#1141 Welcome Samir Patodia Investor Relations May 12, 2022 © 2022 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners. Micron Investor Day 2022#2Safe harbor statement This presentation and associated commentary contain forward-looking statements regarding our future financial performance, the industry, and other future events. Such statements are predictions, and actual events or results may differ materially. We identify important factors in the documents we file from time to time with the Securities and Exchange Commission, specifically our most recent Forms 10-K and 10-Q, that could cause our actual results to differ materially from those contained herein. These factors can also be found at micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this presentation. This presentation contains non-GAAP financial measures. Reconciliations to GAAP financial measures are contained herein in the section titled "Non-GAAP Reconciliations". Micron 2#3Today's presenters Sanjay Mehrotra President and CEO Sumit Sadana EVP, Chief Business Officer Scott DeBoer EVP, Technology and Products Manish Bhatia EVP, Global Operations Mark Murphy EVP, Chief Financial Officer Micron 3#4Micron Investor Day 2022 Sanjay Mehrotra President and CEO A new era of leadership#5Agenda The importance of memory and storage Stronger industry dynamics Micron's leading competitive position Micron 5#6Data is transforming the world Digitization of the global economy Hyperconnectivity Insights from AI/ML Source: IDC, Global DataSphere, March 2021 ZB = Zetabytes Global data creation 1 ZB = 1 trillion gigabytes 180 ZB 1 ZB 33 ZB 81 ZB CY10 CY18 CY21 CY25 Micron 6#7Memory extends the frontier of what's possible Across data center, devices and intelligent edge 7 More memory supports more capable natural language generation Al models More memory helps transform mobile phones into mobile video production studios More memory enables autonomous driving at higher levels 100,000 10,000 1,000 100 Memory requirement (GB) Average DRAM in CY21 Phone (GB) MSFT-1T 8 MT-NLG GPT-3 4 L5 Full automation L4 High automation L3 Conditional automation L2 Partial automation L1 Assisted >30X DRAM content >100X NAND content Megatron-LM GPT-2 0 Feature 3G 4G 5G 10 Phone BERT Base LO Driver only 100M 1B 10B 100B 1T Talk and text Surfing Streaming Video production and smart photography Number of parameters Source: Cerebras (Al Chart), Micron estimates (automotive and mobile charts) GB = Gigabyte Micron#8Memory and storage growth fueled by diverse end demand Data center, industrial and automotive to drive even stronger growth Data center Mobile PC Market size CY21 $50B Industrial Auto Others Total $46B $34B $5B $4B $21B $161B DRAM bit demand CAGR 28% 14% 9% 24% 40% 16% Mid to high teens % CY21-25 NAND bit demand CAGR 33% 24% 21% 45% 49% 35% High 20s % CY21-25 Source: Micron estimates (rounded) Micron 8#9DRAM and NAND revenue growing faster than the broader semiconductors DRAM + NAND revenue total available market growth DRAM + NAND revenue as % of semiconductor total available market 4-year moving average $161B - $330B 30% 20% 10% 0% CY21 CY30 CY03 CY09 CY15 CY21 Sources: WSTS and Micron estimates Source: Micron estimates Micron 9#10Agenda The importance of memory and storage Stronger industry dynamics Micron's leading competitive position Micron 10#11DRAM + NAND industry cross-cycle average gross margins Industry profitability has strengthened -20% >2,000bps improvement Source: Company filings, Micron estimates >40% CY06-13 CY14-21 11 Micron#12Industry supply discipline ☐ Slowing of Moore's Law: decelerating supply growth, reduced cost declines, improved pricing trendline, and ability to hold higher levels of inventory ☐ ROIC focus: requires disciplined industry capex ■ Capital return: ☐ dividends paid by all leading DRAM suppliers Micron strategy Industry wafer fab equipment spend as a % of EBITDA 57% growing bit supply in-line with demand CY11 CY16 Source: Evercore ISI, Company filings, Micron estimates Industry: SEC, Hynix, WDC/Kioxia, MU I 12 30% CY21 Micron#13Rising capital intensity and associated scale requirements ~$100B Replacement value1 Rising industry complexity Industry dynamics Growing intellectual property and cumulative Increasing breadth and complexity of products and knowledge 1 Replacement value of manufacturing and R&D facilities, plus net cash 2 Micron FY10 through Q2-22 technology Importance of manufacturing experience and quality Trusted customer relationships Micron >$20 B Cumulative R&D² 50,000 Lifetime patents 13 Micron#14Microsoft Micron 14#15Agenda The importance of memory and storage Stronger industry dynamics Micron's leading competitive position Micron 15#16Industry's best talent changing the world through innovation ☐ Diverse talent ~45,000 strong across 17 countries Driving end-to-end excellence from R&D to product delivery Recent awards Forbes Best Employers for New Graduates 100% Rating from the Corporate Equality Index Great Place to Work awards in every major location Great Place China Germany Japan Malaysia United Kingdom United States To India WorkⓇ Italy Singapore Taiwan Recent awards: since 2021 16 Micron#1717 We aim to lead on technology Innovation + execution = leadership DRAM 1a: Industry's most advanced DRAM in volume production NAND 176-layer: Industry's most advanced NAND in volume production 1ẞ: Target to ramp in manufacturing before end of CY22 232-layer: Target to ramp in manufacturing before end of CY22 Micron#18We are a global manufacturing powerhouse investing in a sustainable future 18 Micron produces over 6 million wafers a year in diverse locations Ships over 3 billion units a year Industry leadership in smart manufacturing and quality We plan to invest over $150B in Capex and R&D globally over the next decade in line with industry demand Geographic considerations: 1. Construction and operating costs (incl. government incentives) 2. Semiconductor ecosystem 3. World-class talent Announcing our target to achieve: Net Zero emissions by CY50 - We are committed to sustainability – to better the environment and our communities Micron#19AMD Micron 19#2020 0 Customer- focused product leadership First to ramp advanced nodes across our products Industry leading 1a and 176-layer across product portfolio Leadership on new interface standards First to market: DDR5, LPDDR5, LPDDR5X Differentiated performance Proprietary GDDR6X. Custom memory products Quality leadership Ranked as #1 by majority of our customers Business model innovation Driving improved business dynamics through new commercial arrangements Micron#21Strong execution enables financial leadership 2018 Investor Day commitments Technology Product ✓ Achieve leadership in DRAM ✓ Complete NAND replacement gate transition ✓ NAND high value solutions bits > 80% Operations ✓ $9B structural improvement Financial achievements Over the last five years* +16% Revenue CAGR +1,970bps Gross margin % improvement $12B Cumulative R&D investment Finance ✓ Return >50% free cash flow to investors $21B We expect to deliver strong growth and profitability cross-cycle Today we are presenting our financial model, reflecting confidence in the long-term health of our business Cumulative free cash flow 21 *Last five years: Q2-17 vs Q2-22 trailing twelve months for revenue and non-GAAP gross margin %, Q3-17 to Q2-22, inclusive, for cumulative R&D and free cash flow. Free cash flow is a non-GAAP measure defined as cash provided by operating activities less investments in capital expenditures, net adjusted for amounts funded by partners and proceeds from sales of PP&E. Micron#22Strong foundation for a new era of leadership 222 Product + leadership Technology leadership + Manufacturing leadership + Financial leadership Creating value for all our stakeholders Customers | Employees | Investors | Communities | Suppliers Micron#23@ Micron 23#24Micron Investor Day 2022 Sumit Sadana EVP, Chief Business Officer Product and business leadership 24#25Agenda Product portfolio End markets Business model innovation હળવદન Micron DDR5 Micron G962 H 25#26Micron delivers leadership products with compelling value propositions Accelerated Differentiated Quality Supply time to market performance leadership assurance Co-innovating with our customers Micron 26#27Leadership products across end-markets Data Center, PC and Graphics DRAM ■ #1 market share in DDR5 SSDs World's fastest graphics memory: GDDR6X Technology leader in consumer and client QLC SSDs World's first 176-layer NVMe data center SSD Mobile Low-power technology leader in LPDDR4, LPDDR5, LPDDR5X, MCP ■ First to market with LPDDR5 and LPDDR5X Automotive and Embedded #1 market share in auto and industrial World's first auto qualified UFS 3.1 and LPDDR5 Technology leadership: 1a DRAM and 176-layer NAND Quality leadership: Ranked #1 by majority of our customers DDR = Double Data Rate, GDDR = Graphics Double Data Rate, LPDDR = Low-Power Double Data Rate, MCP = Multi-Chip Package, NVMe = Non-Volatile Memory Express, QLC = Quad Level Cell, UFS = Universal Flash Storage 27 Micron#28Revenue mix shifting to higher growth, more stable, and less seasonal end-markets Approximate percentage of Micron's revenue FY21 → FY25 Automotive + Industrial + Networking 15% → 20% High market share in fast growing, stable margin end markets Data Center + Graphics 30% 42% AI/ML, data economy driving secular growth PC + Mobile + Other 55% 38% Lower mix of consumer, seasonal market exposure Source: Micron estimates 28 Micron#29Agenda Product portfolio End markets Business model innovation 29 Micron#30Legacy compute platforms Simple, homogeneous server architecture, standards-based memory design CPU DRAM DDR NVMe PCle NAND storage HDD storage 30 0 Micron#31Data intensive workloads drive heterogenous data center architecture DDR DRAM and Emerging Memory Expansion CXL Host CPU HBM GDDR PClel CXL GPU NVMe PCIe ] PCIe [ le IPU / DPU NAND storage HDD storage DDR Heterogenous architecture benefits ■ Flexible and scalable ☐ Improved performance ■ Reduced power consumption ☐ Increasing datasets and compute core counts drive need for memory expansion, accelerated by CXL interface Accelerator HBM Micron well positioned to lead platform innovation with customers CXL = Compute Express Link, DPU = Data Processing Unit, GPU = Graphics Processing Unit, HBM = High Bandwidth Memory, IPU = Infrastructure Processing Unit 31 Micron#32Data center: Growing content, growing value Source: Micron estimates GB shipped per server 3x NAND 2x DRAM DRAM/NAND data center TAM $180 B 14% CAGR NAND $120 B $60 B DRAM $0 B CY21 CY25 CY21 CY25 CY30 32 Micron#33Micron leading DDR5 transition ☐ ■ #1 market share ■ Industry's most developed ecosystem Source: Micron estimates DDR5 penetration of industry server DRAM >50% 11% 1% CQ1-22 CQ4-22 CQ4-23 DDR5 majority of server DRAM by the end of CY23 Micron 33 33#34Micron now ramping high-bandwidth memory ◎ ☐ Qualified HBM2E at #1 volume customer in the HBM market Aggressively driving leadership HBM roadmap with focus on performance, power and capacity Source: Micron estimates HBM market TAM 30% CAGR $7B $1B CY21 CY25 $13B CY30 Al/ML drives strong HBM growth 34 Micron#35Micron leading CXL innovation ☐ Differentiation in memory solutions ▪ Leadership in emerging memory ☐ Source: Micron estimates CXL = Compute Express Link CXL market TAM >$20B $0B CY21 $2B CY25 CY30 Heterogeneous architecture driving CXL TAM growth 35 Micron#36Data center NAND TAM Billions of GB 2,400 Micron gaining share in data center SSD ◎ ☐ Industry leading NAND technology, quality of service and mixed I/O performance Second generation vertically integrated NVMe SSD in volume production ~3x CY21 ~5x NAND GB growth 1,600 0 CY25 CY30 800 Data center NAND growth accelerates as innovative solutions reduce TCO Source: Micron estimates 36 Micron#37Average content per smartphone NAND DRAM Micron leading in mobile solutions ☐ Low-power technology leader in LPDDR4, LPDDR5, LPDDR5X and MCP >50% of DRAM and 60% of NAND shipped in FY22 in MCPs is based on 1a/176-layer technology ~120 GB ~280 GB CY21 CY25 ~5 GB ~9 GB CY21 CY25 5G penetration drives content growth CY21: -40% →CY25: 80%+ Mobile 5G percentage of smartphone units Source: Micron estimates MCP = Multi-Chip Package 37 Micron#38LPDRAM percentage of total industry PC DRAM GB PC DRAM content Micron leading key transitions in PC ☐ ☐ Low-power technology leader in LPDRAM Leading the PC DDR5 transition Industry leading client QLC SSDs 17% CY21 Source: Micron estimates, Apple.com QLC = Quad Level Cell >40% Up to 32 GB Up to 128 GB CY25 9 GB Avg. CY21 PC M1 Pro M1 Ultra LPDRAM PC penetration increasing New architectures driving innovation and content growth 38 Micron#3939 Explosion of industrial loT devices at the edge उप Micron leading in industrial products ☐ ☐ #1 market share, with quality and reliability leadership Broadest portfolio with long-life cycle support and application optimized solutions Al-enabled video security and analytics Source: Micron estimates Smart factory and robotics Drones and Industrial transport Industrial AR/VR Smart grid and clean energy Low earth orbit (LEO) communication Micron#40☐ ◎ ◉ Micron leading in automotive #1 market share Highest quality, performance and most expansive portfolio Co-innovating with customers Auto market memory TAM Infotainment and connectivity ADAS and autonomous ■Powertrain and other 28% CAGR Source: Micron estimates, ADAS = Advanced Driver Assistance Systems CY21 $10B $5B $OB CY25 10 40 Long term annual opportunity: ~100M "data centers on wheels" Micron#41B M W 41 Micron#4242 Micron's customer and ecosystem relationships enable co-invention / innovation and drive industry adoption B M Continental acer AMD + BOSCH The Future in Motion DELL Ford Technologies gm HARMAN A SAMSUNG COMPANY IBM MEDIATEK intel Mmotorola Lenovo NVIDIA® oppo PURESTORAGE Microsoft וח Joint Labs Custom Packaging Custom Memory Telemetry Micron#43Lenovo 43 Micron#44Agenda Product portfolio End markets Business model innovation GFQ11 52300 44 Micron#45Long-term agreements drive improved business dynamics Increased visibility into customers' plans Reduced volatility, supply/demand mismatches Improved revenue consistency Source: Micron Long term agreements % of Micron revenues CY17 >75% -10% Today 45 Micron#46Business model innovation: forward pricing agreements Industry DRAM prices Market pricing Illustrative example DRAM gross margin % Illustrative example Source: Micron estimates Market model Customers win ■ Guaranteed supply ◉ Pricing trendline ■ Reduction in working capital ■ Guaranteed price reductions Micron wins ☐ Stable gross margins New model = Planning predictability Stable, predictable ■ Guaranteed volumes/share Gross margin % variability Announcing our first 3-year DRAM contract with a top 10 customer > $500M/year revenue 46 Micron#47Product and business leadership Deliver growth + Reduce volatility + Boost profitability Micron 47 47#48Micron Investor Day 2022 Scott DeBoer EVP, Technology and Products Technology and product leadership 48#49Memory industry's strongest engineering team Diverse global team delivering technology and product leadership Process, product and solutions R&D United States Japan* Singapore* India Italy China Germany Taiwan* *Technology embedded at manufacturing site Culture of innovation Global talent fuels innovation Vertical integration Silicon to systems focus on end-application value Customer focus Partnership for innovation and quality 49 Micron#50Winning technology strategy Executing through major technology and product transitions 6F2 3x2 DRAM Key achievements Technology cadence acceleration Multiple patterning 2D to 3D NAND (CMOS under array) NAND solutions enablement High Performance CMOS DRAM Floating gate to Replacement gate Positioned to extend leadership with future initiatives EUV, HBM Next, CXL, Next gen Al memory, High NA EUV, 3D DRAM, emerging memory CMOS = Complimentary Metal Oxide Semiconductor, High-NA EUV = High-Numerical Aperture Extreme Ultraviolet Lithography 50 Micron#51Introducing EUV at the right time Technology and cost leadership with multiple patterning through 1ẞ DRAM CY24 ramp with EUV ☐ ☐ More advanced tools Improved equipment reliability, productivity and performance Maturity of enabling technologies (reticles, resists) Differentiation enabled at 1y EUV lithography productivity CY18-20 CY21-23 Micron intercepting EUV on 1y CY24+ Optimized solution: Multiple EUV layers plus appropriate use of advanced multiple patterning 193nm technology Micron 51 14#52DRAM technology roadmap Sustained leadership: Excellence in quality, performance, density and cost ■ Advanced CMOS at 1ẞ ■ EUV introduction at 1y Extending planar DRAM roadmap ■ High NA EUV R&D investment Continued investment in 3D DRAM R&D EUV/ Power/ Process performance enablement Design innovation Materials research Multi- pattern 1ẞ 1y Yield ramp Yield enablement Design architecture 18 Structural development Planar DRAM roadmap Process capability 1ε Pathfinding 52 2 Micron#531ẞ: The world's most advanced DRAM Industry leadership sustained – starting ramp in late CY22 ☐ ☐ Advanced pattern multiplication lithography Extend DDR5 and LPDDR5 leadership Delivers graphics, HBM3 and automotive excellence Leadership in power, performance 16Gb LPDDR5 and cost 1ẞ DRAM 53 Micron#54DRAM product excellence Leadership in compute, mobile, automotive DRAM and graphics Compute leadership Mobile and auto leadership Graphics leadership Micron DDR5 Micron LPDDR5X Sical Timebase Tngger Display Cursors Measure Math Analysis * Utilities RIBUITrack RIBUISpec RIBU HI BathTub High-bandwidth memory New memory architecture www Micron Micron HOME HBM2E Micron HOME Micron HBM2E Micron HOME 197 Industry leading DDR4 and DDR5 performance and cost Industry's first automotive qualified 1a LPDDR4 LPDDR5X industry leadership for high bandwidth operation Worlds fastest DRAM GDDR6X at 24 Gbps PAM 4 based GDDR6X HBM optimized for future workloads CXL roadmap focus on customer co-invention 54 Micron#55NAND technology roadmap for leadership Enabling leadership for the next decade 55 ☐ Advanced CMOS enabling performance Extending dual stack technology Expanding QLC leadership 232-layer Yield ramp Device optimization Power / performance Process enablement Design innovation Materials research 2YY Yield enablement Design architecture 3XX Structural development Process capability 4XX Pathfinding Micron#56232-layer: The world's most advanced NAND Industry leadership sustained – starting ramp in late CY22 1Tb TLC NAND *CUA: CMOS Under Array ■ ☐ ☐ ☐ Extending CuA and 2 array stack process architecture Optimized for leadership in managed NAND and SSD Combination of external and optimized internal controllers Increased density, power and bandwidth node-over-node 232 Layer, 2 stack, CuA* NAND 56 Micron#57NAND product leadership Leveraging 176-layer NAND technology Mobile/auto Data center (managed NAND) SSD QLC client SSD Vertical integration Enabling leadership, product differentiation, and accelerated time-to-market cron UFS 3:1 Combining industry leading DRAM/NAND technology with internal controller Micron DRAM Micron 7450 U.3 SSD PCIe NVMe™ 6666 Micron 2400 M.2 SSD PCIe NVMe™ Client SSD NAND qualification to product qualification* 96-layer 176-layer Micron Controller Micron DRAM Micron NAND Micron 96-layer 176-layer Delivering to demanding performance and reliability requirements Best-in-class cost SSD Data center SSD NAND qualification to product qualification* *Time between component to product qualification 30% Reduction 30% Reduction Micron 57 40#58Delivering technology and product excellence Team + Technology + Products Momentum for a new era of leadership 58 Micron#59@ Micron#60Break 60 Micron#61APPLIED ASML MATERIALS Ⓡ Lam RESEARCH 61 R Micron#62Micron Investor Day 2022 Manish Bhatia EVP, Global Operations Operational leadership 29 62#63Global manufacturing footprint is a competitive advantage Enabling structural flexibility and diverse workforce United States Manassas, VA Fab DRAM, NAND and NOR • Manufacturing sites R&D integrated with MFG ~35K 13K+ 450+ Operations suppliers Customers* employees 6M+ 3B+ units 6K+ wafers shipped products *Excludes B2C customers Malaysia Muar Penang Assembly/Test DRAM, NAND and NOR China Xi'an Assembly/Test DRAM Taiwan Japan Hiroshima Fab DRAM Taichung Fab and Assembly/Test Taoyuan DRAM Singapore ●● Singapore Fab and Assembly/Test NAND 63 Micron#64Smart manufacturing deployed across our operations Recognized leader in smart manufacturing by third parties* as well as by semiconductor equipment and materials partners Massive data analyzed 500K+ Sensor count 250M+ Control points 20M+ wafer images run through Al model weekly >30 Petabytes of data analyzed + Applying innovative data science ☐ AI/ML expertise Big data infrastructure ■ Real time platforms Generating impact at scale ☐ Faster yield ramps Greater capital productivity Higher quality *Singapore and Taiwan sites recognized as Industry 4.0 Digital Lighthouses by the World Economic Forum 64 Micron#65Accelerating ramps of leading-edge technology DRAM yield 30% faster to maturity Mature yield milestone 1Z 1 a 30% Faster to maturity NAND yield 20% faster to maturity Mature yield milestone 20% Faster to maturity 96-layer 176-layer Technology leadership Industry's first 1a DRAM technology Volume ramp 2 ~ 5 months faster vs prior node Technology leadership Shipping world's first 176-layer NAND Volume ramp > 1 year faster vs prior node 65 Micron#66Relentless pursuit of productivity More than $6B in capital savings since FY20 across the network ☐ Throughput improvements ■ Tool avoidance Cleanroom space productivity *Critical workstations Normalized equipment output rate ~15% Fab* Assembly/Test* -25% FY20 FY22 FY20 FY22 66 Micron#67■ Highest quality differentiates Micron from competition ☐ Leveraging smart manufacturing platforms for early detection and real time response Culture of Quality Benchmark*: Micron is #1 in the semiconductor space and Top 5% across all companies globally More than 80% of our customers rank Micron #1 or #2 "Micron is definitely best in class in quality and an indispensable supplier for DRAM" - Leading Japanese Tier 1 automotive supplier *Culture of Quality Benchmark: Gartner index measuring employee responses on quality excellence pillars 67 Micron#68Enhanced cost competitiveness Micron frontend memory industry CY 16 CY22 Long-term target (annual cost reduction rate) cost position* DRAM 3rd 2nd High single digits NAND 4th 1st Low to mid teens ☐ Frontend cost reductions in FY22 are outpacing the industry ☐ Competitive BOM / assembly / test costs via vertical integration and operational excellence *Yielded cost of memory die, BOM = Bill of Materials Source: Micron estimates 68 Micron#69Scaling Assembly and Test capabilities Combination of in-house and subcontractor assembly enables scale and flexibility to meet customer needs ■ Building geographic redundancy ■ In-house footprint above 60% ☐ ⚫ Long term agreements with subcontractors ☐ Micron's in-house design and development of high-performance test equipment delivers a unique capability Extends vertical integration ■ Drives cost competitiveness Enables faster volume ramps In-house sites China Malaysia Singapore Taiwan Subcontractor sites China Malaysia Taiwan Korea Mexico Micron OMICTOR 眼 Micron 69#70Strategic inventory management enables agility Achieving better customer service while lowering finished goods inventory levels Trailing 3-year average days of inventory outstanding (DIO) FY15 FY22 ↑ DIO ↓DIO WIP* and raw materials Finished goods *WIP: Work in progress Increasing process steps from technology complexity and supporting high value solutions Higher material inventory requirements to ensure production continuity Demand driven postponement model resulting in lowest inventory level in more than a decade and improved customer delivery by 20 percentage points (FY22 vs. FY18) 70 Micron#71Our memory. Our planet. Climate goals 42% absolute reduction CY2030 vs. CY2020 (in line with international agreements 1.5 C trajectory) Target Net Zero (scope 1 + 2) CY 2050 Scope 1 Scope 2 100% renewable in U.S. and Malaysia CY2025 Conservation and recycling goals Water 75% water conservation CY2030 Waste 95% reuse, recycle and recovery with Zero hazardous waste to landfill CY2030 $1B investment in sustainable operations financed with green bonds. Expand renewable energy sourcing globally to support net zero goal Collaboration with ecosystem and industry providers to develop sustainable solutions Scope 1: Direct emissions comprising process greenhouse gas, heat transfer fluid and fuel, measured against CY20 baseline Scope 2: Indirect emissions comprising purchased energy 71 Micron#72End to end vision and execution Leading-edge technology at scale + Supply Peerless Responsible continuity for + + product our customers quality + operations for a sustainable future 22 72 Micron#73@ Micron 73#74Micron Investor Day 2022 Mark Murphy EVP, Chief Financial Officer Delivering financial performance 74#75Sustainable financial performance Built on Micron leadership and strong industry fundamentals Financial excellence Technology leadership Product leadership Manufacturing leadership Strong industry fundamentals Micron 75#76Margin outperformance on strong execution Technology, product, and manufacturing execution underpin relative margin improvement 4% GM%: Micron vs industry average* (DRAM + NAND 4-year rolling average) 2% 0% -2% GM % delta -4% Micron minus industry average* -6% -6% -2% 2% 0% -8% -10% -12% -11% -13% -14% CY16 CY17 CY18 CY19 CY20 CY21 GM%: Non-GAAP Gross Margin % *Industry average excludes Micron 76 Micron#77Strong revenue growth and cash generation Robust cross-cycle performance Revenue 4-yr moving average >2x Operating cash flow 4-yr moving average >4x Free cash flow* 4-yr moving average $10.6B $26.1B $25.7B $23.9B $21.6B $19.8B $16.3B $13.5B $12.5B Fiscal Year 14 15 16 $5.6B $3.7B $4.0B $3.0B >4x $12.8B $12.7B $11.8B $10.5B $8.5B 17 17 18 19 20 21 1H22^ 14 15 16 17 18 $1.2B $1.2B $0.8B $0.5B IH $3.6B $2.9B $4.3B $4.2B $3.6B 19 19 Λ 20 21 1H22 14 15 16 17 18 19 20 21 1H22^ *Free cash flow is a non-GAAP measure defined as cash provided by operating activities less investments in capital expenditures, net adjusted for amounts funded by partners and proceeds from sales of PP&E. A reconciliation of non-GAAP measures is included in the section titled "Non-GAAP Reconciliations" ^ 1H22 4-yr moving average info are based on 2H18 though 1H22 actual results 77 Micron#78Micron's cash strategy enables future success Technology, product, and manufacturing leadership enable robust free cash flow Cash sources (FY18 - FQ2'22) Cash flow from operations (before R&D investment) 1 Cash uses (FY18 – FQ2'22) Invest in future growth - R&D1 $11B Capex, net² $40B Results Technology and product leadership Driving profitable growth and manufacturing scale 78 $70B Strengthen balance sheet Return cash Net cash increase³ $10B Buybacks convert premium dividend: $8B6 Reduced to <0.5x leverage4 Total cash 5 of $12B 94M shares repurchased + 62M reduction from converts6 1 Cash flow from operations before research and development is a non-GAAP measure defined as net cash provided by operating activities plus research and development added back. 2Investments in capital expenditures, net is a non-GAAP measure defined as capital expenditures net of amounts funded by partners and proceeds from sales of property, plant, and equipment. ³Net cash is a non-GAAP measure defined as total cash less total debt 4Leverage is defined as ratio of gross debt to Adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure defined as non-GAAP net income plus interest, taxes, depreciation and amortization of intangible assets. 5Total cash includes cash, short-term investments, long-term marketable investments, and restricted cash. A reconciliation of non-GAAP measures is included in the section titled "Non-GAAP Reconciliations". 643M out of 62M convert shares were settled in FY18 with a ~$2B convert premium Micron#79Significant value in Micron's assets Hard to replicate combination of manufacturing capabilities, IP, and human capital ~$100B Replacement value of manufacturing and R&D facilities, and net cash ~50,000 Patents granted ~50,000 lifetime patents granted and ~45,000 team members as of May 5th, 2022 ~45,000 Team members across 17 countries 79 Micron#80Node leadership and bit growth through investment Leadership with leading edge node transitions Node introduction before/after industry DRAM 1X -9 Qtrs NAND -2 Qtrs 64/72-layer 3 Qtrs 1Z 0 Qtrs 92/96-layer 4 Qtrs 1α 4 Qtrs 162/176-layer Increase in our bit shipments from FY18 2x 3x 80 0 Micron#81Solid balance sheet Financial flexibility and lower cost of capital $4.9B 1.1x -$5.0B 0.4x Net Cash -Leverage Lowered cost of debt + Lengthened average maturities ~2x Achieved investment grade rating FQ4'17 FQ2'22 Leverage is defined as ratio of gross debt to Adjusted EBITDA (Trailing Twelve Months). Adjusted EBITDA is a non-GAAP measure defined as non-GAAP net income plus interest, taxes, depreciation and amortization of intangible assets. Net Cash is defined as sum of cash, short-term investments, long-term marketable investments, and restricted cash, minus debt. A reconciliation of non-GAAP measures is included in the section titled "Non-GAAP Reconciliations" 81 Micron#82Cross-cycle financial model Expect industry trends and Micron execution to support strong growth and cross-cycle profitability Revenue Growth CAGR High single digit Memory requirements outpace broader semi growth Cross-cycle targets -30% >70% of revenue from DRAM; strong synergies with NAND Operating margin EBITDA margin Capex¹ FCF2 Low 50s as % of revenue Mid 30s as % of revenue >10% as % of revenue Robust operating performance Disciplined capex investment Return cash to shareholders 1Capex net of amounts funded by partners and proceeds from sales of property, plant, and equipment (PP&E) 2Free cash flow is a non-GAAP measure defined as cash provided by operating activities less investments in capital expenditures, net adjusted for amounts funded by partners and proceeds from sales of PP&E 82 2 Micron#83Capital allocation priorities Invest in the business Financial flexibility Invest in technology development, 1 2 manufacturing capacity, global talent, and sustainability M&A Maintain liquidity, net cash position, Value creation through acquisition and investment grade rating Cash return 83 Micron#84Today, we are announcing our first dividend increase $0.115 quarterly 15% increase 84 Micron#85Value creating capital allocation Stronger capital return Invest in business Liquidity² Net cash³ Cash Return TARGETS Capex¹ mid 30s % of revenue Liquidity of mid 30s % of revenue Maintain positive net cash position ☐ Return all free cash flow Over the cycle beyond balance sheet and strategic M&A considerations Growing dividend ■ Increasing quarterly dividend ☐ from $0.10 to $0.115 per share Target to continue to grow dividend over time* Confidence in EBITDA and FCF generation capability of the business 1 Capex net of amounts funded by partners and proceeds from sales of property, plant, and equipment 2Cash, short-term investments, long-term marketable investments, restricted cash, and undrawn revolver capacity ³Net Cash is defined as sum of cash, short-term investments, long-term marketable investments, and restricted cash, minus debt *Future declarations of quarterly dividends are subject to the determination and discretion of Micron's Board of Directors Buybacks Programmatic buybacks to dollar cost average ■ Opportunistic buybacks to augment programmatic 85 Micron#86Delivering financial performance 86 Strong industry fundamentals Micron leadership + and execution || Growth and cash return Micron#87@ Micron 87#88☐ Non-GAAP Reconciliations Amounts in millions Net cash provided by operating activities Expenditures for property, plant, and equipment Proceeds from sales of property, plant, and equipment Payments on equipment purchase contracts Amounts funded by partners Investments in capital expenditures, net Adjusted free cash flow Amounts in millions Net cash provided by operating activities Expenditures for property, plant, and equipment Proceeds from sales of property, plant, and equipment Payments on equipment purchase contracts Amounts funded by partners Investments in capital expenditures, net Adjusted free cash flow Adjusted free cash flow - 4-year moving average FY-11 FY-12 SA $ 2,482 $ 2,115 (2,550) 127 (322) 14 (2,731) $ (249) FY-14 5,698 (3,107) 43 (30) 108 (2,986) SS $ 2,712 $ SA 844 SA $ (1,871) 67 203 (1,601) FY-15 514 5,209 (4,021) SA $ SA SA FY-13 1,811 (1,442) 28 (16) 16 (1,414) 397 FY-16 3,169 (5,817) 36 37 (95) (46) 220 75 (3,860) (5,751) 1,349 $ (2,582) 1,243 $ 469 Micron 88#89☐ Non-GAAP Reconciliations Amounts in millions Net cash provided by operating activities Expenditures for property, plant, and equipment Proceeds from sales of property, plant, and equipment Payments on equipment purchase contracts Amounts funded by partners Other free cash flows Investments in capital expenditures, net Adjusted free cash flow Adjusted free cash flow – 4-year moving average Amounts in millions Net cash provided by operating activities Expenditures for property, plant, and equipment Proceeds from sales of property, plant, and equipment Payments on equipment purchase contracts Amounts funded by partners Investments in capital expenditures, net Adjusted free cash flow Adjusted free cash flow - 4-year moving average FY-17 $ 8,153 (4,734) 93 (519) FY-18 FY-19 SA $ 17,400 $ 13,189 (8,879) (9,780) 208 146 (206) (75) 13 895 754 361 (4,786) (7,982) (8,955) SASA $ 3,367 $ 1,212 SS $ 9,418 $ 2,888 SAS $ 4,234 $ 3,609 89 FY-20 SA 8,306 SA FY-21 12,468 (8,223) 69 (63) (10,030) 108 (295) 272 502 (7,945) (9,715) SS $ 361 $ 2,753 $ 4,345 $ 4,192 Micron#90☐ Non-GAAP Reconciliations Amounts in millions Net cash provided by operating activities Expenditures for property, plant, and equipment Proceeds from sales of property, plant, and equipment Payments on equipment purchase contracts Amounts funded by partners Investments in capital expenditures, net Adjusted free cash flow Amounts in millions Net cash provided by operating activities Expenditures for property, plant, and equipment Proceeds from sales of property, plant, and equipment Payments on equipment purchase contracts Amounts funded by partners Investments in capital expenditures, net Adjusted free cash flow Adjusted free cash flow - 4-year moving average SEA SA 2H-18 FY-19 FY-20 9,416 13,189 $ 8,306 (4,662) (9,780) 104 146 (53) (75) 551 (4,060) 754 5,356 SA (8,955) 4,234 (8,223) 69 (63) 272 (7,945) SA $ 361 SA $ FY-21 1H-22 12,468 $ 7,566 (10,030) (5,876) 90 108 48 (295) (105) 502 66 (9,715) (5,867) SA $ 2,753 $ 1,699 3,601 Micron#91☐ Non-GAAP Reconciliations Amounts in millions Cash and short-term investments Current and noncurrent restricted cash Long-term marketable investments Current and long-term debt Net cash S SA FQ4-17 FQ2-22 5,428 $ 10,122 107 617 (11,134) (4,982) SA $ 108 1,717 (7,076) 4,871 Micron 91#92☐ Non-GAAP Reconciliations Amounts in millions Net cash provided by operating activities GAAP research and development Stock-based compensation Other Non-GAAP research and development FY-18 FY-19 FY-20 $ 17,400 13,189 SA $ 8,306 $ 2,141 2,441 $ 2,600 (54) (68) (86) (3) (30) (1) SA 2,084 2,343 2,513 Cash flow from operations before research and development $ 19,484 SA 15,532 $ 10,819 Amounts in millions Net cash provided by operating activities GAAP research and development Stock-based compensation Other Non-GAAP research and development Cash flow from operations before research and development FY-21 1H-22 FY18-1H-22 SA $ 12,468 $ 7,566 SA $ 58,929 SA SA 2,663 $ 1,504 $ 11,349 (110) (83) (401) (1) (1) (36) 2,552 SA 1,420 $ $ SA 15,020 $ 8,986 $ SA 10,912 69,841 Micron 92 1606#93☐ Non-GAAP Reconciliations Amounts in millions GAAP net income Interest (income) expense, net Provision (benefit) for income taxes Depreciation and amortization of property, plant, and equipment and intangibles Non-GAAP adjustments Stock compensation Restructure (Gain) loss on debt repurchases & conversions Standard Cost FIFO and Cost Absorption Other Adjusted EBITDA Amounts in millions GAAP net income Interest (income) expense, net Provision (benefit) for income taxes Depreciation and amortization of property, plant, and equipment and intangibles Non-GAAP adjustments Stock compensation Restructure (Gain) loss on debt repurchases & conversions Standard Cost FIFO and Cost Absorption Other Adjusted EBITDA SA $ SA FY-18 14,138 222 168 4,759 SA $ FY-19 6,358 (77) 693 5,424 SA FY-20 2,710 80 280 5,650 198 243 328 28 (32) 60 385 396 (40) 92 19,990 205 SA $ 13,210 SA $ 9,068 FY-21 5,861 146 394 6,214 395 488 1 293 181 $ 13,973 Micron 93 93#94☐ ■ Non-GAAP Reconciliations Amount in millions Gross Debt Q1-17 Q2-17 Q3-17 Q4-17 Q3-21 Q4-21 Q1-22 Q2-22 $11,134 $7,076 GAAP net income Interest (income) expense, net $180 $894 $1,647 $2,368 $1,735 $2,720 $2,306 $2,263 132 153 143 132 38 38 35 43 Provision (benefit) for income taxes 31 38 92 (47) 65 230 219 255 Depreciation and amortization of property, plant, and equipment and intangibles 771 1,003 1,021 1,066 1,557 1,621 1,671 1,742 Non-GAAP adjustments Stock compensation 46 46 55 Restructure (Gain) loss on debt repurchases & conversions Other Adjusted EBITDA by Quarter 55 57 57 98 93 116 119 29 4 12 (27) 453 22 38 5 61 37 1 83 33 $1,222 $2,187 40 61 26 7 (3) (65) 75 $3,094 $3,612 $3,954 $4,721 $4,403 $4,502 Adjusted EBITDA Trailing Twelve Months Leverage ratio (Gross Debt / Adjusted EBITDA) $10,115 1.1 $17,580 0.4 94 Micron#95@ Micron 95#96Q&A 96 Sanjay Mehrotra President and CEO Sumit Sadana EVP, Chief Business Officer Scott DeBoer EVP, Technology and Products Manish Bhatia EVP, Global Operations Mark Murphy EVP, Chief Financial Officer Micron#97Micron Confidential Micron Confidential ZONE Thank you Micron 97 40#98@ Micron 98