2016 $1.1 million

– 2017 $2.2 million

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4, 9%

12, 28%

27, 63%

Degree Breakdown

PhD.

M.S.

B.S.

8, 19%

14, 32%12, 28%

9, 21%

Location Breakdown

New York

Orlando

Riga

Zhenjiang31, 72%

3, 7%

4, 9%

5, 12%

Discipline Breakdown

Manufacturing

Material

Optical

Opto-Mechanical

Optical SolutionsDiversified High Potential Platforms

Segment Product Trend Partner

Visible Light Fiber Laser Delivery Collimators

Autonomous Vehicle Multiple Industrial OEMS

Visible Light Optical Encoder Laser Sensors Metrology Instrument Manufacturer

Infrared Chalcogenide Glass Cost Competitive Optical Materials

Internally Developed

Infrared Thermal Sensor/Lens Smart BuildingsWeapon Sights/Viewers

Infrared Sensor Companies

Infrared Wide Field of View Lens Wearable Devices Internally Developed

Diversification is Core Strength• 2 Segments -Visible and Infrared• Multiple Product Platforms• International Reach• High Growth Market Trends• Large Strategic Partners• Broad Customer Base

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LightPath Unique #3

• Manufacturing Facilities• Asia • North America• Europe

Worldwide Organization

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Experienced Management Team

Alan Symmons Executive Vice President, Operations

CEO since January 2008, previously Corporate Vice President of Operations from July 2006 to January 2008. Prior to joining LightPath: Director of Operations for Puradyn Filter Technologies, Vice President of Operations and General Manager for JDS Uniphase Corporation’s Transmission Systems Division.

J. James Gaynor

Chief Executive Officer

Dorothy Cipolla Chief Financial Officer

Hui YueGeneral Manager, China

CFO since February 2006. Prior to joining LightPath: CFO for both public and private companies including LaserSightTechnologies, Inc. (NASDAQ), Network Six, Inc. (NASDAQ), Vice President of Finance with Goliath Networks, Inc., Department Controller of Alliant Energy Corporation. She is a certified public accountant.

Executive Vice President of Operations since February 2015, previously Vice President of Corporate Engineering from September 2010 to February 2015 and Director of Engineering from October 2006 to September 2010. Prior to joining LightPath: Engineering Manager for Aurora Optical, a subsidiary of Multi-Fineline Electronix and worked for Applied Image Group – Optics, (AIG/O).

General Manager of LightPath Optical Instrumentation Co (Shanghai) since 2012 and General Manager of LightPath Optical Instrumentation Co (Zhenjiang) since 2013, previously served as Sales Manager from April 2007 to 2013. Prior to joining LightPath: Senior Director of Sales at Walsin Fujikura.

Devin StandardVice President

Corporate Business Development

Vice President of Corporate Development since April 2017. Prior to joining LightPath was the Worldwide Sales Manager and Business Development for Infrared Optical Material for Schott N.A., a Senior Account Manager for Janos Technology and the Director of Business Development & Marketing for Insight Technology. Prior to that he held senior positions in business development for Smith & Wesson Holding Corp., The Hach Company and Quasark America.

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Board of Directors

Sohail Khan Director

CEO since January 2008, previously Corporate Vice President of Operations from July 2006 to January 2008. Prior to joining LightPath: Director of Operations for Puradyn Filter Technologies, Vice President of Operations and General Manager for JDS Uniphase Corporation’s Transmission Systems Division.

J. James Gaynor

Chief Executive Officer

Robert Ripp Chairman of the Board

Dr. Steven Brueck Director

Director and Chairman of the Board since 1999, during portions of fiscal year 2002, he also served as interim President and CEO. Previously he was Chairman and CEO of AMP Incorporated and VP and Treasurer of IBM. He has also served on the board of directors of PPG Industries, Axiall Corporation and Ace Limited, all on the New York Stock Exchange.

Director since 2005. Previously he was Chairman and CEO of ViSX Systems, Inc., CEO and director of Lilliputian Systems, managing partner of K5 Innovations, President and CEO and directors of SiGe Semiconductor, and Entrepreneur in Residence and Operating Partner of Bessemer Venture Partners. He has also served on the board of directors of IntersilCorporation.

Director since 2001. Distinguished Professor, Emeritus of Electrical and Computer Engineering and of Physics at the University of New Mexico in Albuquerque, New Mexico. He is a fellow of The Optical Society, the Institute of Electrical and Electronics Engineers, the American Association for the Advancement of Science, and the National Academy of Inventors.

Director since 1996. A self-employed business consultant. Previously was senior financial advisor and VP of Finance of The Fetzer Institute and audit manager for Price Waterhouse & Co. Member of Financial Foundation Officers Group and the chairman and trustee for the John E. Fetzer Memorial Trust Fund.

Louis Leeburg

Director

Craig Dunham Director

M. Scott FarisDirector

Director since 2016, previously served as a consultant to the Board. A self-employed business and M&A consultant. Previously was CEO of Applied Pulsed Power Inc., President, CEO of Dynasil Corporation, partner with a private equity group to pursue acquisitions of mid-market manufacturing companies, VP/General Manager of the Tubular Division at Kimble Glass Corporation, and various increasing leadership responsibilities at Corning Incorporated. Director of Applied Pulsed Power Inc and Dynasil Corporation.

Director since 2011. Experienced entrepreneur with almost two decades of operating, venture-financing, and commercialization experience, involving more than 20 start-up and emerging-growth technology companies. Chief Business Officer of Luminar Technologies, Inc., founder and Chief Executive Officer of Enterprise Corporation, a technology accelerator, director of the Florida Seed Capital Fund and Technology Commercialization at the Center for Microelectronics Research, and past chairman of the Metro Orlando EDC. Previously a director of Open Photonics, Inc. and Aerosonix, Inc., both of which were private companies. 24

• Consistently strong financial performance in past years bolstered by ISP acquisition

• Accelerating revenue growth with new products, markets and cross-selling strategies

• Core markets are diversified and experiencing solid growth

• Catalysts include engagement in exciting, high volume potential market trends

• IR markets generating high ASP and GM business opportunities

• Profitable FY17

• High volume manufacturing efficiencies

• Leading IP/technology portfolio includes molding and diamond turning capabilities

• EBITDA margins exceed cash requirements

• Nominal debt amortization: seller note is 5 years, interest only with principal due at end; bank debt amortizes over 54 months, interest only first 6 months

• Strategic acquisitions will be part of our growth story

• Experienced management; significant insider/affiliate ownership

Investment Highlights

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APPENDIX

Industry Available Products Growth Driver Application

Defense: DT AssemblyDT ElementMolded ElementMolded AssemblyWindow/Beamsplitter Laser Collimator/FusedPMOZoom Lens

DenseHomeland Security

MissilesDriver Vision EnhancementNight Vision AppsAiming + IlluminationISRRobots/TrainingForce Protection

Automotive: Molded B6 element/assemblyDT Ge element/assemblyLaser Headlight CollimatorLidar CollimatorWindows

Population growthSafetyEfficiency operationsVehicle efficiency Manufacturing efficiency

AutonomousVehiclesManufacturingIlluminationNight visionLidar/collision avoidance

Datacom: PMO 99%Fiber Delivery System 1%

Smart PhonesUrbanizationGlobalization

Fiber NetworksPhone accessoriesSwitchingetc.

LightPath Opportunity Matrix

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LightPath Opportunity Matrix

Industry Available Products Growth Driver Application

Medical & Pharmaceutical/ Consumer Products:

EndoscopesPMOLaser CollimatorsIR Microscope ObjectivesIR Assemblies/ Molded/ Diamond TurnedBeam Splitter/ WindowGradium

Better LifeGrowing PopulationBaby Boom – OldImaging/ Non-contactProcess Control Drug developmentProduct development

B.M.S./ Colgate Novartis/ UnileverTeva / P&GPfeizer/ MillemiumTakada/ PhillipsStrykker/ J&JWarner Lambert/ RevlonMedical Equipment

Univ/ Govt. & Lab/Science:

PMOCollimatorMicroscope ObjectivesMirrorsIR Assemblies/ WindowsZoom Lenses/ SpectrometersTelescopes

Discovery NASAFraunhoferDARPAARL, NRL, ONR, etcEPAUniversities

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